Workday (NASDAQ:WDAY) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Workday (NASDAQ:WDAY) from a hold rating to a buy rating in a research report report published on Tuesday morning.

Several other research analysts also recently issued reports on WDAY. Canaccord Genuity Group reiterated a “buy” rating and set a $300.00 price target on shares of Workday in a report on Friday, September 13th. JMP Securities reiterated a “market outperform” rating and issued a $315.00 target price on shares of Workday in a research report on Thursday, September 19th. Scotiabank started coverage on Workday in a report on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price objective on shares of Workday in a report on Monday, November 25th. Finally, Wells Fargo & Company boosted their target price on shares of Workday from $300.00 to $330.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $291.36.

Workday Price Performance

Shares of WDAY stock opened at $269.04 on Tuesday. The business has a fifty day simple moving average of $257.46 and a 200 day simple moving average of $241.65. The company has a market cap of $71.56 billion, a P/E ratio of 44.62, a P/E/G ratio of 5.04 and a beta of 1.34. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. Workday has a twelve month low of $199.81 and a twelve month high of $311.28.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share 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 the consensus estimate of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period last year, the company posted $0.47 EPS. On average, sell-side analysts forecast that Workday will post 2.58 EPS for the current fiscal year.

Insider Activity

In related news, insider Richard Harry Sauer sold 3,134 shares of the company’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total value of $738,934.52. Following the sale, the insider now owns 85,795 shares in the company, valued at $20,228,745.10. This represents a 3.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder David A. Duffield sold 70,003 shares of Workday stock in a transaction dated 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 transaction, the insider now owns 102,997 shares of the company’s stock, valued at $25,872,846.40. This trade represents a 40.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 305,463 shares of company stock worth $76,261,968 over the last quarter. 20.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Capital Performance Advisors LLP bought a new stake in Workday in the 3rd quarter worth about $26,000. Meeder Asset Management Inc. grew its holdings in shares of 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 in the last quarter. True Wealth Design LLC increased its position in shares of Workday by 4,766.7% during the third quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock valued at $36,000 after acquiring an additional 143 shares during the last quarter. New Millennium Group LLC lifted its holdings in Workday by 177.4% during the third quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock worth $36,000 after acquiring an additional 94 shares during the period. Finally, SouthState Corp boosted its position in Workday by 614.3% in the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock worth $34,000 after purchasing an additional 129 shares during the last quarter. 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.