Western Digital (NASDAQ:WDC) Issues Quarterly Earnings Results

Western Digital (NASDAQ:WDC) issued its quarterly earnings data on Thursday. The data storage provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.21 by $0.42, Briefing.com reports. Western Digital had a negative net margin of 12.87% and a negative return on equity of 13.67%. The business had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.37 billion. During the same period in the prior year, the business earned ($1.57) EPS. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. Western Digital updated its Q4 guidance to $0.90-1.20 EPS and its Q4 2024 guidance to 0.900-1.200 EPS.

Western Digital Price Performance

WDC opened at $71.36 on Friday. 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 P/E ratio of -14.36 and a beta of 1.57. The company’s 50-day simple moving average is $65.08 and its two-hundred day simple moving average is $55.03. Western Digital has a 52-week low of $32.01 and a 52-week high of $76.92.

Analyst Ratings Changes

A number of research firms have recently weighed in on WDC. Wedbush reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Western Digital in a research report on Friday. UBS Group upped their target price on shares of Western Digital from $65.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. Benchmark raised shares of Western Digital from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Friday. Raymond James downgraded shares of Western Digital from an “outperform” rating to a “market perform” rating in a research report on Monday, April 22nd. Finally, Susquehanna upped 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.25.

Insider Buying and Selling at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 443 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $75.00, for a total transaction of $33,225.00. Following the transaction, the senior vice president now owns 30,958 shares in the company, valued at approximately $2,321,850. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Gene M. Zamiska sold 443 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $75.00, for a total value of $33,225.00. Following the transaction, the senior vice president now owns 30,958 shares in the company, valued at approximately $2,321,850. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kimberly Alexy sold 2,648 shares of the 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 completion of the transaction, the director now owns 20,509 shares in the company, valued at approximately $1,434,604.55. The disclosure for this sale can be found here. Company insiders own 0.28% of the company’s stock.

About Western Digital

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.