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

Workday, Inc. (NASDAQ:WDAY) gapped up before the market opened 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 trading hands.

Several other analysts have also recently issued reports on the company. Bank of America dropped their target price on Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft lifted their target price on Workday from $265.00 to $275.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Scotiabank assumed coverage on shares of Workday in a research report on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price target for the company. Piper Sandler restated a “neutral” rating and issued a $270.00 price target (down from $285.00) on shares of Workday in a report on Wednesday, November 27th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $300.00 price objective on shares of Workday in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, Workday has a consensus rating of “Moderate Buy” and a consensus target price of $289.21.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 57,000 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $247.59, for a total value of $14,112,630.00. Following the completion of the sale, the insider now owns 505,000 shares of the company’s stock, valued at approximately $125,032,950. The trade was a 10.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wayne A.I. Frederick sold 1,828 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $241.85, for a total transaction of $442,101.80. Following the transaction, the director now directly owns 8,674 shares in the company, valued at approximately $2,097,806.90. The trade was a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 361,463 shares of company stock worth $88,422,088. 20.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Workday

Several hedge funds and other institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC raised its stake in Workday by 10.7% during 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 purchasing an additional 480,459 shares during the period. State Street Corp increased its stake in 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 during the period. Geode Capital Management LLC boosted its stake in shares of Workday by 2.7% in the third quarter. Geode Capital Management LLC now owns 2,865,164 shares of the software maker’s stock valued at $698,285,000 after purchasing an additional 76,618 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Workday by 0.6% in the third quarter. The Manufacturers Life Insurance Company now owns 2,316,167 shares of the software maker’s stock valued at $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 stake in Workday by 4.0% during the 3rd 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 buying an additional 75,747 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

Workday Stock Performance

The stock has a market capitalization of $74.18 billion, a PE ratio of 46.42, a P/E/G ratio of 4.91 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. The firm’s 50 day moving average is $251.13 and its two-hundred day moving average is $237.53.

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 business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. The company’s revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.47 earnings per share. As a group, research analysts predict that Workday, Inc. will post 2.58 earnings per share for the current year.

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.