Workday (NASDAQ:WDAY) Shares Gap Up Following Analyst Upgrade

Workday, Inc. (NASDAQ:WDAY) gapped up prior to trading on Monday after Wells Fargo & Company raised their price target on the stock from $300.00 to $330.00. The stock had previously closed at $266.42, but opened at $291.60. Wells Fargo & Company currently has an overweight rating on the stock. Workday shares last traded at $285.88, with a volume of 3,669,237 shares changing hands.

Other equities analysts also recently issued research reports about the company. Morgan Stanley upped their target price on Workday from $315.00 to $330.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Canaccord Genuity Group restated a “buy” rating and issued a $300.00 price objective on shares of Workday in a report on Friday, September 13th. Citigroup dropped their price objective on Workday from $274.00 to $270.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. Stifel Nicolaus upped their target price on Workday from $250.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Finally, Scotiabank assumed coverage on Workday in a research report on Monday, November 18th. They set a “sector outperform” rating and a $340.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $289.21.

Insider Transactions at Workday

In other Workday news, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $245.36, for a total transaction of $13,740,160.00. Following the sale, the insider now directly owns 449,000 shares of the company’s stock, valued at $110,166,640. This trade represents a 11.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard Harry Sauer sold 3,134 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total value of $738,934.52. Following the transaction, the insider now owns 85,795 shares of the company’s stock, valued at approximately $20,228,745.10. The trade was a 3.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 361,463 shares of company stock valued at $88,422,088. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of WDAY. Janus Henderson Group PLC raised its stake in Workday by 10.7% in the third quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock worth $1,218,415,000 after buying an additional 480,459 shares in the last quarter. State Street Corp increased its position 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 in the last quarter. Geode Capital Management LLC increased its position in shares of Workday by 2.7% during the third quarter. Geode Capital Management LLC now owns 2,865,164 shares of the software maker’s stock worth $698,285,000 after purchasing an additional 76,618 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Workday by 0.6% during the third quarter. The Manufacturers Life Insurance Company now owns 2,316,167 shares of the software maker’s stock worth $566,094,000 after purchasing an additional 14,159 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Workday by 4.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,972,642 shares of the software maker’s stock worth $482,133,000 after purchasing an additional 75,747 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Workday Stock Performance

The firm has a market capitalization of $71.78 billion, a price-to-earnings ratio of 44.92, a P/E/G ratio of 4.91 and a beta of 1.34. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The business has a 50-day moving average price of $251.13 and a 200-day moving average price of $237.53.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.13. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.47 earnings per share. As a group, sell-side analysts forecast that Workday, Inc. will post 2.58 earnings per share for the current year.

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.