Workday (NASDAQ:WDAY) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Workday (NASDAQ:WDAY) had its target price hoisted by research analysts at Royal Bank of Canada from $300.00 to $320.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s target price indicates a potential upside of 19.93% from the company’s current price.

Several other research firms also recently commented on WDAY. BMO Capital Markets reiterated an “outperform” rating and issued a $300.00 price objective on shares of Workday in a report on Wednesday, September 18th. Scotiabank assumed coverage on shares of Workday in a research note on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price target on the stock. Morgan Stanley increased their price target on shares of Workday from $315.00 to $330.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Canaccord Genuity Group restated a “buy” rating and set a $300.00 price objective on shares of Workday in a report on Friday, September 13th. Finally, KeyCorp increased their target price on Workday from $275.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Workday has an average rating of “Moderate Buy” and a consensus target price of $291.36.

Workday Trading Down 0.8 %

Shares of NASDAQ:WDAY opened at $266.83 on Wednesday. Workday has a 52-week low of $199.81 and a 52-week high of $311.28. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. The company has a market capitalization of $70.98 billion, a P/E ratio of 44.25, a price-to-earnings-growth ratio of 5.04 and a beta of 1.34. The company has a 50-day simple moving average of $256.36 and a 200 day simple moving average of $240.45.

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 firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.47 earnings per share. Sell-side analysts forecast that Workday will post 2.58 earnings per share for the current year.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 70,003 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $251.20, for a total value of $17,584,753.60. Following the completion of the transaction, the insider now owns 102,997 shares of the company’s stock, valued at $25,872,846.40. This represents a 40.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Wayne A.I. Frederick sold 1,828 shares of the business’s stock in a transaction 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 sale, the director now directly owns 8,674 shares in the company, valued at approximately $2,097,806.90. The trade was a 17.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 304,463 shares of company stock valued at $74,309,458 over the last ninety days. 20.00% of the stock is owned by corporate insiders.

Institutional Trading of Workday

A number of hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its holdings in Workday by 79.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock valued at $514,637,000 after buying an additional 1,016,394 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Workday by 17,345.2% during the second quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock valued at $208,068,000 after acquiring an additional 925,366 shares during the last quarter. Two Sigma Advisers LP lifted its holdings in shares of Workday by 1,094.2% during the third quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker’s stock worth $150,019,000 after purchasing an additional 562,400 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of 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 purchasing an additional 480,459 shares during the period. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Workday in the third quarter valued at $78,003,000. 89.81% of the stock is owned by institutional investors and hedge funds.

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.