Western Digital (WDC - Free Report) closed at $65.93 in the latest trading session, marking a +1.1% move from the prior day. This change outpaced the S&P 500's 0.64% gain on the day. At the same time, the Dow added 0.68%, and the tech-heavy Nasdaq gained 0.46%.

Prior to today's trading, shares of the maker of hard drives for businesses and personal computers had gained 13.37% over the past month. This has outpaced the Computer and Technology sector's gain of 1.46% and the S&P 500's gain of 4.56% in that time.

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Wall Street will be looking for positivity from Western Digital as it approaches its next earnings report date. In that report, analysts expect Western Digital to post earnings of $2.47 per share. This would mark year-over-year growth of 257.97%. Meanwhile, our latest consensus estimate is calling for revenue of $4.8 billion, up 21.79% from the prior-year quarter.

WDC's full-year Zacks Consensus Estimates are calling for earnings of $8.72 per share and revenue of $19.58 billion. These results would represent year-over-year changes of +91.65% and +15.73%, respectively.

Any recent changes to analyst estimates for Western Digital should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Digging into valuation, Western Digital currently has a Forward P/E ratio of 7.48. Its industry sports an average Forward P/E of 19.04, so we 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. This group has a Zacks Industry Rank of 114, putting it in the top 45% of all 250+ industries.