Western Digital Corp (WDC) Releases Earnings Results, Misses Expectations By $-0.08 EPS

Western Digital Corp (WDC) reported quarterly earnings results on Thursday, Apr-28-2016. The company reported $1.21 earnings per share for the quarter, missing the analyst consensus estimate by $-0.08. Analysts had a consensus of $1.29. The company posted revenue of $2822.00 million in the period, compared to analysts expectations of $2879.53 million. The company’s revenue was down -20.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.87 EPS.

Many Wall Street Analysts have commented on Western Digital Corp. Shares were Downgraded by Robert W. Baird on Apr 29, 2016 to ” Neutral” and Lowered the Price Target to $ 50 from a previous price target of $55 .Shares were Reiterated by Maxim Group on Apr 25, 2016 to “Buy” and Lowered the Price Target to $ 75 from a previous price target of $101 .Western Digital Corp was Downgraded by Longbow to ” Neutral” on Apr 13, 2016.

Western Digital Corp opened for trading at $44.51 and hit $46.27 on the upside on Wednesday, eventually ending the session at $46.08, with a gain of 3.46% or 1.54 points. The heightened volatility saw the trading volume jump to 62,13,867 shares. Company has a market cap of $10,726 M.

In a different news, on Dec 9, 2015, Michael Charles Ray (EVP, Chief Legal Officer & Sec) sold 1,863 shares at $63.59 per share price. According to the SEC, on Nov 10, 2015, Matthew E Massengill (director) sold 1,187 shares at $67.75 per share price. On Nov 4, 2015, Stephen D Milligan (Chief Executive Officer) sold 6,239 shares at $66.33 per share price, according to the Form-4 filing with the securities and exchange commission.

Western Digital Corporation is a data storage solutions company. The Company is a developer manufacturer and provider of data storage solutions that enable consumers businesses governments and other organizations to create manage experience and preserve digital content. The Company’s Technology product includes: Hard Disk Drives and Solid-State Drives. Hard Disk Drives provide non-volatile data storage. Solid-State Drives are semiconductor and non-volatile media. The Company offers solutions including: Enterprise Storage Solutions Client Desktop and Notebook PCs Branded Product Solutions Consumer Electronics Solutions. The Company’s products are marketed under the HGST WD and G-Technology brand names.

Western Digital Corp

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