In the latest trading session, Western Digital (WDC) closed at $41.70, marking a +0.6% move from the previous day. This move outpaced the S&P 500's daily gain of 0.55%. Elsewhere, the Dow gained 0.52%, while the tech-heavy Nasdaq added 0.7%.

Shares of the maker of hard drives for businesses and personal computers witnessed a loss of 35.72% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 8.51% and the S&P 500's loss of 5.56%.

Analysts and investors alike will be keeping a close eye on the performance of Western Digital in its upcoming earnings disclosure. In that report, analysts expect Western Digital to post earnings of $1.04 per share. This would mark year-over-year growth of 65.08%. Meanwhile, our latest consensus estimate is calling for revenue of $3.85 billion, up 11.39% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of $5.81 per share and revenue of $16.28 billion, which would represent changes of +3005% and +25.23%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Western Digital. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Western Digital presently features a Zacks Rank of #3 (Hold).

Looking at its valuation, Western Digital is holding a Forward P/E ratio of 7.14. Its industry sports an average Forward P/E of 12.7, so one might conclude that Western Digital is trading at a discount comparatively.

The Computer- Storage Devices industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 88, positioning it in the top 36% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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Western Digital Corporation (WDC) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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