Workday (NASDAQ:WDAY) Earns Buy Rating from Needham & Company LLC

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $300.00 price objective on the software maker’s stock. Needham & Company LLC’s price target points to a potential upside of 11.03% from the company’s current price.

Several other brokerages have also recently issued reports on WDAY. Canaccord Genuity Group reissued a “buy” rating and issued a $300.00 price objective on shares of Workday in a research note on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $285.00 price target on shares of Workday in a research report on Wednesday, September 18th. Barclays lifted their price objective on Workday from $286.00 to $289.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Morgan Stanley lowered their price objective on shares of Workday from $325.00 to $315.00 and set an “overweight” rating for the company in a research note on Friday, August 23rd. Finally, BMO Capital Markets reissued an “outperform” rating and set a $300.00 target price on shares of Workday in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $289.46.

Workday Stock Up 0.9 %

Shares of WDAY opened at $270.19 on Monday. The firm has a fifty day moving average price of $248.52 and a 200-day moving average price of $237.21. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $71.60 billion, a P/E ratio of 47.07, a P/E/G ratio of 5.31 and a beta of 1.35. 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, beating the consensus estimate of $1.76 by $0.13. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a net margin of 19.59% and a return on equity of 5.34%. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. Equities research analysts expect that Workday will post 2.4 earnings per share for the current year.

Insider Buying and Selling at Workday

In related news, major shareholder David A. Duffield sold 66,492 shares of Workday stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the completion of the sale, the insider now owns 102,997 shares of the company’s stock, valued at $26,902,816.40. The trade was a 39.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Wayne A.I. Frederick sold 1,828 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $241.85, for a total transaction of $442,101.80. Following the completion of the transaction, the director now owns 8,674 shares in the company, valued at approximately $2,097,806.90. This trade represents a 17.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 359,954 shares of company stock worth $88,742,132. 20.00% of the stock is owned by corporate insiders.

Institutional Trading of Workday

A number of hedge funds have recently modified their holdings of WDAY. ORG Partners LLC grew 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 purchasing an additional 3,123 shares during the period. Grafton Street Partners Fund LP purchased a new position in Workday in the third quarter valued at $4,424,000. ICICI Prudential Asset Management Co Ltd raised its position in shares of Workday by 32.4% in 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 period. Legal & General Group Plc raised its position in shares of Workday by 7.4% in 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% during the 3rd quarter. Atria Investments Inc now owns 44,324 shares of the software maker’s stock valued at $10,833,000 after acquiring an additional 7,175 shares during the period. 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.