Short Interest in Workday, Inc. (NASDAQ:WDAY) Drops By 12.8%

Workday, Inc. (NASDAQ:WDAY) was the target of a significant drop in short interest in January. As of January 15th, there was short interest totalling 9,170,000 shares, a drop of 12.8% from the December 31st total of 10,520,000 shares. Based on an average daily trading volume, of 3,270,000 shares, the days-to-cover ratio is currently 2.8 days.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on WDAY. Piper Sandler reissued a “neutral” rating and issued a $270.00 target price (down previously from $285.00) on shares of Workday in a research note on Wednesday, November 27th. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price objective on shares of Workday in a research report on Monday, November 25th. Mizuho upped their price objective on shares of Workday from $280.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Guggenheim raised shares of Workday from a “sell” rating to a “neutral” rating in a research note on Monday, January 6th. Finally, Scotiabank began coverage on Workday in a research note on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $292.25.

Workday Stock Performance

Shares of NASDAQ:WDAY opened at $262.06 on Friday. The business’s 50-day simple moving average is $261.18 and its 200 day simple moving average is $248.68. The company has a market cap of $69.71 billion, a P/E ratio of 43.46, a PEG ratio of 4.79 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. Workday has a one year low of $199.81 and a one year high of $311.28.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.13. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. The business’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 earnings per share. On average, sell-side analysts forecast that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Activity

In other Workday news, major shareholder David A. Duffield sold 70,090 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $254.53, for a total transaction of $17,840,007.70. Following the sale, the insider now owns 102,997 shares in the company, valued at approximately $26,215,826.41. This represents a 40.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sayan Chakraborty sold 5,498 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $250.78, for a total value of $1,378,788.44. Following the completion of the transaction, the insider now directly owns 121,100 shares of the company’s stock, valued at approximately $30,369,458. This trade represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 438,819 shares of company stock worth $113,142,592 over the last 90 days. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Workday

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Crews Bank & Trust acquired a new position in shares of Workday in the fourth quarter worth about $26,000. Roxbury Financial LLC purchased a new stake in Workday during the 4th quarter worth approximately $25,000. Avion Wealth raised its position in shares of Workday by 452.6% in the 4th quarter. Avion Wealth now owns 105 shares of the software maker’s stock valued at $27,000 after purchasing an additional 86 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Workday during the 3rd quarter valued at approximately $26,000. Finally, Meeder Asset Management Inc. boosted its stake in shares of Workday by 42.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after buying an additional 43 shares during the last quarter. 89.81% of the stock is owned by hedge funds and other 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.