Western Digital Co. (NASDAQ:WDC) to Post Q3 2024 Earnings of $0.29 Per Share, Wedbush Forecasts

Western Digital Co. (NASDAQ:WDC) – Equities research analysts at Wedbush raised their Q3 2024 earnings estimates for shares of Western Digital in a research note issued on Wednesday, April 17th. Wedbush analyst M. Bryson now forecasts that the data storage provider will post earnings of $0.29 per share for the quarter, up from their previous estimate of $0.11. The consensus estimate for Western Digital’s current full-year earnings is ($2.31) per share. Wedbush also issued estimates for Western Digital’s Q4 2024 earnings at $1.62 EPS, FY2024 earnings at ($0.95) EPS, Q2 2025 earnings at $3.19 EPS and FY2025 earnings at $12.30 EPS.

Several other analysts have also recently commented on WDC. The Goldman Sachs Group lifted their price objective on shares of Western Digital from $58.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. StockNews.com downgraded shares of Western Digital from a “hold” rating to a “sell” rating in a report on Tuesday, February 20th. Susquehanna increased their price target on shares of Western Digital from $68.00 to $83.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Mizuho increased their price target on shares of Western Digital from $66.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Finally, TD Cowen increased their price target on shares of Western Digital from $50.00 to $75.00 and gave the stock an “outperform” rating in a 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 issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $73.17.

Western Digital Stock Performance

Shares of NASDAQ WDC opened at $68.32 on Friday. The company has a current ratio of 1.67, a quick ratio of 0.98 and a debt-to-equity ratio of 0.73. Western Digital has a 12 month low of $31.97 and a 12 month high of $76.92. The company has a 50 day simple moving average of $63.52 and a two-hundred day simple moving average of $53.99. The stock has a market cap of $22.26 billion, a price-to-earnings ratio of -9.58 and a beta of 1.57.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Monday, January 29th. The data storage provider reported ($0.69) EPS for the quarter, beating the consensus estimate of ($1.30) by $0.61. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.45%. The business had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same period in the previous year, the business posted ($0.69) EPS. The business’s quarterly revenue was down 2.4% compared to the same quarter last year.

Institutional Investors Weigh In On Western Digital

Institutional investors and hedge funds have recently made changes to their positions in the business. Rise Advisors LLC acquired a new position in Western Digital in the 1st quarter valued at about $25,000. SOA Wealth Advisors LLC. acquired a new position in Western Digital in the 1st quarter valued at about $31,000. Naples Money Management LLC acquired a new position in Western Digital in the 4th quarter valued at about $26,000. Sunbelt Securities Inc. acquired a new position in Western Digital in the 1st quarter valued at about $36,000. Finally, Lindbrook Capital LLC raised its stake in Western Digital by 121.7% in the 4th quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock valued at $32,000 after purchasing an additional 337 shares during the last quarter. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.95, for a total value of $185,227.60. Following the transaction, the director now directly owns 20,509 shares of the company’s stock, valued at approximately $1,434,604.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Western Digital news, SVP Gene M. Zamiska sold 443 shares of the business’s 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 sale, the senior vice president now directly owns 30,958 shares in the company, valued at approximately $2,321,850. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kimberly Alexy sold 2,648 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $69.95, for a total transaction of $185,227.60. Following the sale, the director now owns 20,509 shares in the company, valued at $1,434,604.55. The disclosure for this sale can be found here. 0.28% of the stock is owned by corporate insiders.

About Western Digital

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.