Economy

Earnings Forecast of Western Digital Corporation (WDC)

Western Digital Corporation has a consensus outperform rating from 29 Wall Street analysts, and the number of shares now sold short amount to at least 3.07% of shares outstanding. LLC now owns 464,600 shares of the data storage provider's stock valued at $41,164,000 after acquiring an additional 160,100 shares during the last quarter. Analysts are projecting the stock to trade at 72.62 within the next 12-18 months. The Massachusetts-based Loomis Sayles And LP has invested 0% in Western Digital Corp (NASDAQ:WDC).

Western Digital Corporation (WDC) surprised the stock market in its last reported earnings when it earned $3.56 a piece versus the consensus-estimated $3.29. Consensus earnings estimates are far from flawless, but they are watched by many investors and play an important role in measuring the appropriate valuation for a stock. It has a return on equity (ROE) of 3.60%. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.82 billion. If Western Digital Corporation (NASDAQ:WDC) shares can stay above the price resistance around $91.03 a share, that could help propel Western Digital Corporation (NASDAQ:WDC) higher to the next line of resistance at $92.78 a share.

WDC has been the subject of several research analyst reports.

Western Digital Corporation (NASDAQ:WDC) opened at 89.27 on Wednesday. In current trading day ORBCOMM Inc. This means that the stock's daily price swings have been less extreme in recent times compared to the past. Benchmark maintained the stock with "Buy" rating in Friday, July 28 report. ValuEngine downgraded shares of Western Digital Corporation from a "strong-buy" rating to a "buy" rating in a report on Friday, September 1st. Ten analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. Also, the current price highlights a discount of 36.94% to analysts' high consensus price target. Western Digital Cp (WDC) now has a 14-day Commodity Channel Index (CCI) of 67.56. The data storage provider reported $1.18 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of $1.05 by $0.13. The stock is now trading -6.79% away from the 52-week high and separated 64.52% from the 52-week low. The stock has a market capitalization of $25.48 billion, a price-to-earnings ratio of 64.49 and a beta of 1.24. In terms of moving averages, the 200-day is now at 84.82, the 50-day is 87.19, and the 7-day is resting at 87.87.

The company also recently declared a quarterly dividend, which was paid on Monday, October 16th. This represents a $2.00 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Thursday, September 28th. Western Digital Corp (NASDAQ:WDC) has risen 125.85% since October 31, 2016 and is uptrending. Riverpark Limited Liability Company owns 24,500 shares for 0.25% of their portfolio. Discovery Capital Management LLC CT now owns 1,576,089 shares of the data storage provider's stock valued at $139,641,000 after buying an additional 783,589 shares in the last quarter. The institutional investor owned 163,170 shares of the data storage provider's stock after purchasing an additional 4,851 shares during the period. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. CORDANO MICHAEL D had sold 4,959 shares worth $447,996. The stock was sold at an average price of $85.00, for a total transaction of $263,330.00. Following the transaction, the executive vice president now directly owns 75,467 shares in the company, valued at approximately $6,398,846.93. The disclosure for this sale can be found here. Insiders have sold 77,679 shares of company stock worth $6,561,639 in the last ninety days. Investors measure stock performance on the basis of a company's earnings power. Navellier & Associates Inc purchased a new stake in shares of Western Digital Corporation during the 2nd quarter valued at about $3,389,000. Harbour Capital Advisors LLC acquired a new position in Western Digital Corp in the first quarter valued at about $117,000. Huntington National Bank lifted its stake in Western Digital Corp by 7.7% in the second quarter.

ORBCOMM Inc. (ORBC) stock moved with shift of 1.98% in the past week. Regentatlantic Capital Ltd Limited Liability Company invested 0.31% of its portfolio in Western Digital Corp (NASDAQ:WDC). Schroder Investment Management Group now owns 902,431 shares of the data storage provider's stock valued at $82,709,000 after buying an additional 898,700 shares in the last quarter.

TRADEMARK VIOLATION WARNING: This report was posted by StockNewsTimes and is the sole property of of StockNewsTimes.

Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry.



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