Morgan Stanley Forecasts Strong Price Appreciation for Workday (NASDAQ:WDAY) Stock

Workday (NASDAQ:WDAY) had its price target hoisted by Morgan Stanley from $315.00 to $330.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s price objective suggests a potential upside of 30.23% from the company’s current price.

A number of other brokerages have also commented on WDAY. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Workday from $265.00 to $275.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. BMO Capital Markets reissued an “outperform” rating and set a $300.00 price target on shares of Workday in a research report on Wednesday, September 18th. Stifel Nicolaus raised their price objective on Workday from $250.00 to $270.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Loop Capital lowered their target price on Workday from $270.00 to $242.00 and set a “hold” rating on the stock in a research report on Wednesday. Finally, Wells Fargo & Company increased their price target on Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $288.14.

Workday Trading Down 6.2 %

WDAY opened at $253.40 on Wednesday. The stock has a market capitalization of $67.15 billion, a P/E ratio of 42.02, a P/E/G ratio of 5.36 and a beta of 1.35. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. Workday has a 12 month low of $199.81 and a 12 month high of $311.28. The firm’s fifty day simple moving average is $248.74 and its 200 day simple moving average is $237.44.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.13. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. Workday had a return on equity of 6.21% and a net margin of 19.86%. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.47 earnings per share. As a group, research analysts anticipate that Workday will post 2.4 EPS for the current fiscal year.

Insider Activity

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $255.45, for a total value of $1,915,875.00. Following the sale, the director now owns 90,000 shares of the company’s stock, valued at approximately $22,990,500. This trade represents a 7.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 281,000 shares of the company’s stock, valued at $68,004,810. This trade represents a 16.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 359,954 shares of company stock worth $88,742,132. 20.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Capital Performance Advisors LLP acquired a new position in shares of Workday during the third quarter worth $26,000. SouthState Corp increased its holdings in Workday by 614.3% in the 2nd quarter. SouthState Corp now owns 150 shares of the software maker’s stock worth $34,000 after purchasing an additional 129 shares in the last quarter. Crewe Advisors LLC raised its position in Workday by 56.6% in the second quarter. Crewe Advisors LLC now owns 155 shares of the software maker’s stock valued at $35,000 after purchasing an additional 56 shares during the last quarter. Goodman Advisory Group LLC acquired a new stake in shares of Workday during the second quarter valued at about $35,000. Finally, Meeder Asset Management Inc. grew 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 purchasing an additional 43 shares during 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.