Zacks: Brokerages Expect Western Digital Co. (NASDAQ:WDC) Will Announce Quarterly Sales of $4.62 Billion

Wall Street brokerages expect Western Digital Co. (NASDAQ:WDCGet Rating) to announce $4.62 billion in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Western Digital’s earnings, with estimates ranging from $4.60 billion to $4.65 billion. Western Digital reported sales of $4.92 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 6.1%. The business is scheduled to report its next earnings results on Monday, January 1st.

On average, analysts expect that Western Digital will report full-year sales of $18.88 billion for the current financial year, with estimates ranging from $18.86 billion to $18.91 billion. For the next fiscal year, analysts expect that the firm will report sales of $20.57 billion, with estimates ranging from $19.96 billion to $21.28 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Western Digital.

Western Digital (NASDAQ:WDCGet Rating) last released 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 return on equity of 20.88% and a net margin of 9.49%. The company had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter in the prior year, the firm posted $0.75 EPS. Western Digital’s quarterly revenue was up 5.9% compared to the same quarter last year.

Several research firms have recently commented on WDC. Wells Fargo & Company lowered their price target on Western Digital from $80.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, April 19th. Deutsche Bank Aktiengesellschaft decreased 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. UBS Group cut their target price on Western Digital from $62.00 to $58.00 in a research report on Thursday, February 10th. Benchmark dropped their price target on Western Digital from $92.00 to $85.00 in a research report on Friday, April 29th. Finally, Susquehanna boosted their price target on Western Digital from $50.00 to $66.00 in a research report on Wednesday. Nine analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $68.67.

In related news, insider Srinivasan Sivaram sold 11,380 shares of the firm’s stock in a transaction that occurred on Tuesday, February 15th. The shares were sold at an average price of $53.37, for a total value of $607,350.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. increased its holdings in shares of Western Digital by 8.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 291,747 shares of the data storage provider’s stock worth $14,022,000 after purchasing an additional 22,751 shares during the period. Van ECK Associates Corp boosted its position in shares of Western Digital by 95.7% during the 3rd quarter. Van ECK Associates Corp now owns 3,117 shares of the data storage provider’s stock valued at $176,000 after acquiring an additional 1,524 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Western Digital by 0.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 53,245 shares of the data storage provider’s stock valued at $3,005,000 after acquiring an additional 282 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in Western Digital by 9.7% in the third quarter. Daiwa Securities Group Inc. now owns 25,213 shares of the data storage provider’s stock valued at $1,422,000 after buying an additional 2,234 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Western Digital by 76.6% in the third quarter. Russell Investments Group Ltd. now owns 658,642 shares of the data storage provider’s stock valued at $37,171,000 after buying an additional 285,582 shares in the last quarter. Hedge funds and other institutional investors own 81.11% of the company’s stock.

WDC stock opened at $61.19 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 1.25. The business has a 50 day simple moving average of $49.79 and a 200-day simple moving average of $55.08. The firm has a market capitalization of $19.15 billion, a PE ratio of 10.60 and a beta of 1.42. Western Digital has a 1 year low of $43.85 and a 1 year high of $78.19.

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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