Workday (NASDAQ:WDAY) Price Target Raised to $330.00

Workday (NASDAQ:WDAY) had its price target lifted by Morgan Stanley from $315.00 to $330.00 in a report issued on Wednesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the software maker’s stock.

Several other equities analysts have also weighed in on the company. Citigroup reduced their price objective on Workday from $274.00 to $270.00 and set a “neutral” rating for the company in a report on Wednesday, September 25th. Loop Capital cut their price target on Workday from $270.00 to $242.00 and set a “hold” rating for the company in a research note on Wednesday. KeyCorp boosted their price objective on Workday from $275.00 to $305.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. JMP Securities reiterated a “market outperform” rating and set a $315.00 target price on shares of Workday in a research report on Thursday, September 19th. Finally, Bank of America reduced their target price on shares of Workday from $310.00 to $285.00 and set a “buy” rating for the company in a research note on Wednesday. One equities research 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $288.14.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $249.99 on Wednesday. The company has a market capitalization of $66.25 billion, a P/E ratio of 41.46, a price-to-earnings-growth ratio of 5.03 and a beta of 1.35. The company’s 50-day moving average is $248.77 and its 200 day moving average is $237.46. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $311.28.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping the consensus estimate of $1.76 by $0.13. Workday had a net margin of 19.86% and a return on equity of 6.21%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the previous year, the firm posted $0.47 earnings per share. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, equities research analysts forecast that Workday will post 2.4 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Richard Harry Sauer sold 3,134 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $235.78, for a total value of $738,934.52. Following the completion of the sale, the insider now owns 85,795 shares in the company, valued at $20,228,745.10. The trade was a 3.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder David A. Duffield sold 66,492 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 in the company, valued at $26,902,816.40. The trade was a 39.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 359,954 shares of company stock worth $88,742,132. Corporate insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

Institutional investors have recently added to or reduced their stakes in the business. Peapack Gladstone Financial Corp increased its holdings in shares of Workday by 21.3% in the third quarter. Peapack Gladstone Financial Corp now owns 2,280 shares of the software maker’s stock worth $557,000 after buying an additional 401 shares during the period. Synovus Financial Corp grew its position in Workday by 5.7% during the 3rd quarter. Synovus Financial Corp now owns 19,590 shares of the software maker’s stock worth $4,788,000 after acquiring an additional 1,051 shares during the last quarter. Tidal Investments LLC increased its stake in Workday by 43.8% in the 3rd quarter. Tidal Investments LLC now owns 13,546 shares of the software maker’s stock worth $3,311,000 after purchasing an additional 4,128 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Workday in the third quarter valued at approximately $4,893,000. Finally, Sanctuary Advisors LLC boosted its stake in shares of Workday by 7.2% during 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 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.