Workday’s (WDAY) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Workday (NASDAQ:WDAY) in a research note released on Wednesday, Benzinga reports. Piper Sandler currently has a $285.00 target price on the software maker’s stock.

A number of other research analysts have also recently issued reports on WDAY. Deutsche Bank Aktiengesellschaft increased their target price on shares of Workday from $265.00 to $275.00 and gave the company a hold rating in a report on Friday, August 23rd. Jefferies Financial Group reduced their price objective on Workday from $350.00 to $330.00 and set a buy rating for the company in a report on Friday, May 24th. Canaccord Genuity Group reissued a buy rating and issued a $300.00 target price on shares of Workday in a report on Friday, September 13th. Stifel Nicolaus lifted their price target on Workday from $250.00 to $270.00 and gave the stock a hold rating in a research note on Friday, August 23rd. Finally, Bank of America boosted their price objective on shares of Workday from $265.00 to $310.00 and gave the stock a buy rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $286.48.

Workday Stock Up 0.3 %

Shares of NASDAQ:WDAY opened at $248.29 on Wednesday. Workday has a 1-year low of $199.81 and a 1-year high of $311.28. 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 stock has a market cap of $65.80 billion, a P/E ratio of 44.74, a P/E/G ratio of 5.07 and a beta of 1.35. The firm has a fifty day moving average price of $237.48 and a 200 day moving average price of $242.12.

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

Insider Buying and Selling

In related news, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $223.80, for a total value of $12,532,800.00. Following the transaction, the insider now directly owns 674,000 shares of the company’s stock, valued at approximately $150,841,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $223.80, for a total transaction of $12,532,800.00. Following the completion of the sale, the insider now owns 674,000 shares in the company, valued at approximately $150,841,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder David A. Duffield sold 78,279 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $223.89, for a total transaction of $17,525,885.31. Following the completion of the transaction, the insider now owns 102,997 shares in the company, valued at approximately $23,059,998.33. The disclosure for this sale can be found here. Over the last quarter, insiders sold 467,402 shares of company stock valued at $109,864,184. Insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its holdings in shares of Workday by 79.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock valued at $514,637,000 after buying an additional 1,016,394 shares during the period. Van ECK Associates Corp lifted its position in shares of Workday by 17,345.2% during the second quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock worth $208,068,000 after purchasing an additional 925,366 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Workday by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 14,448,125 shares of the software maker’s stock worth $3,988,549,000 after purchasing an additional 437,215 shares in the last quarter. D1 Capital Partners L.P. boosted its stake in shares of Workday by 152.1% in the second quarter. D1 Capital Partners L.P. now owns 518,000 shares of the software maker’s stock valued at $115,804,000 after purchasing an additional 312,500 shares during the period. Finally, Kodai Capital Management LP acquired a new stake in Workday during the 4th quarter valued at $85,994,000. Institutional investors and hedge funds 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.