Scotiabank Has Lowered Expectations for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its target price lowered by investment analysts at Scotiabank from $355.00 to $305.00 in a report issued on Monday,Benzinga reports. The firm presently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price objective indicates a potential upside of 23.85% from the company’s current price.

WDAY has been the subject of several other reports. Wells Fargo & Company lifted their target price on Workday from $330.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Mizuho lifted their price objective on Workday from $280.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Redburn Atlantic began coverage on shares of Workday in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Guggenheim reissued a “neutral” rating on shares of Workday in a research note on Wednesday, February 26th. Finally, Daiwa America upgraded shares of Workday to a “strong-buy” rating in a report on Tuesday, March 4th. Ten analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Workday has an average rating of “Moderate Buy” and an average price target of $300.36.

Workday Price Performance

Shares of WDAY stock traded up $2.09 during trading hours on Monday, hitting $246.26. 320,339 shares of the company’s stock were exchanged, compared to its average volume of 2,413,299. Workday has a 52 week low of $199.81 and a 52 week high of $294.00. The stock’s 50-day moving average is $256.91 and its 200-day moving average is $255.46. 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 stock has a market cap of $65.51 billion, a price-to-earnings ratio of 40.90, a price-to-earnings-growth ratio of 3.55 and a beta of 1.38.

Workday (NASDAQ:WDAY) last announced its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.18 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. As a group, research analysts forecast that Workday will post 2.63 EPS for the current year.

Insider Transactions at Workday

In other Workday news, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $265.70, for a total transaction of $14,879,200.00. Following the sale, the insider now directly owns 228,000 shares of the company’s stock, valued at $60,579,600. The trade was a 19.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 472 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the transaction, the chief accounting officer now owns 35,408 shares of the company’s stock, valued at approximately $8,789,681.92. This represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 435,829 shares of company stock valued at $113,033,319 over the last three months. Company insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Workday

A number of institutional investors and hedge funds have recently made changes to their positions in WDAY. Vanguard Group Inc. raised its holdings in shares of Workday by 28.9% in the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock valued at $5,197,447,000 after purchasing an additional 4,517,272 shares during the period. Janus Henderson Group PLC lifted its position in shares of Workday by 10.7% in the third quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock valued at $1,218,415,000 after buying an additional 480,459 shares during the last quarter. State Street Corp boosted its stake in shares of Workday by 1.4% during the 3rd quarter. State Street Corp now owns 4,842,729 shares of the software maker’s stock worth $1,183,611,000 after acquiring an additional 67,380 shares during the period. Geode Capital Management LLC increased its holdings in shares of Workday by 61.9% during the 4th quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock worth $1,193,105,000 after acquiring an additional 1,772,223 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Workday by 60.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker’s stock valued at $960,454,000 after acquiring an additional 1,406,088 shares during the period. 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.