Workday’s (WDAY) “Buy” Rating Reiterated at Needham & Company LLC

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

Other equities analysts have also recently issued research reports about the company. Evercore ISI reduced their price target on Workday from $300.00 to $290.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. Loop Capital boosted their price objective on Workday from $255.00 to $270.00 and gave the stock a “hold” rating in a research note on Thursday, November 14th. Barclays raised their price target on shares of Workday from $286.00 to $289.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Wells Fargo & Company raised their target price on shares of Workday from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Finally, BMO Capital Markets restated an “outperform” rating and issued a $300.00 price target on shares of Workday in a research report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, Workday has an average rating of “Moderate Buy” and an average price target of $288.14.

Workday Trading Down 6.2 %

NASDAQ WDAY opened at $253.40 on Monday. Workday has a 1 year low of $199.81 and a 1 year high of $311.28. 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 company has a market capitalization of $67.15 billion, a PE ratio of 44.15, a P/E/G ratio of 5.31 and a beta of 1.35. The company has a fifty day moving average of $248.62 and a 200 day moving average of $237.33.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.13. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a return on equity of 5.34% and a net margin of 19.59%. Workday’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period last year, the business earned $0.47 earnings per share. Research analysts forecast that Workday will post 2.4 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Richard Harry Sauer sold 3,134 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $235.78, for a total transaction of $738,934.52. Following the completion of the sale, the insider now owns 85,795 shares in the company, valued at $20,228,745.10. The trade was a 3.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $242.01, for a total transaction of $13,552,560.00. Following the completion of the transaction, the insider now owns 281,000 shares in the company, valued at $68,004,810. This represents a 16.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 359,954 shares of company stock worth $88,742,132 in the last 90 days. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of WDAY. Capital Performance Advisors LLP acquired a new stake in shares of Workday in the 3rd quarter valued at about $26,000. SouthState Corp boosted its holdings in shares of Workday by 614.3% in the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after acquiring an additional 129 shares during the period. Crewe Advisors LLC grew its position in shares of Workday by 56.6% during the second quarter. Crewe Advisors LLC now owns 155 shares of the software maker’s stock worth $35,000 after acquiring an additional 56 shares during the last quarter. Goodman Advisory Group LLC acquired a new position in shares of Workday in the 2nd quarter valued at $35,000. Finally, Meeder Asset Management Inc. raised its position in Workday by 42.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after purchasing an additional 43 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

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.