Bank of America Cuts Workday (NASDAQ:WDAY) Price Target to $285.00

Workday (NASDAQ:WDAY) had its price objective trimmed by Bank of America from $310.00 to $285.00 in a research note released on Wednesday,Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

Several other research firms have also recently issued reports on WDAY. Scotiabank initiated coverage on Workday in a report on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price target on the stock. Evercore ISI reduced their target price on shares of Workday from $300.00 to $290.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Piper Sandler reissued a “neutral” rating and set a $270.00 price target (down from $285.00) on shares of Workday in a research note on Wednesday. DA Davidson increased their target price on Workday from $255.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $315.00 price target on shares of Workday in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, Workday presently has an average rating of “Moderate Buy” and a consensus price target of $288.14.

Workday Trading Down 1.3 %

Shares of NASDAQ WDAY opened at $249.99 on Wednesday. Workday has a 1-year low of $199.81 and a 1-year high of $311.28. The company has a 50-day moving average of $248.77 and a two-hundred day moving average of $237.46. The company has a market cap of $66.25 billion, a PE ratio of 41.46, a P/E/G ratio of 5.03 and a beta of 1.35. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.13. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.21%. Workday’s revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.47 EPS. As a group, equities analysts expect that Workday will post 2.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Workday news, major shareholder David A. Duffield sold 66,492 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total value of $17,367,710.40. Following the completion of the sale, the insider now owns 102,997 shares in the company, valued at $26,902,816.40. This trade represents a 39.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Richard Harry Sauer sold 3,134 shares of the business’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $235.78, for a total transaction of $738,934.52. Following the transaction, the insider now owns 85,795 shares in the company, valued at $20,228,745.10. This represents a 3.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 359,954 shares of company stock valued at $88,742,132 in the last three months. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Workday

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ORG Partners LLC lifted its stake in shares of Workday by 3,717.9% during the 2nd quarter. ORG Partners LLC now owns 3,207 shares of the software maker’s stock worth $721,000 after buying an additional 3,123 shares during the last quarter. Grafton Street Partners Fund LP bought a new position in Workday in the 3rd quarter valued at about $4,424,000. ICICI Prudential Asset Management Co Ltd lifted its position in Workday by 32.4% during the third quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock worth $7,791,000 after acquiring an additional 7,802 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Workday by 7.4% during the second quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock worth $384,518,000 after acquiring an additional 118,180 shares during the period. Finally, Atria Investments Inc grew its position in shares of Workday by 19.3% in the third quarter. Atria Investments Inc now owns 44,324 shares of the software maker’s stock valued at $10,833,000 after purchasing an additional 7,175 shares during the last quarter. 89.81% of the stock is owned by institutional investors.

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.