Scotiabank Boosts Workday (NASDAQ:WDAY) Price Target to $355.00

Workday (NASDAQ:WDAY) had its price target boosted by Scotiabank from $340.00 to $355.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price objective would indicate a potential upside of 34.81% from the stock’s previous close.

Several other equities analysts have also recently weighed in on WDAY. Stifel Nicolaus raised their price objective on Workday from $270.00 to $310.00 and gave the company a “hold” rating in a report on Wednesday. Piper Sandler raised their price objective on Workday from $270.00 to $290.00 and gave the company a “neutral” rating in a report on Wednesday. Oppenheimer raised their price objective on Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a report on Wednesday. BMO Capital Markets raised their price objective on Workday from $300.00 to $314.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft upgraded Workday from a “hold” rating to a “buy” rating and raised their price objective for the company from $265.00 to $300.00 in a report on Wednesday, January 8th. Ten research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $302.14.

Workday Price Performance

WDAY stock opened at $263.34 on Thursday. The stock has a 50-day moving average price of $259.69 and a two-hundred day moving average price of $254.65. The stock has a market cap of $70.05 billion, a PE ratio of 43.67, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. Workday has a 1 year low of $199.81 and a 1 year high of $296.44.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. Equities analysts forecast that Workday will post 2.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder David A. Duffield sold 70,003 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $251.20, for a total transaction of $17,584,753.60. Following the transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at approximately $25,872,846.40. This trade represents a 40.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 472 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the transaction, the chief accounting officer now directly owns 35,408 shares in the company, valued at $8,789,681.92. This represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 433,321 shares of company stock worth $111,763,803 over the last three months. Insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Roxbury Financial LLC bought a new position in shares of Workday during the fourth quarter worth approximately $25,000. Capital Performance Advisors LLP bought a new position in shares of Workday during the third quarter worth approximately $26,000. Crews Bank & Trust bought a new position in shares of Workday during the fourth quarter worth approximately $26,000. Avion Wealth increased its holdings in shares of Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock worth $27,000 after purchasing an additional 86 shares during the period. Finally, Meeder Asset Management Inc. increased its stake in Workday by 42.2% in the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after acquiring an additional 43 shares during the last quarter. 89.81% of the stock is owned by institutional investors.

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.