Workday (NASDAQ:WDAY) Earns Buy Rating from Needham & Company LLC

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $300.00 target price on the software maker’s stock. Needham & Company LLC’s price objective points to a potential upside of 18.66% from the stock’s previous close.

A number of other analysts have also weighed in on WDAY. Loop Capital upped their target price on Workday from $242.00 to $260.00 and gave the stock a “hold” rating in a report on Wednesday, February 19th. Piper Sandler upped their price objective on Workday from $270.00 to $290.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. UBS Group raised their price objective on Workday from $255.00 to $285.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. BNP Paribas upgraded shares of Workday to a “strong-buy” rating in a report on Friday, February 14th. Finally, Royal Bank of Canada increased their price target on shares of Workday from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Ten investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $300.36.

Workday Stock Performance

Shares of Workday stock opened at $252.83 on Monday. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The stock’s fifty day moving average price is $256.97 and its 200-day moving average price is $255.03. The firm has a market cap of $67.25 billion, a P/E ratio of 41.93, a P/E/G ratio of 3.55 and a beta of 1.38. Workday has a 12 month low of $199.81 and a 12 month high of $294.00.

Workday (NASDAQ:WDAY) last posted its 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 business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.18 billion. On average, equities research analysts expect that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Transactions at Workday

In other news, major shareholder David A. Duffield sold 71,672 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $248.58, for a total value of $17,816,225.76. Following the sale, the insider now owns 102,997 shares in the company, valued at $25,602,994.26. This represents a 41.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director George J. Still, Jr. sold 7,500 shares of Workday stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $241.33, for a total value of $1,809,975.00. Following the transaction, the director now owns 75,000 shares of the company’s stock, valued at approximately $18,099,750. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 417,001 shares of company stock worth $105,735,200 over the last 90 days. 20.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Workday

Large investors have recently made changes to their positions in the company. Roxbury Financial LLC purchased a new position in Workday in the fourth quarter valued at $25,000. Crews Bank & Trust acquired a new stake in shares of Workday during the 4th quarter valued at about $26,000. Avion Wealth increased its stake in shares of Workday by 452.6% in the 4th quarter. Avion Wealth now owns 105 shares of the software maker’s stock valued at $27,000 after purchasing an additional 86 shares in the last quarter. TCTC Holdings LLC acquired a new position in Workday in the 4th quarter worth about $35,000. Finally, True Wealth Design LLC boosted its position in Workday by 4,766.7% during the third quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock worth $36,000 after purchasing an additional 143 shares in the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

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.