BMO Capital Markets Reaffirms Outperform Rating for Workday (NASDAQ:WDAY)

BMO Capital Markets restated their outperform rating on shares of Workday (NASDAQ:WDAY) in a report published on Wednesday, Benzinga reports. The brokerage currently has a $300.00 price target on the software maker’s stock.

Other research analysts also recently issued research reports about the stock. Robert W. Baird reduced their price target on shares of Workday from $316.00 to $265.00 and set an outperform rating for the company in a research report on Friday, May 24th. Royal Bank of Canada reduced their target price on Workday from $310.00 to $300.00 and set an outperform rating for the company in a report on Friday, May 24th. TD Cowen lowered their price target on Workday from $330.00 to $290.00 and set a buy rating on the stock in a research note on Friday, May 24th. Evercore ISI dropped their price target on Workday from $300.00 to $290.00 and set an outperform rating for the company in a research report on Tuesday, August 20th. Finally, Stifel Nicolaus raised their price objective on Workday from $250.00 to $270.00 and gave the company a hold rating in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $286.48.

Workday Stock Up 0.3 %

Workday stock opened at $248.29 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 2.04. The stock has a market capitalization of $65.80 billion, a PE ratio of 44.74, a price-to-earnings-growth ratio of 5.07 and a beta of 1.35. The business has a 50 day simple moving average of $237.48 and a 200-day simple moving average of $242.30. Workday has a 12 month low of $199.81 and a 12 month high of $311.28.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, topping the consensus estimate of $1.65 by $0.10. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.07 billion. Workday had a net margin of 19.59% and a return on equity of 5.34%. The firm’s revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 EPS. On average, analysts anticipate that Workday will post 2.39 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $223.80, for a total transaction of $12,532,800.00. Following the completion of the transaction, the insider now owns 674,000 shares of the company’s stock, valued at approximately $150,841,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Workday news, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $260.32, for a total transaction of $1,952,400.00. Following the sale, the director now directly owns 97,500 shares in the company, valued at approximately $25,381,200. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $223.80, for a total transaction of $12,532,800.00. Following the completion of the transaction, the insider now owns 674,000 shares of the company’s stock, valued at approximately $150,841,200. The disclosure for this sale can be found here. Insiders sold a total of 467,402 shares of company stock valued at $109,864,184 over the last 90 days. 20.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. William Blair Investment Management LLC boosted its stake in shares of Workday by 17.6% in the 1st quarter. William Blair Investment Management LLC now owns 32,442 shares of the software maker’s stock valued at $8,849,000 after buying an additional 4,865 shares during the period. Assetmark Inc. grew its holdings in Workday by 9.9% during the 4th quarter. Assetmark Inc. now owns 21,414 shares of the software maker’s stock worth $5,912,000 after acquiring an additional 1,933 shares in the last quarter. ORG Partners LLC increased its position in shares of Workday by 3,717.9% in the 2nd quarter. ORG Partners LLC now owns 3,207 shares of the software maker’s stock valued at $721,000 after purchasing an additional 3,123 shares during the last quarter. Bornite Capital Management LP acquired a new stake in shares of Workday in the 4th quarter valued at $34,508,000. Finally, Nordea Investment Management AB raised its holdings in shares of Workday by 3.0% in the 1st quarter. Nordea Investment Management AB now owns 468,915 shares of the software maker’s stock valued at $128,851,000 after purchasing an additional 13,502 shares in the last quarter. 89.81% of the stock is currently 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.