Workday (NASDAQ:WDAY) Coverage Initiated at Rosenblatt Securities

Equities research analysts at Rosenblatt Securities started coverage on shares of Workday (NASDAQ:WDAY) in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm set a “neutral” rating and a $235.00 price target on the software maker’s stock. Rosenblatt Securities’ price target suggests a potential upside of 10.15% from the stock’s previous close.

WDAY has been the topic of several other research reports. Citizens Jmp restated a “market outperform” rating and set a $315.00 target price on shares of Workday in a research report on Wednesday, November 26th. Bank of America lowered their target price on shares of Workday from $295.00 to $278.00 and set a “buy” rating on the stock in a research note on Tuesday, August 19th. Royal Bank Of Canada reduced their target price on Workday from $340.00 to $320.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 26th. Evercore ISI lifted their price target on Workday from $275.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 17th. Finally, BMO Capital Markets reduced their price objective on Workday from $314.00 to $285.00 and set an “outperform” rating on the stock in a research report on Friday, August 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, Workday presently has a consensus rating of “Moderate Buy” and a consensus price target of $281.16.

Workday Price Performance

NASDAQ WDAY opened at $213.35 on Tuesday. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. The company has a market cap of $56.96 billion, a PE ratio of 89.64, a price-to-earnings-growth ratio of 2.61 and a beta of 1.15. Workday has a 52 week low of $205.33 and a 52 week high of $294.00. The firm’s 50-day simple moving average is $232.65 and its two-hundred day simple moving average is $235.05.

Workday (NASDAQ:WDAY) last posted its earnings results on Tuesday, November 25th. The software maker reported $2.32 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.15. The firm had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.42 billion. Workday had a net margin of 6.95% and a return on equity of 10.50%. The company’s revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the company earned $1.89 earnings per share. Research analysts predict that Workday will post 2.63 earnings per share for the current year.

Insider Activity at Workday

In related news, Director Michael M. Mcnamara sold 5,393 shares of the firm’s stock in a transaction that occurred on Friday, October 10th. The stock was sold at an average price of $235.16, for a total transaction of $1,268,217.88. Following the transaction, the director directly owned 24,078 shares in the company, valued at $5,662,182.48. This trade represents a 18.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Zane Rowe sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $232.62, for a total value of $1,395,720.00. Following the completion of the sale, the chief financial officer owned 168,468 shares of the company’s stock, valued at $39,189,026.16. The trade was a 3.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 264,933 shares of company stock worth $61,475,760 over the last three months. Corporate insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Several hedge funds and other institutional investors have recently modified their holdings of the company. First Eagle Investment Management LLC bought a new stake in shares of Workday in the third quarter worth about $556,252,000. Nuveen LLC purchased a new stake in Workday in the 1st quarter worth approximately $456,341,000. Hotchkis & Wiley Capital Management LLC grew its position in shares of Workday by 47.5% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker’s stock worth $1,406,463,000 after buying an additional 1,882,391 shares during the last quarter. Norges Bank purchased a new position in shares of Workday during the second quarter valued at approximately $442,702,000. Finally, T. Rowe Price Investment Management Inc. raised its holdings in shares of Workday by 47.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,764,598 shares of the software maker’s stock valued at $879,147,000 after acquiring an additional 1,211,659 shares in the last quarter. 89.81% of the stock is owned by institutional investors.

About Workday

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.