Workday’s (WDAY) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Workday (NASDAQ:WDAY) in a research note released on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $300.00 price objective on the software maker’s stock.

Other equities research analysts have also issued research reports about the stock. StockNews.com lowered shares of Workday from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. Piper Sandler lifted their price objective on Workday from $270.00 to $290.00 and gave the stock a “neutral” rating in a report on Wednesday. JMP Securities reissued a “market outperform” rating and set a $315.00 price objective on shares of Workday in a report on Thursday, February 6th. Bank of America reduced their target price on Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Finally, Morgan Stanley lowered shares of Workday from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $330.00 to $275.00 in a report on Wednesday, February 19th. Ten investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Workday currently has a consensus rating of “Moderate Buy” and a consensus price target of $301.11.

Workday Price Performance

WDAY stock opened at $271.09 on Wednesday. Workday has a 12-month low of $199.81 and a 12-month high of $298.50. The company has a market cap of $72.11 billion, a price-to-earnings ratio of 44.96, a PEG ratio of 3.55 and a beta of 1.35. The firm has a 50 day moving average of $260.01 and a 200-day moving average of $254.24. 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 posted its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.18 billion. As a group, equities analysts expect that Workday will post 2.63 EPS for the current fiscal year.

Insider Buying and Selling at Workday

In other news, CAO Mark S. Garfield sold 472 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the completion of the sale, the chief accounting officer now directly owns 35,408 shares in the company, valued at approximately $8,789,681.92. This represents a 1.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder David A. Duffield sold 57,000 shares of Workday stock in a transaction that occurred on 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 transaction, the insider now directly owns 284,000 shares in the company, valued at $78,188,040. This trade represents a 16.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock valued at $113,142,592 in the last ninety days. 20.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Workday by 28.9% during the fourth quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock worth $5,197,447,000 after buying an additional 4,517,272 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Workday by 10.7% during 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 purchasing an additional 480,459 shares in the last quarter. State Street Corp grew its holdings in shares of Workday by 1.4% during the third quarter. State Street Corp now owns 4,842,729 shares of the software maker’s stock worth $1,183,611,000 after purchasing an additional 67,380 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Workday by 61.9% during the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock worth $1,193,105,000 after purchasing an additional 1,772,223 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings 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 buying an additional 1,406,088 shares during the last quarter. Institutional investors 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.