Workday (NASDAQ:WDAY) Price Target Lowered to $305.00 at Scotiabank

Workday (NASDAQ:WDAY) had its target price trimmed by Scotiabank from $355.00 to $305.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a sector outperform rating on the software maker’s stock.

Several other research firms have also recently commented on WDAY. Oppenheimer boosted their price target on shares of Workday from $300.00 to $320.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Morgan Stanley cut shares of Workday from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $330.00 to $275.00 in a report on Wednesday, February 19th. UBS Group boosted their price target on shares of Workday from $255.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Wells Fargo & Company boosted their price target on shares of Workday from $330.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Workday from $285.00 to $310.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Ten analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $300.36.

Workday Price Performance

Shares of WDAY opened at $250.62 on Monday. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $294.00. The firm’s 50 day moving average price is $256.84 and its 200 day moving average price is $255.38. The company has a market cap of $66.66 billion, a P/E ratio of 41.56, a PEG ratio of 3.55 and a beta of 1.38. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35.

Workday (NASDAQ:WDAY) last announced its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($1.27). Workday had a return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.18 billion. On average, research analysts forecast that Workday will post 2.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 472 shares of the stock in a transaction dated 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 owns 35,408 shares in the company, valued at $8,789,681.92. This trade represents a 1.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 57,000 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $275.31, for a total transaction of $15,692,670.00. Following the completion of the transaction, the insider now owns 284,000 shares of the company’s stock, valued at $78,188,040. This represents a 16.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 443,329 shares of company stock worth $114,843,294. 20.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Workday

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Workday by 28.9% in the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock valued at $5,197,447,000 after acquiring an additional 4,517,272 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Workday by 10.7% during the 3rd 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 last quarter. State Street Corp boosted its stake in shares of Workday by 1.4% during the 3rd 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 last quarter. Geode Capital Management LLC boosted its stake in shares of Workday by 61.9% during the 4th quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock worth $1,193,105,000 after purchasing an additional 1,772,223 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Workday by 60.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker’s stock worth $960,454,000 after purchasing an additional 1,406,088 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

Workday Company Profile

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.