Workday (NASDAQ:WDAY) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Workday (NASDAQ:WDAY) had its price objective raised by investment analysts at The Goldman Sachs Group from $300.00 to $310.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s price target points to a potential upside of 14.02% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Barclays decreased their target price on shares of Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a report on Wednesday, November 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price target on shares of Workday in a report on Thursday. Wells Fargo & Company lifted their price objective on Workday from $300.00 to $330.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Bank of America decreased their target price on Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Finally, Royal Bank of Canada lifted their price target on Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, Workday presently has an average rating of “Moderate Buy” and a consensus target price of $292.43.

Workday Price Performance

Shares of NASDAQ WDAY opened at $271.89 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $311.28. The stock has a market cap of $72.32 billion, a PE ratio of 45.09, a price-to-earnings-growth ratio of 4.73 and a beta of 1.35. The stock has a fifty day moving average of $261.64 and a 200-day moving average of $249.91.

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

Insider Activity

In other news, CEO Carl M. Eschenbach sold 6,250 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $253.86, for a total transaction of $1,586,625.00. Following the transaction, the chief executive officer now directly owns 13,972 shares of the company’s stock, valued at approximately $3,546,931.92. The trade was a 30.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 70,090 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $254.53, for a total value of $17,840,007.70. Following the transaction, the insider now owns 102,997 shares of the company’s stock, valued at approximately $26,215,826.41. This represents a 40.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 438,819 shares of company stock valued at $113,142,592. 20.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Roxbury Financial LLC bought a new stake in shares of Workday during the 4th quarter valued at about $25,000. Capital Performance Advisors LLP bought a new position in Workday in the third quarter worth about $26,000. Crews Bank & Trust purchased a new stake in Workday in the fourth quarter worth about $26,000. Avion Wealth boosted its position in Workday by 452.6% during the 4th quarter. Avion Wealth now owns 105 shares of the software maker’s stock valued at $27,000 after acquiring an additional 86 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in shares of Workday by 42.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after acquiring an additional 43 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

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.