Workday (NASDAQ:WDAY) Price Target Cut to $300.00 by Analysts at Needham & Company LLC

Workday (NASDAQ:WDAY) had its price target decreased by Needham & Company LLC from $350.00 to $300.00 in a research report report published on Wednesday, Benzinga reports. Needham & Company LLC currently has a buy rating on the software maker’s stock.

A number of other research analysts have also recently weighed in on WDAY. BMO Capital Markets lowered their target price on shares of Workday from $338.00 to $300.00 and set an outperform rating on the stock in a research note on Friday, May 24th. Stifel Nicolaus upped their price objective on Workday from $250.00 to $270.00 and gave the stock a hold rating in a research note on Friday, August 23rd. Royal Bank of Canada cut their target price on Workday from $310.00 to $300.00 and set an outperform rating for the company in a research report on Friday, May 24th. Wells Fargo & Company boosted their price target on Workday from $260.00 to $300.00 and gave the stock an overweight rating in a report on Friday, August 23rd. Finally, Morgan Stanley cut their price objective on shares of Workday from $325.00 to $315.00 and set an overweight rating for the company in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $286.30.

Workday Stock Performance

Shares of WDAY opened at $248.47 on Wednesday. The business has a 50-day simple moving average of $236.71 and a two-hundred day simple moving average of $242.43. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. Workday has a 52 week low of $199.81 and a 52 week high of $311.28. The stock has a market cap of $65.84 billion, a price-to-earnings ratio of 44.77, a PEG ratio of 5.07 and a beta of 1.35.

Workday (NASDAQ:WDAY) last released its earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same period in the prior year, the firm posted $0.40 EPS. The firm’s quarterly revenue was up 16.5% compared to the same quarter last year. On average, analysts expect that Workday will post 2.39 EPS for the current year.

Insider Transactions at Workday

In related news, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $255.45, for a total value of $1,915,875.00. Following the sale, the director now directly owns 90,000 shares of the company’s stock, valued at approximately $22,990,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Workday news, major shareholder David A. Duffield sold 78,279 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $223.89, for a total value of $17,525,885.31. Following the completion of the sale, the insider now directly owns 102,997 shares of the company’s stock, valued at approximately $23,059,998.33. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director George J. Still, Jr. sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $255.45, for a total transaction of $1,915,875.00. Following the transaction, the director now directly owns 90,000 shares in the company, valued at $22,990,500. The disclosure for this sale can be found here. In the last quarter, insiders sold 466,402 shares of company stock worth $107,992,034. 20.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WDAY. Crewe Advisors LLC bought a new position in shares of Workday during the 1st quarter worth $27,000. Sound Income Strategies LLC grew its holdings in Workday by 74.2% during the 1st quarter. Sound Income Strategies LLC now owns 115 shares of the software maker’s stock worth $31,000 after acquiring an additional 49 shares in the last quarter. SouthState Corp increased its position in Workday by 614.3% during the 2nd quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after purchasing an additional 129 shares during the period. Pacific Center for Financial Services raised its holdings in shares of Workday by 57.0% in the 1st quarter. Pacific Center for Financial Services now owns 157 shares of the software maker’s stock valued at $43,000 after purchasing an additional 57 shares in the last quarter. Finally, Goodman Advisory Group LLC purchased a new stake in shares of Workday in the 2nd quarter worth approximately $35,000. 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.