$4.52 Billion in Sales Expected for Western Digital Co. (NASDAQ:WDC) This Quarter

Wall Street brokerages predict that Western Digital Co. (NASDAQ:WDC) will announce sales of $4.52 billion for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Western Digital’s earnings, with estimates ranging from $4.50 billion to $4.54 billion. Western Digital posted sales of $4.29 billion in the same quarter last year, which suggests a positive year over year growth rate of 5.4%. The business is expected to announce its next earnings results on Wednesday, August 4th.

According to Zacks, analysts expect that Western Digital will report full year sales of $16.41 billion for the current fiscal year, with estimates ranging from $15.77 billion to $16.54 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $19.87 billion, with estimates ranging from $17.00 billion to $22.20 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Western Digital.

Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, April 29th. The data storage provider reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.54. The business had revenue of $4.14 billion for the quarter, compared to analysts’ expectations of $3.97 billion. Western Digital had a negative net margin of 1.49% and a positive return on equity of 6.72%.

Several equities analysts have issued reports on WDC shares. Mizuho upped their target price on shares of Western Digital from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, May 6th. Benchmark upped their target price on shares of Western Digital from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, April 26th. Susquehanna Bancshares increased their price objective on shares of Western Digital from $100.00 to $124.00 and gave the stock a “positive” rating in a research note on Monday, April 19th. Cowen increased their price objective on shares of Western Digital from $62.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, January 29th. Finally, Craig Hallum increased their price objective on shares of Western Digital from $72.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, February 17th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $79.70.

Institutional investors and hedge funds have recently made changes to their positions in the business. Perigon Wealth Management LLC purchased a new stake in Western Digital during the 4th quarter valued at approximately $62,000. Oregon Public Employees Retirement Fund grew its holdings in shares of Western Digital by 1.1% in the first quarter. Oregon Public Employees Retirement Fund now owns 223,394 shares of the data storage provider’s stock valued at $14,912,000 after purchasing an additional 2,449 shares in the last quarter. First American Trust FSB grew its holdings in shares of Western Digital by 34.8% in the first quarter. First American Trust FSB now owns 81,216 shares of the data storage provider’s stock valued at $5,421,000 after purchasing an additional 20,972 shares in the last quarter. Virtu Financial LLC grew its holdings in shares of Western Digital by 95.8% in the fourth quarter. Virtu Financial LLC now owns 58,423 shares of the data storage provider’s stock valued at $3,236,000 after purchasing an additional 28,586 shares in the last quarter. Finally, Pinnacle Associates Ltd. grew its holdings in shares of Western Digital by 2.2% in the fourth quarter. Pinnacle Associates Ltd. now owns 29,630 shares of the data storage provider’s stock valued at $1,641,000 after purchasing an additional 650 shares in the last quarter. 78.49% of the stock is owned by institutional investors and hedge funds.

WDC opened at $71.87 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.36 and a current ratio of 2.05. The stock has a market capitalization of $22.02 billion, a P/E ratio of -84.55 and a beta of 1.49. The company’s 50-day simple moving average is $69.50 and its two-hundred day simple moving average is $58.24. Western Digital has a 52-week low of $33.53 and a 52-week high of $74.70.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; 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; flash-based memory wafers; and embedded storage solutions and flash products.

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Earnings History and Estimates for Western Digital (NASDAQ:WDC)

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