Western Digital (NASDAQ:WDC) Updates Q4 Earnings Guidance

Western Digital (NASDAQ:WDC) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.90-1.20 for the period, compared to the consensus earnings per share estimate of $0.89. The company issued revenue guidance of $3.6-3.8 billion, compared to the consensus revenue estimate of $3.71 billion. Western Digital also updated its Q4 2024 guidance to 0.900-1.200 EPS.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on WDC shares. UBS Group raised their target price on shares of Western Digital from $65.00 to $80.00 and gave the company a neutral rating in a report on Monday, April 15th. Susquehanna lifted their target price on shares of Western Digital from $68.00 to $83.00 and gave the stock a neutral rating in a research report on Wednesday, April 10th. Mizuho lifted their target price on shares of Western Digital from $66.00 to $80.00 and gave the stock a buy rating in a research report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft upgraded shares of Western Digital from a hold rating to a buy rating and raised their price target for the stock from $45.00 to $65.00 in a report on Tuesday, January 16th. Finally, Wells Fargo & Company raised their price target on shares of Western Digital from $72.00 to $95.00 and gave the stock an overweight rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $77.25.

Western Digital Stock Up 2.8 %

Shares of WDC traded up $1.92 during trading hours on Friday, hitting $71.36. The company had a trading volume of 13,869,066 shares, compared to its average volume of 7,070,411. Western Digital has a 52-week low of $32.01 and a 52-week high of $76.92. The firm has a fifty day moving average price of $65.08 and a 200-day moving average price of $55.03. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.98 and a current ratio of 1.67. The stock has a market capitalization of $23.25 billion, a price-to-earnings ratio of -14.36 and a beta of 1.57.

Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.42. Western Digital had a negative return on equity of 13.67% and a negative net margin of 12.87%. The business had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.37 billion. During the same quarter in the previous year, the firm earned ($1.57) EPS. Western Digital’s revenue was up 23.3% on a year-over-year basis. On average, equities research analysts forecast that Western Digital will post -2.21 EPS for the current fiscal year.

Insider Activity at Western Digital

In other news, Director Kimberly Alexy sold 2,648 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.95, for a total transaction of $185,227.60. Following the sale, the director now directly owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Gene M. Zamiska sold 443 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $75.00, for a total transaction of $33,225.00. Following the sale, the senior vice president now directly owns 30,958 shares of the company’s stock, valued at approximately $2,321,850. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kimberly Alexy sold 2,648 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.95, for a total value of $185,227.60. Following the sale, the director now directly owns 20,509 shares in the company, valued at $1,434,604.55. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by corporate insiders.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.