Workday (NASDAQ:WDAY) Earns “Buy” Rating from Needham & Company LLC

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research report issued on Monday,Benzinga reports. They currently have a $300.00 target price on the software maker’s stock. Needham & Company LLC’s target price would indicate a potential upside of 18.66% from the stock’s previous close.

A number of other research firms have also recently commented on WDAY. JPMorgan Chase & Co. upped their price objective on Workday from $285.00 to $310.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Bank of America lowered their price objective on shares of Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Mizuho boosted their target price on shares of Workday from $280.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Stifel Nicolaus increased their price target on shares of Workday from $270.00 to $310.00 and gave the stock a “hold” rating in a research report on Wednesday, February 26th. Finally, Piper Sandler lifted their price target on shares of Workday from $270.00 to $290.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th. Ten investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $300.36.

Workday Price Performance

WDAY opened at $252.83 on Monday. The company’s 50-day simple moving average is $256.97 and its two-hundred day simple moving average is $255.03. Workday has a 52-week low of $199.81 and a 52-week high of $294.00. The stock has a market capitalization of $67.25 billion, a P/E ratio of 41.93, a P/E/G ratio of 3.55 and a beta of 1.38. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05.

Workday (NASDAQ:WDAY) last issued 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). The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. As a group, analysts predict that Workday will post 2.63 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder David A. Duffield sold 71,672 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $248.58, for a total value of $17,816,225.76. Following the sale, the insider now directly owns 102,997 shares of the company’s stock, valued at $25,602,994.26. This represents a 41.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Carl M. Eschenbach sold 6,250 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $253.86, for a total transaction of $1,586,625.00. Following the completion of the sale, the chief executive officer now directly owns 13,972 shares of the company’s stock, valued at approximately $3,546,931.92. The trade was a 30.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 417,001 shares of company stock worth $105,735,200 over the last three months. 20.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Workday

Several hedge funds and other institutional investors have recently modified their holdings of the business. Roxbury Financial LLC bought a new position in Workday in the 4th quarter valued at $25,000. Crews Bank & Trust purchased a new position in Workday in the 4th quarter worth about $26,000. Avion Wealth increased its stake in Workday by 452.6% in the 4th quarter. Avion Wealth now owns 105 shares of the software maker’s stock worth $27,000 after buying an additional 86 shares during the period. TCTC Holdings LLC bought a new stake in Workday during the 4th quarter valued at about $35,000. Finally, True Wealth Design LLC boosted its position in Workday by 4,766.7% in the 3rd quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock valued at $36,000 after buying an additional 143 shares during the period. 89.81% of the stock is currently 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.