Western Digital (NASDAQ:WDC – Get Rating) posted its quarterly earnings results on Tuesday. The data storage provider reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.34), RTT News reports. Western Digital had a positive return on equity of 5.78% and a negative net margin of 0.59%. The business had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the previous year, the company posted $2.03 earnings per share. Western Digital's quarterly revenue was down 35.7% on a year-over-year basis. Western Digital updated its Q3 guidance to $(1.70)-$(1.40) EPS and its Q3 2023 guidance to -$1.70–$1.40 EPS.

Western Digital Stock Performance

Shares of Western Digital stock traded up $1.37 during trading hours on Thursday, hitting $44.69. 1,817,536 shares of the company's stock traded hands, compared to its average volume of 5,968,635. The company has a current ratio of 1.83, a quick ratio of 1.05 and a debt-to-equity ratio of 0.58. Western Digital has a 12-month low of $29.73 and a 12-month high of $63.26. The company has a fifty day simple moving average of $36.05 and a 200-day simple moving average of $38.86.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. American Century Companies Inc. boosted its stake in Western Digital by 292.1% in the 1st quarter. American Century Companies Inc. now owns 30,302 shares of the data storage provider's stock worth $1,504,000 after purchasing an additional 22,573 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Western Digital in the 1st quarter worth about $57,000. Acadian Asset Management LLC boosted its stake in Western Digital by 1,535.0% in the 1st quarter. Acadian Asset Management LLC now owns 8,649 shares of the data storage provider's stock worth $426,000 after purchasing an additional 8,120 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Western Digital by 7.0% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 41,869 shares of the data storage provider's stock worth $2,079,000 after purchasing an additional 2,755 shares during the period. Finally, Great West Life Assurance Co. Can boosted its position in shares of Western Digital by 1.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 197,219 shares of the data storage provider's stock valued at $10,331,000 after acquiring an additional 3,642 shares during the last quarter. Institutional investors own 85.47% of the company's stock.

Analyst Ratings Changes

Western Digital Company Profile

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Western Digital Corp. engages in the development, manufacture, marketing, and sale of data storage devices and solutions. It operates through the Flash and Hard Disk Drive segments. The Flash segment represents flash-based data storage devices. The Hard Disk Drive segment provides hard disk storage solutions.

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