Citigroup Has Lowered Expectations for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its target price cut by Citigroup from $287.00 to $270.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Citigroup’s target price indicates a potential upside of 8.16% from the stock’s current price.

A number of other research firms have also weighed in on WDAY. Piper Sandler reissued a “neutral” rating and issued a $270.00 target price (down from $285.00) on shares of Workday in a research note on Wednesday, November 27th. Oppenheimer reissued an “outperform” rating and set a $300.00 price objective on shares of Workday in a research note on Tuesday, December 3rd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $300.00 target price on shares of Workday in a research note on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft raised shares of Workday from a “hold” rating to a “buy” rating and upped their price objective for the company from $265.00 to $300.00 in a report on Wednesday, January 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 target price on shares of Workday in a research note on Monday, November 25th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $292.25.

Workday Stock Performance

NASDAQ WDAY opened at $249.64 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. Workday has a 1-year low of $199.81 and a 1-year high of $311.28. The company has a market cap of $66.40 billion, a PE ratio of 41.40, a price-to-earnings-growth ratio of 4.51 and a beta of 1.34. The stock’s 50 day simple moving average is $262.54 and its 200-day simple moving average is $246.48.

Workday (NASDAQ:WDAY) last announced its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.13. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.47 EPS. As a group, equities research analysts anticipate that Workday will post 2.64 EPS for the current fiscal year.

Insider Activity at Workday

In related news, CAO Mark S. Garfield sold 472 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $248.24, for a total value of $117,169.28. Following the transaction, the chief accounting officer now owns 35,408 shares of the company’s stock, valued at $8,789,681.92. This represents a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Sayan Chakraborty sold 5,498 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $250.78, for a total value of $1,378,788.44. Following the completion of the sale, the insider now owns 121,100 shares in the company, valued at approximately $30,369,458. This represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock valued at $113,142,592 over the last 90 days. 20.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC boosted its holdings in Workday by 7.2% in the third quarter. Sanctuary Advisors LLC now owns 29,633 shares of the software maker’s stock valued at $7,934,000 after purchasing an additional 1,978 shares in the last quarter. Grafton Street Partners Fund LP purchased a new stake in shares of Workday during the 3rd quarter worth approximately $4,424,000. ICICI Prudential Asset Management Co Ltd boosted its holdings in shares of Workday by 32.4% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock valued at $7,791,000 after buying an additional 7,802 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Workday by 20.5% in the 4th quarter. Nordea Investment Management AB now owns 702,990 shares of the software maker’s stock valued at $182,753,000 after buying an additional 119,769 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Workday by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock worth $384,518,000 after acquiring an additional 118,180 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

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.