Western Digital (NASDAQ:WDC) Posts Earnings Results, Beats Expectations By $0.16 EPS

Western Digital (NASDAQ:WDCGet Rating) released its quarterly earnings data on Thursday. The data storage provider reported $1.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.49 by $0.16, MarketWatch Earnings reports. Western Digital had a return on equity of 20.03% and a net margin of 10.52%. The business had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the previous year, the firm posted $0.75 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. Western Digital updated its Q4 guidance to $1.60-$1.90 EPS.

Shares of NASDAQ WDC opened at $52.61 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.93 and a debt-to-equity ratio of 0.59. Western Digital has a 12 month low of $43.85 and a 12 month high of $78.19. The company has a market cap of $16.46 billion, a price-to-earnings ratio of 8.32 and a beta of 1.59. The business has a fifty day simple moving average of $49.25 and a 200-day simple moving average of $54.97.

Several equities analysts have recently issued reports on WDC shares. Cowen reduced their price target on shares of Western Digital from $70.00 to $60.00 in a report on Friday, January 28th. Susquehanna Bancshares lowered shares of Western Digital from a “positive” rating to a “neutral” rating and reduced their target price for the company from $80.00 to $50.00 in a research note on Thursday, April 14th. Zacks Investment Research lowered shares of Western Digital from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research note on Monday, January 31st. Mizuho reduced their price objective on Western Digital from $78.00 to $72.00 and set a “buy” rating for the company in a research report on Monday, March 14th. Finally, Wells Fargo & Company decreased their price objective on Western Digital from $80.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, April 19th. Eight investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Western Digital presently has an average rating of “Buy” and a consensus target price of $70.71.

In other Western Digital news, Director Paula A. Price sold 4,150 shares of the business’s stock in a transaction on Monday, January 31st. The shares were sold at an average price of $51.82, for a total transaction of $215,053.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Srinivasan Sivaram sold 11,380 shares of the stock in a transaction on Tuesday, February 15th. The shares were sold at an average price of $53.37, for a total value of $607,350.60. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Zullo Investment Group Inc. acquired a new position in shares of Western Digital in the fourth quarter worth $50,000. Penserra Capital Management LLC grew its stake in Western Digital by 26.2% in the fourth quarter. Penserra Capital Management LLC now owns 1,363 shares of the data storage provider’s stock valued at $88,000 after purchasing an additional 283 shares in the last quarter. Glenmede Trust Co. NA acquired a new position in Western Digital in the 4th quarter worth about $230,000. NEXT Financial Group Inc raised its stake in shares of Western Digital by 61.0% during the 4th quarter. NEXT Financial Group Inc now owns 3,773 shares of the data storage provider’s stock worth $246,000 after purchasing an additional 1,429 shares in the last quarter. Finally, Forum Financial Management LP acquired a new stake in shares of Western Digital during the 4th quarter valued at about $262,000. 79.27% of the stock is currently owned by institutional investors.

About Western Digital (Get Rating)

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 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; and flash-based memory wafers.

Further Reading

Earnings History for Western Digital (NASDAQ:WDC)

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