Royal Bank of Canada Forecasts Strong Price Appreciation for Workday (NASDAQ:WDAY) Stock

Workday (NASDAQ:WDAY) had its price target boosted by research analysts at Royal Bank of Canada from $320.00 to $340.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 25.32% from the stock’s previous close.

Other analysts have also issued reports about the company. Redburn Atlantic initiated coverage on Workday in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. JMP Securities reiterated a “market outperform” rating and issued a $315.00 price objective on shares of Workday in a report on Thursday, February 6th. KeyCorp increased their price target on Workday from $305.00 to $335.00 and gave the company an “overweight” rating in a report on Wednesday. Morgan Stanley cut shares of Workday from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $330.00 to $275.00 in a research report on Wednesday, February 19th. Finally, Needham & Company LLC restated a “buy” rating and set a $300.00 price target on shares of Workday in a report on Wednesday. Ten analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $297.71.

Workday Stock Performance

WDAY traded up $16.09 during trading on Wednesday, hitting $271.31. 3,673,949 shares of the company traded hands, compared to its average volume of 2,251,964. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The firm has a market cap of $72.17 billion, a P/E ratio of 44.97, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35. Workday has a one year low of $199.81 and a one year high of $304.79. The stock’s fifty day moving average is $259.97 and its 200 day moving average is $254.12.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing the consensus estimate of $1.75 by ($1.27). The business had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. As a group, equities analysts predict that Workday will post 2.63 EPS for the current fiscal year.

Insider Transactions at Workday

In other Workday news, insider Sayan Chakraborty sold 5,498 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $250.78, for a total transaction of $1,378,788.44. Following the completion of the sale, the insider now directly owns 121,100 shares in the company, valued at approximately $30,369,458. The trade was a 4.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $246.42, for a total transaction of $13,799,520.00. Following the completion of the transaction, the insider now directly owns 60,000 shares in the company, valued at approximately $14,785,200. This represents a 48.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 438,819 shares of company stock worth $113,142,592 over the last quarter. 20.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in WDAY. Simplicity Wealth LLC increased its position in Workday by 3.0% in the 4th quarter. Simplicity Wealth LLC now owns 1,277 shares of the software maker’s stock worth $330,000 after purchasing an additional 37 shares during the last quarter. Marcum Wealth LLC boosted its position in Workday by 4.4% during the 4th quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock worth $249,000 after buying an additional 41 shares during the period. Custom Index Systems LLC boosted its holdings in Workday by 3.0% in the fourth quarter. Custom Index Systems LLC now owns 1,412 shares of the software maker’s stock worth $364,000 after acquiring an additional 41 shares in the last quarter. AllSquare Wealth Management LLC grew its position in shares of Workday by 19.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 252 shares of the software maker’s stock valued at $65,000 after acquiring an additional 41 shares during the period. Finally, Meeder Asset Management Inc. raised its position in shares of Workday by 42.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after buying an additional 43 shares in the last quarter. 89.81% of the stock is currently owned by institutional investors.

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.