Workday (NASDAQ:WDAY) Price Target Cut to $305.00 by Analysts at Scotiabank

Workday (NASDAQ:WDAY) had its target price lowered by equities research analysts at Scotiabank from $355.00 to $305.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price objective would indicate a potential upside of 21.07% from the stock’s current price.

Several other research firms have also commented on WDAY. UBS Group boosted their price objective on shares of Workday from $255.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Redburn Atlantic initiated coverage on shares of Workday in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Loop Capital boosted their price objective on shares of Workday from $242.00 to $260.00 and gave the stock a “hold” rating in a research note on Wednesday, February 19th. Needham & Company LLC reissued a “buy” rating and set a $300.00 price objective on shares of Workday in a research note on Wednesday, February 26th. Finally, StockNews.com cut shares of Workday from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Ten investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $300.36.

Workday Trading Up 0.5 %

Shares of WDAY opened at $251.91 on Monday. The firm’s 50-day moving average price is $256.89 and its 200-day moving average price is $255.30. The firm has a market capitalization of $67.01 billion, a price-to-earnings ratio of 41.78, a PEG ratio of 3.55 and a beta of 1.38. 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 has a 1-year low of $199.81 and a 1-year high of $294.00.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 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 business had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. Sell-side analysts anticipate that Workday will post 2.63 EPS for the current year.

Insider Buying and Selling at Workday

In other Workday news, major shareholder David A. Duffield sold 56,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $265.70, for a total transaction of $14,879,200.00. Following the completion of the sale, the insider now directly owns 228,000 shares of the company’s stock, valued at approximately $60,579,600. This represents a 19.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sayan Chakraborty sold 6,056 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $265.50, for a total transaction of $1,607,868.00. Following the sale, the insider now directly owns 111,324 shares of the company’s stock, valued at approximately $29,556,522. This represents a 5.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 473,001 shares of company stock valued at $120,614,400. Insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Workday by 28.9% in the fourth quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock worth $5,197,447,000 after purchasing an additional 4,517,272 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Workday in the fourth quarter worth $658,735,000. Norges Bank purchased a new stake in shares of Workday in the fourth quarter worth $645,710,000. Parnassus Investments LLC increased its stake in shares of Workday by 562.2% in the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker’s stock worth $631,589,000 after purchasing an additional 2,078,097 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Workday by 61.9% in 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 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.