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Western Digital (WDC) Stock Sinks As Market Gains: What You Should Know

Western Digital (WDC) closed at $72.65 in the latest trading session, marking a -0.41% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.15% for the day. At the same time, the Dow lost 0.02%, and the tech-heavy Nasdaq gained 0.32%.

Shares of the maker of hard drives for businesses and personal computers witnessed a gain of 17.57% over the previous month, beating the performance of the Computer and Technology sector with its gain of 1.32% and the S&P 500's gain of 1.65%.

Analysts and investors alike will be keeping a close eye on the performance of Western Digital in its upcoming earnings disclosure. The company's earnings report is set to go public on April 25, 2024. It is anticipated that the company will report an EPS of $0.18, marking a 113.14% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $3.31 billion, indicating a 18.22% growth compared to the corresponding quarter of the prior year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$1.41 per share and revenue of $12.71 billion, indicating changes of +60.72% and +3.16%, respectively, compared to the previous year.

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Any recent changes to analyst estimates for Western Digital should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. At present, Western Digital boasts a Zacks Rank of #3 (Hold).

The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 36, positioning it in the top 15% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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Western Digital Corporation (WDC) : Free Stock Analysis Report

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Zacks Investment Research