Canaccord Genuity Group Forecasts Strong Price Appreciation for Workday (NASDAQ:WDAY) Stock

Workday (NASDAQ:WDAY) had its target price lifted by research analysts at Canaccord Genuity Group from $300.00 to $330.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 26.65% from the stock’s previous close.

WDAY has been the subject of several other research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Workday in a research report on Wednesday. KeyCorp upped their target price on Workday from $305.00 to $335.00 and gave the stock an “overweight” rating in a research report on Wednesday. Mizuho raised their price objective on shares of Workday from $280.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Stifel Nicolaus raised their price target on shares of Workday from $270.00 to $310.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, JMP Securities reiterated a “market outperform” rating and set a $315.00 price target on shares of Workday in a report on Thursday, February 6th. Ten investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $302.14.

Workday Trading Down 3.9 %

NASDAQ WDAY opened at $260.57 on Wednesday. The company has a market cap of $69.31 billion, a price-to-earnings ratio of 43.21, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35. Workday has a twelve month low of $199.81 and a twelve month high of $298.50. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The business’s fifty day moving average is $259.89 and its 200 day moving average is $254.28.

Workday (NASDAQ:WDAY) last released its quarterly earnings results on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). Workday had a net margin of 19.86% and a return on equity of 6.13%. The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.18 billion. As a group, sell-side analysts expect that Workday will post 2.63 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Wayne A.I. Frederick sold 1,829 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $253.09, for a total value of $462,901.61. Following the completion of the transaction, the director now directly owns 6,845 shares in the company, valued at approximately $1,732,401.05. The trade was a 21.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 472 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $248.24, for a total value of $117,169.28. Following the completion of the transaction, the chief accounting officer now directly owns 35,408 shares in the company, valued at approximately $8,789,681.92. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 433,321 shares of company stock worth $111,763,803. Corporate insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Hedge funds and other institutional investors have recently modified their holdings of the company. Roxbury Financial LLC purchased a new position in shares of Workday during the 4th quarter valued at about $25,000. Capital Performance Advisors LLP bought a new position in Workday during the third quarter valued at approximately $26,000. Crews Bank & Trust purchased a new position in shares of Workday during the fourth quarter worth approximately $26,000. Avion Wealth lifted its holdings in shares of Workday by 452.6% in the 4th quarter. Avion Wealth now owns 105 shares of the software maker’s stock worth $27,000 after acquiring an additional 86 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in shares of Workday by 42.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after purchasing an additional 43 shares in the last quarter. 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.