Western Digital (NASDAQ:WDC) Releases Q4 Earnings Guidance

Western Digital (NASDAQ:WDCGet Rating) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.60-$1.90 for the period, compared to the Thomson Reuters consensus estimate of $1.67. The company issued revenue guidance of $4.50-$4.70 billion, compared to the consensus revenue estimate of $4.55 billion.

Several brokerages have weighed in on WDC. TheStreet upgraded Western Digital from a c+ rating to a b rating in a report on Thursday, January 27th. Wedbush reiterated an outperform rating and issued a $70.00 price target on shares of Western Digital in a report on Monday, April 25th. Citigroup cut their price target on Western Digital from $80.00 to $75.00 in a report on Friday, January 28th. Susquehanna downgraded Western Digital from a positive rating to a neutral rating and cut their price target for the company from $80.00 to $50.00 in a report on Thursday, April 14th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Western Digital from $70.00 to $63.00 and set a buy rating for the company in a report on Tuesday, April 19th. Eight research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of $70.86.

Western Digital stock traded up $0.46 during trading on Friday, reaching $53.07. 8,184,987 shares of the company’s stock were exchanged, compared to its average volume of 3,683,791. The company’s 50-day moving average is $49.20 and its two-hundred day moving average is $54.94. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.19 and a current ratio of 1.93. Western Digital has a 52-week low of $43.85 and a 52-week high of $78.19. The firm has a market cap of $16.61 billion, a price-to-earnings ratio of 9.20 and a beta of 1.59.

Western Digital (NASDAQ:WDCGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The data storage provider reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.16. Western Digital had a net margin of 10.52% and a return on equity of 20.03%. The firm had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same period in the prior year, the company earned $0.75 EPS. The firm’s revenue was up 5.9% on a year-over-year basis. Analysts anticipate that Western Digital will post 7.21 EPS for the current year.

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 value of $215,053.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Srinivasan Sivaram sold 11,380 shares of the business’s stock in a transaction on Tuesday, February 15th. The stock was sold at an average price of $53.37, for a total transaction of $607,350.60. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Institutional investors have recently modified their holdings of the company. California State Teachers Retirement System raised its stake in shares of Western Digital by 2.5% in the 4th quarter. California State Teachers Retirement System now owns 573,828 shares of the data storage provider’s stock valued at $37,419,000 after purchasing an additional 13,939 shares in the last quarter. Cubist Systematic Strategies LLC raised its stake in Western Digital by 38.7% during the fourth quarter. Cubist Systematic Strategies LLC now owns 43,148 shares of the data storage provider’s stock worth $2,814,000 after acquiring an additional 12,050 shares during the period. Vident Investment Advisory LLC raised its stake in Western Digital by 3.9% during the fourth quarter. Vident Investment Advisory LLC now owns 36,655 shares of the data storage provider’s stock worth $2,392,000 after acquiring an additional 1,388 shares during the period. Metropolitan Life Insurance Co NY raised its stake in Western Digital by 19.0% during the fourth quarter. Metropolitan Life Insurance Co NY now owns 35,626 shares of the data storage provider’s stock worth $2,323,000 after acquiring an additional 5,681 shares during the period. Finally, Peapack Gladstone Financial Corp raised its stake in Western Digital by 5.0% during the fourth quarter. Peapack Gladstone Financial Corp now owns 17,737 shares of the data storage provider’s stock worth $1,157,000 after acquiring an additional 842 shares during the period. Institutional investors and hedge funds own 79.27% of the company’s stock.

Western Digital Company Profile (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.

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