Workday (NASDAQ:WDAY) Stock Price Expected to Rise, Scotiabank Analyst Says

Workday (NASDAQ:WDAY) had its price target upped by Scotiabank from $340.00 to $355.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price target would suggest a potential upside of 33.05% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the company. UBS Group increased their target price on Workday from $255.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday. Redburn Atlantic initiated coverage on Workday in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Workday from a “hold” rating to a “buy” rating and boosted their target price for the company from $265.00 to $300.00 in a research note on Wednesday, January 8th. JPMorgan Chase & Co. lifted their price target on shares of Workday from $285.00 to $310.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Barclays decreased their price objective on shares of Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 27th. Ten analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $302.14.

Workday Stock Performance

WDAY stock traded down $4.28 during midday trading on Thursday, hitting $266.81. The stock had a trading volume of 1,542,552 shares, compared to its average volume of 2,469,756. Workday has a 52 week low of $199.81 and a 52 week high of $298.50. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The stock has a 50-day simple moving average of $260.01 and a 200 day simple moving average of $254.24. The firm has a market capitalization of $70.97 billion, a price-to-earnings ratio of 44.25, a P/E/G ratio of 3.55 and a beta of 1.35.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). The business had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. As a group, equities research analysts anticipate that Workday will post 2.63 earnings per share for the current year.

Insider Transactions at Workday

In other Workday news, CAO Mark S. Garfield sold 472 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $248.24, for a total value of $117,169.28. Following the completion of the sale, the chief accounting officer now owns 35,408 shares in the company, valued at approximately $8,789,681.92. The trade was a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder David A. Duffield sold 70,090 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $254.53, for a total transaction of $17,840,007.70. Following the sale, the insider now directly owns 102,997 shares of the company’s stock, valued at $26,215,826.41. The trade was a 40.49 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 438,819 shares of company stock worth $113,142,592. 20.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Workday

Institutional investors and hedge funds have recently bought and sold shares of the business. Simplicity Wealth LLC lifted its stake in Workday by 3.0% in the fourth quarter. Simplicity Wealth LLC now owns 1,277 shares of the software maker’s stock worth $330,000 after acquiring an additional 37 shares during the period. Marcum Wealth LLC raised its holdings in Workday by 4.4% in the 4th quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock worth $249,000 after purchasing an additional 41 shares in the last quarter. Custom Index Systems LLC lifted its position in shares of Workday by 3.0% in the 4th quarter. Custom Index Systems LLC now owns 1,412 shares of the software maker’s stock worth $364,000 after purchasing an additional 41 shares during the period. AllSquare Wealth Management LLC boosted its stake in shares of Workday by 19.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 252 shares of the software maker’s stock valued at $65,000 after purchasing an additional 41 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in shares of Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after buying an additional 43 shares during the period. Hedge funds and other institutional investors own 89.81% of the company’s stock.

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.