Workday (NASDAQ:WDAY) Raised to “Buy” at StockNews.com

Workday (NASDAQ:WDAY) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Workday in a research report on Monday, November 25th. Oppenheimer restated an “outperform” rating and set a $300.00 price target on shares of Workday in a report on Tuesday, December 3rd. The Goldman Sachs Group upped their price objective on shares of Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Piper Sandler restated a “neutral” rating and set a $270.00 target price (down from $285.00) on shares of Workday in a report on Wednesday, November 27th. Finally, Scotiabank began coverage on Workday in a research report on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price target for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $291.36.

Workday Stock Down 1.5 %

WDAY stock traded down $3.97 during midday trading on Tuesday, reaching $258.03. The company had a trading volume of 1,587,674 shares, compared to its average volume of 2,438,601. The company has a 50 day moving average of $260.07 and a two-hundred day moving average of $243.93. The company has a market capitalization of $68.64 billion, a P/E ratio of 42.79, a PEG ratio of 5.04 and a beta of 1.34. Workday has a 1 year low of $199.81 and a 1 year high of $311.28. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35.

Workday (NASDAQ:WDAY) last released its quarterly earnings data 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 firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the firm earned $0.47 earnings per share. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, equities research analysts expect that Workday will post 2.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $236.90, for a total value of $13,266,400.00. Following the sale, the insider now owns 337,000 shares of the company’s stock, valued at $79,835,300. The trade was a 14.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wayne A.I. Frederick sold 1,828 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $241.85, for a total value of $442,101.80. Following the transaction, the director now owns 8,674 shares of the company’s stock, valued at $2,097,806.90. This represents a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 361,463 shares of company stock worth $92,193,408 over the last 90 days. Corporate insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Workday

A number of hedge funds have recently made changes to their positions in the company. Sanctuary Advisors LLC increased its holdings in shares of Workday by 7.2% during the third quarter. Sanctuary Advisors LLC now owns 29,633 shares of the software maker’s stock worth $7,934,000 after buying an additional 1,978 shares in the last quarter. Grafton Street Partners Fund LP bought a new stake in Workday during the 3rd quarter worth approximately $4,424,000. ICICI Prudential Asset Management Co Ltd increased its holdings in Workday by 32.4% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock valued at $7,791,000 after purchasing an additional 7,802 shares in the last quarter. Legal & General Group Plc raised its position in Workday by 7.4% in the 2nd quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock valued at $384,518,000 after purchasing an additional 118,180 shares during the last quarter. Finally, Atria Investments Inc boosted its stake in Workday by 19.3% in the third quarter. Atria Investments Inc now owns 44,324 shares of the software maker’s stock worth $10,833,000 after purchasing an additional 7,175 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

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.