Workday (NASDAQ:WDAY) Raised to “Buy” at StockNews.com

Workday (NASDAQ:WDAY) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

Several other equities research analysts have also issued reports on WDAY. Citigroup reduced their price target on Workday from $274.00 to $270.00 and set a “neutral” rating for the company in a report on Wednesday, September 25th. Royal Bank of Canada lifted their target price on shares of Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Piper Sandler restated a “neutral” rating and set a $270.00 price target (down previously from $285.00) on shares of Workday in a research note on Wednesday, November 27th. Barclays reduced their price objective on shares of Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a research note on Wednesday, November 27th. Finally, The Goldman Sachs Group increased their target price on shares of Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Eight analysts have rated the stock with 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 an average target price of $291.36.

Workday Price Performance

NASDAQ WDAY opened at $249.68 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The firm has a market capitalization of $66.41 billion, a price-to-earnings ratio of 41.41, a price-to-earnings-growth ratio of 5.04 and a beta of 1.34. The company has a 50 day simple moving average of $261.60 and a 200-day simple moving average of $245.37. Workday has a 52-week low of $199.81 and a 52-week high of $311.28.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. Workday had a net margin of 19.86% and a return on equity of 6.13%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the firm earned $0.47 EPS. The company’s revenue was up 15.8% compared to the same quarter last year. Equities research analysts predict that Workday will post 2.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $242.01, for a total value of $13,552,560.00. Following the completion of the transaction, the insider now directly owns 281,000 shares of the company’s stock, valued at approximately $68,004,810. This represents a 16.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Wayne A.I. Frederick sold 1,828 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $241.85, for a total value of $442,101.80. Following the completion of the sale, the director now directly owns 8,674 shares in the company, valued at approximately $2,097,806.90. This represents a 17.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 370,085 shares of company stock valued at $95,380,557 over the last ninety days. 20.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in WDAY. Capital Performance Advisors LLP acquired a new stake in shares of Workday during the 3rd quarter worth about $26,000. Meeder Asset Management Inc. increased its holdings 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 worth $35,000 after buying an additional 43 shares in the last quarter. True Wealth Design LLC raised its stake 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 acquiring an additional 143 shares during the last quarter. New Millennium Group LLC raised its stake in shares of Workday by 177.4% in the third quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock valued at $36,000 after acquiring an additional 94 shares during the last quarter. Finally, Goodman Advisory Group LLC acquired a new position in shares of Workday in the 2nd quarter worth approximately $35,000. 89.81% of the stock is owned by institutional investors.

About Workday

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.