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25/09/2021

Western Digital outpaces stock market gains

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Western Digital (WDC) finished at $61.64, an increase of 0.98 percent from the previous day. By comparison, the S&P 500 only gained 0.28 percent on the day in the stock market jobs

Today, shares of the hard drive manufacturer had fallen 6.01 percent in value over the preceding month, lagging behind gains in the Computer and Technology sector, which climbed 5.05 percent and the S&P 500, which rose 3.07 percent. 

As the company’s next earnings report date approaches, Wall Street will be looking for signs of optimism from WDC. WDC is expected to report earnings of $2.47 per share on that day, representing a 280 percent increase year over year. According to our most recent consensus estimate, quarterly revenue will be $5.04 billion, up 28.61 percent from the previous year. 

WDC’s full-year Zacks Consensus Estimates are for earnings per share of $10.71 and revenue of $20.78 billion. These figures represent +135.38 percent and +22.78 percent year-on-year changes, respectively. 

It is also worth noting that analyst jobs estimates for WDC have recently changed. These updates help to demonstrate the ever-changing nature of near-term business trends. As a result, upward revisions to estimates reflect analyst optimism about the company’s business and profitability. 

According to our research, these estimate revisions are directly related to near-team stock moves. Using the Zacks Rank, investors can capitalize on this. This model takes these estimation changes into account and provides a simple, actionable rating system. 

The Zacks Rank system, which ranks stocks from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating a +25 percent average annual return since 1988. Our consensus EPS projection has risen 9.45 percent in the last 30 days. WDC currently has a Zacks Rank of #3 (Hold). 

When it comes to valuation, WDC has a Forward P/E ratio of 5.7. This valuation is lower than the industry average Forward P/E of 27.89. The Computer- Storage Devices industry is a subset of the Computer and Technology industry. This industry has a Zacks Industry Rank of 119, which places it in the top 47 percent of all 250+ industries. 

Source: Entrepreneur Magazine 

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