Workday (NASDAQ:WDAY) Stock Price Crosses Below 50 Day Moving Average – What’s Next?

Workday, Inc. (NASDAQ:WDAY) shares crossed below its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $194.33 and traded as low as $190.49. Workday shares last traded at $192.90, with a volume of 2,034,894 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on WDAY shares. Dbs Bank raised Workday to a “hold” rating in a research report on Wednesday, September 9th. Oppenheimer reiterated an “outperform” rating and issued a $220.00 price objective (up from $165.00) on shares of Workday in a research note on Wednesday, October 14th. BNP Paribas Exane lifted their target price on Workday from $160.00 to $220.00 and gave the company an “outperform” rating in a research report on Friday, August 28th. Evercore upped their price target on Workday from $160.00 to $215.00 in a research report on Thursday, October 8th. Finally, DA Davidson raised their price objective on shares of Workday from $135.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, August 28th. Twenty-two analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $202.10.

Workday Trading Down 3.6%

The firm has a market cap of $46.49 billion, a price-to-earnings ratio of 39.13, a price-to-earnings-growth ratio of 1.99 and a beta of 1.02. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.91 and a current ratio of 0.91. The business’s 50 day moving average price is $194.33 and its 200-day moving average price is $156.48.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Thursday, August 27th. The software maker reported $2.75 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.14. Workday had a return on equity of 20.95% and a net margin of 12.32%. The business had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same period in the previous year, the firm earned $2.21 earnings per share. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. Equities analysts expect that Workday, Inc. will post 5.32 EPS for the current year.

Insider Activity at Workday

In other Workday news, major shareholder David Duffield sold 100,780 shares of the company’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $185.64, for a total value of $18,708,799.20. Following the sale, the insider owned 105,049 shares of the company’s stock, valued at approximately $19,501,296.36. This represents a 48.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 988,104 shares of company stock worth $188,811,574 in the last ninety days. Company insiders own 18.64% of the company’s stock.

Hedge Funds Weigh In On Workday

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Diversified Trust Co increased its holdings in Workday by 5.9% during the 3rd quarter. Diversified Trust Co now owns 1,931 shares of the software maker’s stock worth $368,000 after purchasing an additional 108 shares in the last quarter. Allworth Financial LP raised its stake in Workday by 22.4% during the 3rd quarter. Allworth Financial LP now owns 1,465 shares of the software maker’s stock worth $279,000 after acquiring an additional 268 shares during the period. Private Advisory Group LLC purchased a new position in shares of Workday in the 3rd quarter worth $223,000. Russell Investments Group Ltd. increased its holdings in shares of Workday by 1.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 398,066 shares of the software maker’s stock valued at $75,774,000 after acquiring an additional 6,123 shares during the period. Finally, Werba Rubin Papier Wealth Management purchased a new position in shares of Workday during the third quarter worth $230,000. Institutional investors own 89.81% of the company’s stock.

About Workday

Workday, Inc develops cloud-based software for managing human resources, finance and business operations. Its products include Workday Human Capital Management, Workday Financial Management and Workday Adaptive Planning, which help organizations manage areas such as workforce administration, accounting, budgeting and forecasting.

Founded in 2005 by Dave Duffield and Aneel Bhusri, Workday serves businesses, governments and educational institutions across a range of industries. Its operations and customer base extend across North America and international markets.

Carl Eschenbach is Workday’s chief executive officer, and co-founder Aneel Bhusri serves as executive chair.