Brokerages Set Workday, Inc. (NASDAQ:WDAY) Target Price at $292.25

Workday, Inc. (NASDAQ:WDAY) has received an average recommendation of “Moderate Buy” from the twenty-eight analysts that are currently covering the stock, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $292.25.

A number of equities research analysts have commented on WDAY shares. Citigroup decreased their price objective on Workday from $287.00 to $270.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Morgan Stanley boosted their price objective on shares of Workday from $315.00 to $330.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft upgraded shares of Workday from a “hold” rating to a “buy” rating and increased their target price for the stock from $265.00 to $300.00 in a research report on Wednesday, January 8th. Needham & Company LLC reissued a “buy” rating and set a $300.00 target price on shares of Workday in a research note on Monday, November 25th. Finally, Piper Sandler reiterated a “neutral” rating and set a $270.00 price objective (down from $285.00) on shares of Workday in a report on Wednesday, November 27th.

Workday Stock Up 6.3 %

WDAY stock opened at $276.17 on Monday. The company’s 50 day simple moving average is $260.70 and its 200-day simple moving average is $249.53. 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 current ratio of 2.05 and a quick ratio of 2.05. The firm has a market capitalization of $73.46 billion, a P/E ratio of 45.80, a P/E/G ratio of 4.73 and a beta of 1.35.

Workday (NASDAQ:WDAY) last released its 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 return on equity of 6.13% and a net margin of 19.86%. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the company earned $0.47 earnings per share. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, equities research analysts anticipate that Workday will post 2.63 EPS for the current year.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 57,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $275.31, for a total value of $15,692,670.00. Following the completion of the transaction, the insider now directly owns 284,000 shares in the company, valued at approximately $78,188,040. This represents a 16.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 472 shares of Workday stock in a transaction 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 sale, the chief accounting officer now owns 35,408 shares in the company, valued at $8,789,681.92. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 438,819 shares of company stock worth $113,142,592 in the last ninety days. 20.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Two Sigma Advisers LP boosted its stake in Workday by 1,094.2% in the 3rd quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker’s stock valued at $150,019,000 after buying an additional 562,400 shares in the last quarter. KBC Group NV lifted its holdings in shares of Workday by 340.3% during the fourth quarter. KBC Group NV now owns 655,733 shares of the software maker’s stock valued at $169,199,000 after acquiring an additional 506,812 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 valued at $1,218,415,000 after acquiring an additional 480,459 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Workday by 2,166.1% in the 4th quarter. Principal Financial Group Inc. now owns 403,224 shares of the software maker’s stock valued at $104,044,000 after purchasing an additional 385,430 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Workday by 28.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,465,917 shares of the software maker’s stock worth $378,250,000 after purchasing an additional 326,251 shares during the last quarter. Institutional investors 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.