DA Davidson Cuts Workday (NASDAQ:WDAY) Price Target to $250.00

Workday (NASDAQ:WDAY) had its target price lowered by equities research analysts at DA Davidson from $260.00 to $250.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. DA Davidson’s price objective indicates a potential upside of 17.20% from the stock’s current price.

Several other equities analysts have also recently issued reports on WDAY. Evercore ISI boosted their price target on shares of Workday from $275.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, September 17th. Guggenheim reiterated a “buy” rating and set a $285.00 target price on shares of Workday in a report on Wednesday. Raymond James Financial started coverage on Workday in a research note on Friday, November 21st. They issued a “market perform” rating for the company. UBS Group set a $260.00 price target on Workday in a research report on Wednesday. Finally, Needham & Company LLC reissued a “buy” rating and set a $300.00 price objective on shares of Workday in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, Workday has an average rating of “Moderate Buy” and an average target price of $283.17.

Workday Trading Down 8.7%

Shares of WDAY stock traded down $20.37 during trading hours on Wednesday, reaching $213.32. The company’s stock had a trading volume of 7,047,789 shares, compared to its average volume of 2,608,729. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.33. Workday has a one year low of $205.33 and a one year high of $294.00. The stock has a market capitalization of $56.96 billion, a P/E ratio of 98.94, a P/E/G ratio of 2.83 and a beta of 1.11. The firm’s fifty day simple moving average is $234.34 and its 200 day simple moving average is $236.62.

Workday (NASDAQ:WDAY) last released its quarterly earnings results on Tuesday, November 25th. The software maker reported $2.32 earnings per share for the quarter, beating the consensus estimate of $2.17 by $0.15. Workday had a net margin of 6.51% and a return on equity of 9.74%. The business had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.42 billion. During the same quarter in the previous year, the business posted $1.89 earnings per share. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. Equities research analysts expect that Workday will post 2.63 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder David A. Duffield sold 75,053 shares of the company’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $236.34, for a total value of $17,738,026.02. Following the transaction, the insider owned 102,997 shares in the company, valued at $24,342,310.98. The trade was a 42.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 1,915 shares of the stock in a transaction dated Thursday, October 9th. The shares were sold at an average price of $238.96, for a total transaction of $457,608.40. Following the sale, the chief accounting officer directly owned 37,351 shares in the company, valued at $8,925,394.96. This trade represents a 4.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 264,933 shares of company stock valued at $61,475,760. Company insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Workday

Several institutional investors and hedge funds have recently made changes to their positions in the company. First Eagle Investment Management LLC purchased a new position in Workday in the 3rd quarter worth approximately $556,252,000. Nuveen LLC bought a new stake in shares of Workday in the 1st quarter worth $456,341,000. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Workday by 47.5% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker’s stock worth $1,406,463,000 after purchasing an additional 1,882,391 shares during the last quarter. Norges Bank purchased a new stake in shares of Workday during the second quarter valued at $442,702,000. Finally, T. Rowe Price Investment Management Inc. increased its holdings in Workday by 47.5% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,764,598 shares of the software maker’s stock worth $879,147,000 after buying an additional 1,211,659 shares in the last quarter. 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.