Citigroup Cuts Workday (NASDAQ:WDAY) Price Target to $270.00

Workday (NASDAQ:WDAY) had its price target lowered by Citigroup from $287.00 to $270.00 in a research note released on Thursday,Benzinga reports. Citigroup currently has a neutral rating on the software maker’s stock.

WDAY has been the subject of a number of other research reports. Royal Bank of Canada lifted their price target on Workday from $300.00 to $320.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Barclays decreased their target price on Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a report on Wednesday, November 27th. Morgan Stanley increased their price target on shares of Workday from $315.00 to $330.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. JMP Securities restated a “market outperform” rating and set a $315.00 price objective on shares of Workday in a research note on Thursday, September 19th. Finally, Mizuho increased their price objective on shares of Workday from $280.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Eight research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $292.25.

Workday Stock Performance

WDAY opened at $249.64 on Thursday. The company has a market cap of $66.40 billion, a P/E ratio of 41.40, a price-to-earnings-growth ratio of 4.51 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. The firm’s 50-day moving average price is $262.40 and its 200-day moving average price is $246.66. Workday has a 52-week low of $199.81 and a 52-week high of $311.28.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results 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. Workday had a net margin of 19.86% and a return on equity of 6.13%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the business posted $0.47 EPS. Workday’s revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, equities analysts anticipate that Workday will post 2.64 EPS for the current fiscal year.

Insider Buying and Selling at Workday

In related news, major shareholder David A. Duffield sold 70,003 shares of the company’s 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 completion of the sale, the insider now owns 102,997 shares of the company’s stock, valued at approximately $25,872,846.40. This represents a 40.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 472 shares of Workday stock in a transaction dated 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 trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 438,819 shares of company stock worth $113,142,592. Corporate insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

A number of hedge funds and other institutional investors have recently made changes to their positions in WDAY. Marcum Wealth LLC lifted its position in Workday by 4.4% in the fourth quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock valued at $249,000 after buying an additional 41 shares during the last quarter. Meeder Asset Management Inc. raised its stake in shares of Workday by 42.2% in the 3rd 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 period. Kingsview Wealth Management LLC lifted its holdings in shares of Workday by 0.9% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,085 shares of the software maker’s stock worth $1,243,000 after acquiring an additional 43 shares during the last quarter. Opal Wealth Advisors LLC boosted its position in shares of Workday by 5.2% during the 3rd quarter. Opal Wealth Advisors LLC now owns 946 shares of the software maker’s stock worth $231,000 after purchasing an additional 47 shares during the period. Finally, Fulton Bank N.A. increased its holdings in Workday by 1.3% in the 4th quarter. Fulton Bank N.A. now owns 3,696 shares of the software maker’s stock valued at $954,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

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.