Workday (NASDAQ:WDAY) Price Target Cut to $300.00

Workday (NASDAQ:WDAY) had its target price reduced by investment analysts at Needham & Company LLC from $350.00 to $300.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s target price indicates a potential upside of 20.91% from the company’s current price.

A number of other equities analysts have also recently issued reports on WDAY. Citigroup reduced their target price on Workday from $293.00 to $255.00 and set a “neutral” rating on the stock in a report on Friday, May 24th. The Goldman Sachs Group decreased their price objective on Workday from $310.00 to $300.00 and set a “buy” rating for the company in a report on Friday, May 24th. JPMorgan Chase & Co. lowered their price target on shares of Workday from $300.00 to $285.00 and set an “overweight” rating on the stock in a research note on Friday, May 24th. Morgan Stanley lowered their target price on shares of Workday from $325.00 to $315.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Finally, Stifel Nicolaus raised their price objective on Workday from $250.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $286.30.

Workday Price Performance

Workday stock opened at $248.12 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 2.04. The business has a 50 day simple moving average of $236.20 and a 200 day simple moving average of $242.39. Workday has a one year low of $199.81 and a one year high of $311.28. The company has a market capitalization of $65.75 billion, a PE ratio of 44.71, a price-to-earnings-growth ratio of 5.07 and a beta of 1.35.

Workday (NASDAQ:WDAY) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, topping the consensus estimate of $1.65 by $0.10. Workday had a return on equity of 5.34% and a net margin of 19.59%. The company had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.07 billion. During the same quarter in the prior year, the business earned $0.40 earnings per share. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. On average, sell-side analysts forecast that Workday will post 2.39 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 78,279 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $223.89, for a total value of $17,525,885.31. Following the completion of the transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at $23,059,998.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction on Friday, June 21st. The stock was sold at an average price of $218.58, for a total transaction of $12,240,480.00. Following the completion of the sale, the insider now owns 730,000 shares of the company’s stock, valued at $159,563,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder David A. Duffield sold 78,279 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $223.89, for a total value of $17,525,885.31. Following the transaction, the insider now owns 102,997 shares of the company’s stock, valued at $23,059,998.33. The disclosure for this sale can be found here. In the last ninety days, insiders sold 466,402 shares of company stock valued at $107,992,034. Company insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new position in shares of Workday during the 2nd quarter valued at $6,183,000. Sycomore Asset Management purchased a new position in Workday in the 2nd quarter worth approximately $15,406,000. New Century Financial Group LLC bought a new position in shares of Workday in the second quarter worth approximately $265,000. Cetera Investment Advisers boosted its position in Workday by 3.9% during the 2nd quarter. Cetera Investment Advisers now owns 51,043 shares of the software maker’s stock valued at $11,411,000 after buying an additional 1,911 shares during the period. Finally, Truist Financial Corp increased its position in shares of Workday by 1.5% in the second quarter. Truist Financial Corp now owns 88,588 shares of the software maker’s stock valued at $19,805,000 after acquiring an additional 1,320 shares during the period. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Workday Company Profile

Workday, Inc provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations.