Workday (NASDAQ:WDAY) Price Target Raised to $355.00 at Scotiabank

Workday (NASDAQ:WDAY) had its target price hoisted by Scotiabank from $340.00 to $355.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a sector outperform rating on the software maker’s stock.

Other analysts have also issued research reports about the stock. UBS Group upped their target price on shares of Workday from $255.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday. BNP Paribas upgraded shares of Workday to a “strong-buy” rating in a research note on Friday, February 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Workday from a “hold” rating to a “buy” rating and upped their target price for the stock from $265.00 to $300.00 in a research note on Wednesday, January 8th. Wells Fargo & Company increased their price target on shares of Workday from $330.00 to $360.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Bank of America reduced their price target on shares of Workday from $310.00 to $285.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Ten investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Workday currently has an average rating of “Moderate Buy” and a consensus target price of $302.14.

Workday Stock Performance

WDAY opened at $260.57 on Thursday. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The company’s fifty day moving average price is $259.89 and its two-hundred day moving average price is $254.28. Workday has a 1-year low of $199.81 and a 1-year high of $298.50. The company has a market cap of $69.31 billion, a price-to-earnings ratio of 43.21, a PEG ratio of 3.55 and a beta of 1.35.

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

Insider Transactions at Workday

In other news, CEO Carl M. Eschenbach sold 6,250 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $253.86, for a total value of $1,586,625.00. Following the sale, the chief executive officer now directly owns 13,972 shares of the company’s stock, valued at approximately $3,546,931.92. This represents a 30.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Wayne A.I. Frederick sold 1,829 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $253.09, for a total transaction of $462,901.61. Following the completion of 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 433,321 shares of company stock valued at $111,763,803. 20.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Workday

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Azzad Asset Management Inc. ADV raised its stake in Workday by 0.8% in the fourth quarter. Azzad Asset Management Inc. ADV now owns 9,187 shares of the software maker’s stock valued at $2,371,000 after purchasing an additional 71 shares in the last quarter. Jefferies Financial Group Inc. raised its stake in Workday by 8.1% in the fourth quarter. Jefferies Financial Group Inc. now owns 10,326 shares of the software maker’s stock valued at $2,664,000 after purchasing an additional 770 shares in the last quarter. Pinnacle Wealth Planning Services Inc. raised its stake in Workday by 16.7% in the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 1,499 shares of the software maker’s stock valued at $387,000 after purchasing an additional 215 shares in the last quarter. Bristol John W & Co. Inc. NY raised its stake in Workday by 23.0% in the fourth quarter. Bristol John W & Co. Inc. NY now owns 595,971 shares of the software maker’s stock valued at $153,778,000 after purchasing an additional 111,270 shares in the last quarter. Finally, Virtue Capital Management LLC raised its stake in Workday by 11.5% in the fourth quarter. Virtue Capital Management LLC now owns 2,747 shares of the software maker’s stock valued at $709,000 after purchasing an additional 284 shares in the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

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.