Western Digital (WDC) Set to Announce Quarterly Earnings on Thursday

Western Digital (NASDAQ:WDC) is scheduled to post its quarterly earnings results after the market closes on Thursday, April 25th. Analysts expect the company to announce earnings of $0.18 per share for the quarter. Parties interested in listening to the company’s conference call can do so using this link.

Western Digital (NASDAQ:WDC) last posted its earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.30) by $0.61. The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $3 billion. Western Digital had a negative return on equity of 19.45% and a negative net margin of 19.90%. Western Digital’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.69) earnings per share. On average, analysts expect Western Digital to post $-2 EPS for the current fiscal year and $7 EPS for the next fiscal year.

Western Digital Trading Down 1.3 %

Western Digital stock opened at $70.17 on Thursday. The business has a 50-day simple moving average of $63.30 and a two-hundred day simple moving average of $53.89. Western Digital has a 52-week low of $31.97 and a 52-week high of $76.92. The company has a quick ratio of 0.98, a current ratio of 1.67 and a debt-to-equity ratio of 0.73. The company has a market cap of $22.87 billion, a P/E ratio of -9.84 and a beta of 1.57.

Analyst Ratings Changes

A number of analysts have commented on the stock. The Goldman Sachs Group upped their target price on shares of Western Digital from $58.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Morgan Stanley raised their target price on Western Digital from $52.00 to $73.00 and gave the stock an “overweight” rating in a report on Monday, January 22nd. Susquehanna boosted their price target on Western Digital from $68.00 to $83.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Evercore ISI started coverage on Western Digital in a research note on Wednesday, March 27th. They issued an “outperform” rating and a $80.00 price objective on the stock. Finally, TD Cowen lifted their price objective on Western Digital from $50.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $72.61.

Insider Activity at Western Digital

In related news, Director Kimberly Alexy sold 2,648 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $69.95, for a total value of $185,227.60. Following the completion of the transaction, the director now owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Western Digital news, SVP Gene M. Zamiska sold 443 shares of Western Digital stock in a transaction on Monday, April 8th. The shares were sold at an average price of $75.00, for a total transaction of $33,225.00. Following the completion of the transaction, the senior vice president now directly owns 30,958 shares of the company’s stock, valued at $2,321,850. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kimberly Alexy sold 2,648 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.95, for a total transaction of $185,227.60. Following 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. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Western Digital

Large investors have recently made changes to their positions in the company. M Holdings Securities Inc. increased its stake in Western Digital by 6.2% in the third quarter. M Holdings Securities Inc. now owns 6,735 shares of the data storage provider’s stock worth $219,000 after purchasing an additional 395 shares during the period. Forum Financial Management LP increased its stake in Western Digital by 10.0% in the 1st quarter. Forum Financial Management LP now owns 4,414 shares of the data storage provider’s stock worth $219,000 after buying an additional 400 shares during the period. Baird Financial Group Inc. lifted its holdings in Western Digital by 4.0% during the 1st quarter. Baird Financial Group Inc. now owns 10,618 shares of the data storage provider’s stock valued at $527,000 after buying an additional 406 shares in the last quarter. Creative Planning boosted its position in Western Digital by 3.2% in the 4th quarter. Creative Planning now owns 14,186 shares of the data storage provider’s stock valued at $448,000 after buying an additional 439 shares during the period. Finally, Atlas Capital Advisors LLC grew its stake in Western Digital by 100.6% in the 4th quarter. Atlas Capital Advisors LLC now owns 953 shares of the data storage provider’s stock worth $50,000 after acquiring an additional 478 shares in the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.

Western Digital Company Profile

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.