Analysts Set Expectations for Western Digital Co.’s FY2024 Earnings (NASDAQ:WDC)

Western Digital Co. (NASDAQ:WDC) – Wedbush raised their FY2024 earnings per share (EPS) estimates for Western Digital in a note issued to investors on Monday, July 22nd. Wedbush analyst M. Bryson now forecasts that the data storage provider will post earnings per share of ($0.86) for the year, up from their prior forecast of ($1.36). Wedbush has a “Outperform” rating and a $95.00 price objective on the stock. The consensus estimate for Western Digital’s current full-year earnings is ($1.45) per share. Wedbush also issued estimates for Western Digital’s Q4 2024 earnings at $1.46 EPS, Q1 2025 earnings at $2.10 EPS, Q2 2025 earnings at $3.34 EPS, Q3 2025 earnings at $3.48 EPS, Q4 2025 earnings at $3.83 EPS and FY2025 earnings at $12.76 EPS.

Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, April 25th. The data storage provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.42. Western Digital had a negative return on equity of 13.75% and a negative net margin of 12.87%. The company had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.37 billion. During the same quarter last year, the company earned ($1.57) EPS. The firm’s quarterly revenue was up 23.3% on a year-over-year basis.

A number of other equities analysts have also weighed in on the stock. Citigroup upped their target price on shares of Western Digital from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Argus lifted their price objective on shares of Western Digital from $68.00 to $88.00 and gave the company a “buy” rating in a report on Monday, April 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $100.00 target price on shares of Western Digital in a research note on Tuesday, June 11th. The Goldman Sachs Group lifted their price target 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. Finally, Evercore ISI increased their price objective on Western Digital from $85.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 16th. Six research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, Western Digital has an average rating of “Moderate Buy” and a consensus price target of $82.96.

Western Digital Price Performance

Shares of WDC opened at $72.01 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.86 and a debt-to-equity ratio of 0.72. Western Digital has a 1 year low of $35.62 and a 1 year high of $81.55. The company has a 50 day simple moving average of $76.01 and a two-hundred day simple moving average of $67.48.

Insider Activity

In related news, EVP Robert Soderbery sold 26,853 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $73.48, for a total transaction of $1,973,158.44. Following the sale, the executive vice president now owns 144,623 shares in the company, valued at $10,626,898.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, SVP Gene M. Zamiska sold 416 shares of Western Digital stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $71.88, for a total value of $29,902.08. Following the sale, the senior vice president now owns 30,321 shares of the company’s stock, valued at approximately $2,179,473.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert Soderbery sold 26,853 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $73.48, for a total transaction of $1,973,158.44. Following the transaction, the executive vice president now owns 144,623 shares of the company’s stock, valued at $10,626,898.04. The disclosure for this sale can be found here. Insiders sold a total of 27,488 shares of company stock valued at $2,020,143 in the last three months. 0.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Western Digital

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Rise Advisors LLC acquired a new stake in Western Digital in the 1st quarter worth about $25,000. Naples Money Management LLC acquired a new position in Western Digital in the 4th quarter valued at $26,000. Fidelis Capital Partners LLC purchased a new position in Western Digital in the 1st quarter valued at $30,000. SOA Wealth Advisors LLC. acquired a new stake in Western Digital during the 1st quarter worth $31,000. Finally, Lindbrook Capital LLC grew its holdings in shares of Western Digital by 121.7% during the fourth quarter. Lindbrook Capital LLC now owns 614 shares of the data storage provider’s stock worth $32,000 after buying an additional 337 shares in the last quarter. Hedge funds and other institutional investors own 92.51% of the company’s stock.

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.