Workday (NASDAQ:WDAY) Raised to “Buy” at StockNews.com

Workday (NASDAQ:WDAY) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report released on Tuesday.

A number of other research analysts have also weighed in on the stock. Barclays reduced their price objective on shares of Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a research note on Wednesday, November 27th. Scotiabank initiated coverage on Workday in a report on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price objective on the stock. Royal Bank of Canada upped their price target on Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Bank of America reduced their price objective on shares of Workday from $310.00 to $285.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $300.00 target price on shares of Workday in a report on Friday, September 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $291.36.

Workday Stock Performance

NASDAQ:WDAY opened at $258.03 on Tuesday. Workday has a 1 year low of $199.81 and a 1 year high of $311.28. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The business has a fifty day simple moving average of $260.39 and a two-hundred day simple moving average of $244.03. The company has a market capitalization of $68.64 billion, a P/E ratio of 42.79, a P/E/G ratio of 5.04 and a beta of 1.34.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data 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 business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.47 EPS. On average, analysts expect that Workday will post 2.58 earnings per share for the current year.

Insider Buying and Selling at Workday

In other Workday news, Director Wayne A.I. Frederick sold 1,828 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $241.85, for a total value of $442,101.80. Following the completion of the sale, the director now directly owns 8,674 shares in the company, valued at $2,097,806.90. This trade represents a 17.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Richard Harry Sauer sold 3,134 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total transaction of $738,934.52. Following the sale, the insider now directly owns 85,795 shares of the company’s stock, valued at $20,228,745.10. This trade represents a 3.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 361,463 shares of company stock worth $92,193,408. 20.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Workday

Several hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new position in Workday in the 3rd quarter worth about $26,000. SouthState Corp raised its holdings in Workday by 614.3% in the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock worth $34,000 after purchasing an additional 129 shares in the last quarter. Goodman Advisory Group LLC purchased a new stake in shares of Workday during the second quarter valued at about $35,000. Meeder Asset Management Inc. boosted its stake in Workday by 42.2% in the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after acquiring an additional 43 shares in the last quarter. Finally, Asset Dedication LLC acquired a new stake in shares of Workday in the 2nd quarter worth $36,000. Hedge funds and other 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.