Workday (NASDAQ:WDAY) Earns “Neutral” Rating from Piper Sandler

Workday (NASDAQ:WDAY)‘s stock had its “neutral” rating restated by investment analysts at Piper Sandler in a research report issued to clients and investors on Wednesday, MarketBeat reports. They currently have a $270.00 target price on the software maker’s stock, down from their previous target price of $285.00. Piper Sandler’s price target indicates a potential upside of 6.55% from the stock’s current price.

Several other research firms also recently issued reports on WDAY. Morgan Stanley cut their price objective on Workday from $325.00 to $315.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Scotiabank assumed coverage on shares of Workday in a research note on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price target on the stock. Barclays raised their price objective on shares of Workday from $286.00 to $289.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 target price on shares of Workday in a research note on Monday. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $300.00 price target on shares of Workday in a research note on Friday, September 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Workday currently has a consensus rating of “Moderate Buy” and an average target price of $288.14.

Workday Stock Performance

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

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. The firm 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%. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the company posted $0.47 EPS. Equities analysts forecast that Workday will post 2.4 earnings per share for the current year.

Insider Buying and Selling at Workday

In related news, major shareholder David A. Duffield sold 66,492 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the transaction, the insider now owns 102,997 shares of the company’s stock, valued at $26,902,816.40. This represents a 39.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $255.45, for a total value of $1,915,875.00. Following the completion of the transaction, the director now owns 90,000 shares of the company’s stock, valued at $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 three months, insiders have sold 359,954 shares of company stock valued at $88,742,132. 20.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Workday

A number of large investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its position in Workday by 79.1% during the second quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock worth $514,637,000 after buying an additional 1,016,394 shares during the period. Van ECK Associates Corp boosted its stake in shares of Workday by 17,345.2% during the 2nd quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock worth $208,068,000 after acquiring an additional 925,366 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of Workday by 1,094.2% in the 3rd quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker’s stock worth $150,019,000 after acquiring an additional 562,400 shares during the period. Janus Henderson Group PLC increased its stake in Workday by 10.7% in the 3rd quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock valued at $1,218,415,000 after purchasing an additional 480,459 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in Workday during the third quarter worth $78,003,000. 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.