Workday’s (WDAY) “Neutral” Rating Reiterated at Piper Sandler

Piper Sandler reissued their neutral rating on shares of Workday (NASDAQ:WDAY) in a research report released on Wednesday morning, MarketBeat reports. The brokerage currently has a $270.00 price target on the software maker’s stock, down from their prior price target of $285.00.

Several other equities analysts have also commented on WDAY. Evercore ISI dropped their price target 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. Bank of America increased their target price on shares of Workday from $265.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Stifel Nicolaus lifted their price target on shares of Workday from $250.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Wells Fargo & Company upped their price objective on shares of Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Finally, Barclays lifted their target price on Workday from $286.00 to $289.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $288.14.

Workday Stock Performance

Shares of WDAY stock opened at $249.99 on Wednesday. The company has a market cap of $66.25 billion, a P/E ratio of 41.46, a PEG ratio of 5.03 and a beta of 1.35. The firm has a fifty day moving average price of $248.77 and a 200 day moving average price of $237.46. 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 has a 12 month low of $199.81 and a 12 month high of $311.28.

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

Insider Activity at Workday

In related news, Director George J. Still, Jr. sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $255.45, for a total transaction of $1,915,875.00. Following the completion of the transaction, the director now owns 90,000 shares of the company’s stock, valued at approximately $22,990,500. This represents a 7.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 57,000 shares of Workday stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $247.59, for a total transaction of $14,112,630.00. Following the completion of the transaction, the insider now owns 505,000 shares in the company, valued at approximately $125,032,950. This trade represents a 10.14 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 359,954 shares of company stock valued at $88,742,132. Company insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC grew its stake in Workday by 10.7% during the third quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock worth $1,218,415,000 after buying an additional 480,459 shares during the period. State Street Corp boosted its position in Workday by 1.4% during the 3rd quarter. State Street Corp now owns 4,842,729 shares of the software maker’s stock worth $1,183,611,000 after purchasing an additional 67,380 shares during the period. Geode Capital Management LLC increased its holdings in Workday by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,865,164 shares of the software maker’s stock valued at $698,285,000 after purchasing an additional 76,618 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Workday by 0.6% in the third quarter. The Manufacturers Life Insurance Company now owns 2,316,167 shares of the software maker’s stock valued at $566,094,000 after purchasing an additional 14,159 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Workday by 4.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,972,642 shares of the software maker’s stock worth $482,133,000 after purchasing an additional 75,747 shares in the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

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.