Western Digital (NASDAQ:WDC) Issues Q4 2024 Earnings Guidance

Western Digital (NASDAQ:WDC) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.900-1.200 for the period, compared to the consensus earnings per share estimate of 0.840. The company issued revenue guidance of $3.6 billion-$3.8 billion, compared to the consensus revenue estimate of $3.7 billion. Western Digital also updated its Q4 guidance to $0.90-1.20 EPS.

Western Digital Trading Down 0.2 %

Shares of WDC traded down $0.11 during mid-day trading on Thursday, hitting $69.44. The company’s stock had a trading volume of 8,595,812 shares, compared to its average volume of 7,011,973. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.67 and a quick ratio of 0.98. The company’s 50-day moving average is $64.46 and its 200-day moving average is $54.68. Western Digital has a 52-week low of $32.01 and a 52-week high of $76.92.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, April 25th. The data storage provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.21 by $0.42. The firm had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.37 billion. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.45%. Western Digital’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.57) EPS. As a group, analysts expect that Western Digital will post -2.21 EPS for the current year.

Wall Street Analysts Forecast Growth

WDC has been the topic of several recent research reports. Morgan Stanley upped their price objective on shares of Western Digital from $73.00 to $83.00 and gave the company an overweight rating in a report on Thursday, April 18th. Mizuho upped their price objective on shares of Western Digital from $66.00 to $80.00 and gave the company a buy rating in a report on Tuesday, April 9th. Bank of America increased their price objective on shares of Western Digital from $75.00 to $85.00 and gave the company a buy rating in a report on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft raised shares of Western Digital from a hold rating to a buy rating and increased their price objective for the company from $45.00 to $65.00 in a report on Tuesday, January 16th. Finally, Raymond James downgraded shares of Western Digital from an outperform rating to a market perform rating in a report on Monday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $73.72.

Insider Activity

In other news, SVP Gene M. Zamiska sold 443 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $75.00, for a total value of $33,225.00. Following the completion of the transaction, the senior vice president now owns 30,958 shares of the company’s stock, valued at $2,321,850. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Kimberly Alexy sold 2,648 shares of Western Digital stock in a transaction that occurred 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 completion of the transaction, the director now owns 20,509 shares in the company, valued at $1,434,604.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Gene M. Zamiska sold 443 shares of Western Digital stock in a transaction that occurred on Monday, April 8th. The stock was 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 owns 30,958 shares of the company’s stock, valued at approximately $2,321,850. The disclosure for this sale can be found here. Insiders own 0.28% of the company’s stock.

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.