Loop Capital Issues Pessimistic Forecast for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its price target reduced by equities researchers at Loop Capital from $270.00 to $242.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the software maker’s stock. Loop Capital’s price target indicates a potential downside of 4.50% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. JMP Securities reiterated a “market outperform” rating and issued a $315.00 price target on shares of Workday in a research note on Thursday, September 19th. KeyCorp raised their price target on Workday from $275.00 to $305.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Evercore ISI cut their price objective on shares of Workday from $300.00 to $290.00 and set an “outperform” rating for the company in a research report on Tuesday, August 20th. Piper Sandler reissued a “neutral” rating and issued a $270.00 target price (down from $285.00) on shares of Workday in a report on Wednesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price target on shares of Workday in a report on Monday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $288.14.

Workday Stock Down 6.2 %

Shares of WDAY opened at $253.40 on Wednesday. The firm’s 50-day simple moving average is $248.74 and its 200 day simple moving average is $237.44. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. The firm has a market cap of $67.15 billion, a P/E ratio of 42.02, a price-to-earnings-growth ratio of 5.36 and a beta of 1.35. Workday has a 52 week low of $199.81 and a 52 week high of $311.28.

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, beating analysts’ consensus estimates 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 net margin of 19.86% and a return on equity of 6.21%. Workday’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.47 earnings per share. On average, analysts forecast that Workday will post 2.4 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $242.01, for a total value of $13,552,560.00. Following the completion of the transaction, the insider now directly owns 281,000 shares of the company’s stock, valued at approximately $68,004,810. This trade represents a 16.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director George J. Still, Jr. sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $255.45, for a total value of $1,915,875.00. Following the sale, the director now owns 90,000 shares in the company, valued at approximately $22,990,500. The trade was a 7.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 359,954 shares of company stock worth $88,742,132. 20.00% of the stock is currently owned by insiders.

Institutional Trading of Workday

Hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new stake in Workday in the third quarter worth $26,000. SouthState Corp grew its stake in shares of Workday by 614.3% in the 2nd quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after buying an additional 129 shares during the period. Crewe Advisors LLC increased its position in Workday by 56.6% in the 2nd quarter. Crewe Advisors LLC now owns 155 shares of the software maker’s stock valued at $35,000 after buying an additional 56 shares in the last quarter. Goodman Advisory Group LLC acquired a new position in Workday during the 2nd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. boosted its holdings in Workday by 42.2% in the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after acquiring an additional 43 shares in the last quarter. Institutional investors 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.