In the latest trading session, Western Digital (WDC) closed at $45.39, marking a -0.29% move from the previous day. This change lagged the S&P 500's 0.82% gain on the day. Meanwhile, the Dow gained 0.79%, and the Nasdaq, a tech-heavy index, added 0.79%.Prior to today's trading, shares of the maker of hard drives for businesses and personal computers had lost 3.31% over the past month. This has lagged the Computer and Technology sector's gain of 2.95% and the S&P 500's gain of 3.94% in that time.WDC will be looking to display strength as it nears its next earnings release, which is expected to be January 24, 2019. In that report, analysts expect WDC to post earnings of $1.59 per share. This would mark a year-over-year decline of 59.75%. Meanwhile, our latest consensus estimate is calling for revenue of $4.31 billion, down 19.31% from the prior-year quarter.WDC's full-year Zacks Consensus Estimates are calling for earnings of $7.30 per share and revenue of $18.13 billion. These results would represent year-over-year changes of -50.44% and -12.17%, respectively.Investors might also notice recent changes to analyst estimates for WDC. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.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 past month, the Zacks Consensus EPS estimate remained stagnant. WDC is holding a Zacks Rank of #5 (Strong Sell) right now.In terms of valuation, WDC is currently trading at a Forward P/E ratio of 6.23. This represents a discount compared to its industry's average Forward P/E of 15.02.It is also worth noting that WDC currently has a PEG ratio of 0.33. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Computer- Storage Devices stocks are, on average, holding a PEG ratio of 1.06 based on yesterday's closing prices.The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 204, putting it in the bottom 21% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Western Digital Corporation (WDC): Free Stock Analysis Report To read this article on Zacks.com click here.