Scotiabank Initiates Coverage on Workday (NASDAQ:WDAY)

Investment analysts at Scotiabank initiated coverage on shares of Workday (NASDAQ:WDAY) in a report released on Monday, Marketbeat reports. The firm set a “sector outperform” rating and a $340.00 price target on the software maker’s stock. Scotiabank’s price target would indicate a potential upside of 30.82% from the company’s current price.

A number of other research firms have also recently commented on WDAY. Deutsche Bank Aktiengesellschaft increased their price target on shares of Workday from $265.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Bank of America raised their target price on shares of Workday from $265.00 to $310.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Evercore ISI dropped their target price on shares of Workday from $300.00 to $290.00 and set an “outperform” rating on the stock in a report on Tuesday, August 20th. JMP Securities restated a “market outperform” rating and issued a $315.00 target price on shares of Workday in a report on Thursday, September 19th. Finally, Loop Capital raised their target price on shares of Workday from $255.00 to $270.00 and gave the stock a “hold” rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $289.46.

Workday Trading Up 0.2 %

NASDAQ:WDAY opened at $259.90 on Monday. The company’s 50 day moving average price is $246.94 and its 200-day moving average price is $236.57. Workday has a 52 week low of $199.81 and a 52 week high of $311.28. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. The stock has a market cap of $68.87 billion, a price-to-earnings ratio of 45.28, a PEG ratio of 5.15 and a beta of 1.35.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The firm had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.07 billion. During the same quarter in the prior year, the company posted $0.40 earnings per share. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. On average, equities research analysts forecast that Workday will post 2.4 earnings per share for the current fiscal year.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 66,492 shares of Workday stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the transaction, the insider now owns 102,997 shares in the company, valued at approximately $26,902,816.40. The trade was a 39.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director George J. Still, Jr. sold 7,500 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $260.32, for a total transaction of $1,952,400.00. Following the completion of the sale, the director now owns 97,500 shares in the company, valued at approximately $25,381,200. The trade was a 7.14 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 370,575 shares of company stock worth $91,506,897. 20.00% of the stock is owned by corporate insiders.

Institutional Trading of Workday

Several hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. lifted its stake in Workday by 42.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after purchasing an additional 43 shares in the last quarter. Kingsview Wealth Management LLC lifted its stake in Workday by 0.9% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,085 shares of the software maker’s stock worth $1,243,000 after purchasing an additional 43 shares in the last quarter. Diversified Trust Co lifted its stake in Workday by 1.0% in the 2nd quarter. Diversified Trust Co now owns 4,830 shares of the software maker’s stock worth $1,080,000 after purchasing an additional 47 shares in the last quarter. Opal Wealth Advisors LLC lifted its stake in Workday by 5.2% in the 3rd quarter. Opal Wealth Advisors LLC now owns 946 shares of the software maker’s stock worth $231,000 after purchasing an additional 47 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. lifted its stake in Workday by 3.4% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 1,451 shares of the software maker’s stock worth $324,000 after purchasing an additional 48 shares in the last quarter. Hedge funds and other 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.