Royal Bank of Canada Forecasts Strong Price Appreciation for Workday (NASDAQ:WDAY) Stock

Workday (NASDAQ:WDAY) had its price objective boosted by equities researchers at Royal Bank of Canada from $320.00 to $340.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 30.48% from the company’s current price.

Other analysts have also issued research reports about the company. Stifel Nicolaus upped their price objective on Workday from $270.00 to $310.00 and gave the stock a “hold” rating in a research report on Wednesday. StockNews.com cut Workday from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Needham & Company LLC reissued a “buy” rating and set a $300.00 price objective on shares of Workday in a report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded Workday from a “hold” rating to a “buy” rating and lifted their target price for the stock from $265.00 to $300.00 in a research report on Wednesday, January 8th. Finally, KeyCorp upped their target price on Workday from $305.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday. Ten analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $302.14.

Workday Trading Down 3.9 %

Shares of WDAY opened at $260.57 on Wednesday. The firm’s fifty day moving average is $259.89 and its two-hundred day moving average is $254.28. 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 stock 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 has a 52-week low of $199.81 and a 52-week high of $298.50.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). Workday had a return on equity of 6.13% and a net margin of 19.86%. The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.18 billion. Research analysts forecast that Workday will post 2.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Workday news, Director Wayne A.I. Frederick sold 1,829 shares of the business’s stock in a transaction 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 directly owns 6,845 shares in the company, valued at approximately $1,732,401.05. The trade was a 21.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder David A. Duffield sold 57,000 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $275.31, for a total transaction of $15,692,670.00. Following the completion of the sale, the insider now directly owns 284,000 shares in the company, valued at approximately $78,188,040. The trade was a 16.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 433,321 shares of company stock worth $111,763,803. 20.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Crews Bank & Trust acquired a new stake in shares of Workday during the fourth quarter valued at $26,000. Roxbury Financial LLC purchased a new stake in Workday in the fourth quarter valued at approximately $25,000. Avion Wealth increased its holdings in shares of Workday by 452.6% during the 4th quarter. Avion Wealth now owns 105 shares of the software maker’s stock worth $27,000 after buying an additional 86 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in Workday during the third quarter worth about $26,000. Finally, TCTC Holdings LLC purchased a new position in Workday in the fourth quarter valued at approximately $35,000. 89.81% of the stock is owned by hedge funds and other institutional investors.

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.