Needham & Company LLC Reaffirms “Buy” Rating for Workday (NASDAQ:WDAY)

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating restated by Needham & Company LLC in a research report issued on Monday,Benzinga reports. They currently have a $300.00 price target on the software maker’s stock. Needham & Company LLC’s price target points to a potential upside of 20.25% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. Guggenheim reiterated a “neutral” rating on shares of Workday in a research report on Wednesday, February 26th. BMO Capital Markets increased their price target on Workday from $300.00 to $314.00 and gave the stock an “outperform” rating in a research report on Thursday, February 27th. Morgan Stanley cut Workday from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $330.00 to $275.00 in a research report on Wednesday, February 19th. Canaccord Genuity Group increased their price target on Workday from $300.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Finally, Redburn Atlantic assumed coverage on Workday in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Ten investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $300.36.

Workday Trading Down 0.4 %

Shares of NASDAQ WDAY opened at $249.49 on Monday. The stock’s 50 day moving average price is $256.76 and its two-hundred day moving average price is $255.09. Workday has a 52-week low of $199.81 and a 52-week high of $294.00. The stock has a market capitalization of $66.36 billion, a P/E ratio of 41.37, a PEG ratio of 3.55 and a beta of 1.38. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35.

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

Insider Activity

In related news, Director Wayne A.I. Frederick sold 1,829 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $253.09, for a total transaction of $462,901.61. Following the completion of the sale, the director now directly owns 6,845 shares in the company, valued at approximately $1,732,401.05. This trade represents a 21.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder David A. Duffield sold 71,672 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $248.58, for a total value of $17,816,225.76. Following the sale, the insider now owns 102,997 shares of the company’s stock, valued at approximately $25,602,994.26. This represents a 41.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 417,001 shares of company stock worth $105,735,200 over the last quarter. Corporate insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Hedge funds have recently bought and sold shares of the business. Crews Bank & Trust acquired a new position in Workday during the fourth quarter worth $26,000. Roxbury Financial LLC acquired a new position in Workday during the fourth quarter worth $25,000. Avion Wealth increased its position in Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock worth $27,000 after buying an additional 86 shares during the last quarter. TCTC Holdings LLC acquired a new position in Workday during the fourth quarter worth $35,000. Finally, True Wealth Design LLC grew its position in shares of Workday by 4,766.7% in the third quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock valued at $36,000 after purchasing an additional 143 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

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.