Canaccord Genuity Group Boosts Workday (NASDAQ:WDAY) Price Target to $330.00

Workday (NASDAQ:WDAY) had its price objective hoisted by analysts at Canaccord Genuity Group from $300.00 to $330.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 26.65% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the company. BNP Paribas upgraded Workday to a “strong-buy” rating in a report on Friday, February 14th. Guggenheim restated a “neutral” rating on shares of Workday in a research note on Wednesday. StockNews.com downgraded shares of Workday from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Loop Capital upped their price objective on shares of Workday from $242.00 to $260.00 and gave the company a “hold” rating in a research report on Wednesday, February 19th. Finally, Piper Sandler lifted their target price on Workday from $270.00 to $290.00 and gave the stock a “neutral” rating in a research report on Wednesday. Ten research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $302.14.

Workday Stock Down 3.9 %

WDAY opened at $260.57 on Wednesday. Workday has a 1 year low of $199.81 and a 1 year high of $298.50. The firm has a 50 day moving average price of $259.89 and a 200 day moving average price of $254.28. 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 cap of $69.31 billion, a PE ratio of 43.21, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing the consensus estimate of $1.75 by ($1.27). The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. Sell-side analysts expect that Workday will post 2.63 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 70,003 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $251.20, for a total transaction 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 represents a 40.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Wayne A.I. Frederick sold 1,829 shares of Workday stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $253.09, for a total transaction of $462,901.61. Following the sale, the director now owns 6,845 shares of the company’s stock, valued at approximately $1,732,401.05. This represents a 21.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 433,321 shares of company stock worth $111,763,803 in the last 90 days. Corporate insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Workday by 28.9% in the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock valued at $5,197,447,000 after acquiring an additional 4,517,272 shares during the period. Janus Henderson Group PLC lifted its position in shares of Workday by 10.7% in 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 buying an additional 480,459 shares during the last quarter. State Street Corp boosted its stake in shares of Workday by 1.4% during the 3rd quarter. State Street Corp now owns 4,842,729 shares of the software maker’s stock worth $1,183,611,000 after acquiring an additional 67,380 shares during the period. Geode Capital Management LLC increased its holdings in shares of Workday by 61.9% during the 4th quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock worth $1,193,105,000 after acquiring an additional 1,772,223 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Workday by 60.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker’s stock valued at $960,454,000 after acquiring an additional 1,406,088 shares during the period. 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.