Workday (NASDAQ:WDAY) Receives Buy Rating from Needham & Company LLC

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $300.00 price objective on the software maker’s stock. Needham & Company LLC’s price target suggests a potential upside of 28.38% from the company’s current price.

A number of other equities analysts also recently weighed in on WDAY. Cantor Fitzgerald reissued an “overweight” rating and set a $265.00 price target on shares of Workday in a research report on Wednesday, September 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Workday in a research note on Wednesday, October 8th. Royal Bank Of Canada restated an “outperform” rating on shares of Workday in a research note on Wednesday. Wells Fargo & Company set a $290.00 price objective on shares of Workday in a research report on Wednesday. Finally, DA Davidson upped their price objective on shares of Workday from $225.00 to $260.00 and gave the company a “neutral” rating in a report on Friday, September 19th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, Workday presently has a consensus rating of “Moderate Buy” and an average target price of $283.97.

Workday Price Performance

Shares of WDAY opened at $233.69 on Wednesday. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.33. The company’s fifty day simple moving average is $234.34 and its 200 day simple moving average is $236.62. Workday has a 1-year low of $205.33 and a 1-year high of $294.00. The company has a market cap of $62.40 billion, a price-to-earnings ratio of 108.19, a PEG ratio of 2.83 and a beta of 1.11.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Tuesday, November 25th. The software maker reported $2.32 EPS for the quarter, beating analysts’ consensus estimates of $2.17 by $0.15. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.42 billion. Workday had a net margin of 6.51% and a return on equity of 9.74%. The company’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.89 EPS. On average, research analysts forecast that Workday will post 2.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Workday

Several hedge funds and other institutional investors have recently bought and sold shares of WDAY. AlphaQuest LLC boosted its holdings in Workday by 636.7% in the second quarter. AlphaQuest LLC now owns 1,886 shares of the software maker’s stock worth $453,000 after acquiring an additional 1,630 shares in the last quarter. Chicago Capital LLC raised its position in shares of Workday by 2.2% during the second quarter. Chicago Capital LLC now owns 175,802 shares of the software maker’s stock worth $42,193,000 after purchasing an additional 3,824 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of Workday by 21.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 30,370 shares of the software maker’s stock worth $7,288,000 after purchasing an additional 5,300 shares in the last quarter. Vanguard Group Inc. grew its position in Workday by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 21,114,184 shares of the software maker’s stock valued at $5,067,404,000 after purchasing an additional 515,529 shares during the period. Finally, One Degree Advisors Inc bought a new stake in Workday during the 2nd quarter valued at $369,000. Institutional investors and hedge funds own 89.81% of the company’s stock.

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.