Guggenheim Upgrades Workday (NASDAQ:WDAY) to “Neutral”

Guggenheim upgraded shares of Workday (NASDAQ:WDAY) from a sell rating to a neutral rating in a research note issued to investors on Monday morning, Marketbeat Ratings reports.

Other equities analysts have also issued research reports about the company. Loop Capital lowered their target price on shares of Workday from $270.00 to $242.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. BMO Capital Markets restated an “outperform” rating and issued a $300.00 target price on shares of Workday in a report on Wednesday, September 18th. Scotiabank initiated coverage on shares of Workday in a research note on Monday, November 18th. They set a “sector outperform” rating and a $340.00 target price for the company. Mizuho raised their price target on Workday from $280.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Barclays reduced their price objective on Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a research report on Wednesday, November 27th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $291.36.

Workday Stock Performance

Shares of Workday stock opened at $254.14 on Monday. The firm’s 50-day moving average is $261.38 and its 200 day moving average is $245.16. The stock has a market cap of $67.60 billion, a price-to-earnings ratio of 42.15, a PEG ratio of 5.04 and a beta of 1.34. 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.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating the consensus estimate of $1.76 by $0.13. Workday had a return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period last year, the business posted $0.47 EPS. The company’s revenue was up 15.8% compared to the same quarter last year. Sell-side analysts anticipate that Workday will post 2.58 EPS for the current fiscal year.

Insider Activity

In related news, Director Wayne A.I. Frederick sold 1,828 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $241.85, for a total value of $442,101.80. Following the sale, the director now 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 70,003 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $251.20, for a total transaction of $17,584,753.60. Following the transaction, the insider now owns 102,997 shares of the company’s stock, valued at $25,872,846.40. This trade represents a 40.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 304,158 shares of company stock worth $78,650,975 over the last 90 days. Corporate insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Workday

Several large investors have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new position in shares of Workday during the 3rd quarter valued at approximately $26,000. Meeder Asset Management Inc. increased its position in Workday by 42.2% during 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 during the last quarter. True Wealth Design LLC raised its stake in shares of Workday by 4,766.7% in the third quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock valued at $36,000 after acquiring an additional 143 shares during the period. New Millennium Group LLC lifted its holdings in shares of Workday by 177.4% in the 3rd quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock worth $36,000 after acquiring an additional 94 shares during the last quarter. Finally, Goodman Advisory Group LLC purchased a new position in shares of Workday during the 2nd quarter worth about $35,000. 89.81% of the stock is owned by 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.