Workday (NASDAQ:WDAY) Stock Price Expected to Rise, Loop Capital Analyst Says

Workday (NASDAQ:WDAY) had its price objective increased by Loop Capital from $255.00 to $270.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a hold rating on the software maker’s stock.

WDAY has been the topic of several other research reports. KeyCorp increased their target price on Workday from $275.00 to $305.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Needham & Company LLC decreased their target price on Workday from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Bank of America upped their price target on Workday from $265.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. BMO Capital Markets reaffirmed an “outperform” rating and set a $300.00 price target on shares of Workday in a research note on Wednesday, September 18th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $300.00 price target on shares of Workday in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, Workday has an average rating of “Moderate Buy” and an average price target of $287.59.

Workday Stock Performance

Shares of NASDAQ:WDAY opened at $259.41 on Thursday. The business’s fifty day moving average price is $246.74 and its two-hundred day moving average price is $236.48. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $311.28. The stock has a market capitalization of $68.74 billion, a price-to-earnings ratio of 45.19, a price-to-earnings-growth ratio of 5.15 and a beta of 1.35. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 2.04.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.10. Workday had a return on equity of 5.34% and a net margin of 19.59%. The firm had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.07 billion. During the same period in the prior year, the business posted $0.40 earnings per share. The business’s revenue was up 16.5% compared to the same quarter last year. As a group, analysts predict that Workday will post 2.4 EPS for the current fiscal year.

Insider Activity at Workday

In other news, Director Wayne A.I. Frederick sold 1,828 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $241.85, for a total transaction of $442,101.80. Following the completion of the sale, the director now directly owns 8,674 shares in the company, valued at approximately $2,097,806.90. This represents a 17.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director George J. Still, Jr. sold 7,500 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $260.32, for a total value of $1,952,400.00. Following the sale, the director now owns 97,500 shares of the company’s stock, valued at approximately $25,381,200. The trade was a 7.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 370,575 shares of company stock worth $91,506,897 in the last ninety days. 20.00% of the stock is owned by company insiders.

Institutional Trading of Workday

Several institutional investors and hedge funds have recently modified their holdings of the business. ORG Partners LLC increased its stake in shares of Workday by 3,717.9% in the second quarter. ORG Partners LLC now owns 3,207 shares of the software maker’s stock valued at $721,000 after buying an additional 3,123 shares during the period. Grafton Street Partners Fund LP bought a new position in shares of Workday in the third quarter valued at approximately $4,424,000. ICICI Prudential Asset Management Co Ltd lifted its holdings in shares of Workday by 32.4% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock valued at $7,791,000 after purchasing an additional 7,802 shares in the last quarter. O Shaughnessy Asset Management LLC increased its position in shares of Workday by 42.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 13,380 shares of the software maker’s stock valued at $3,649,000 after acquiring an additional 3,965 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Workday by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker’s stock valued at $4,029,244,000 after acquiring an additional 324,540 shares during the last quarter. 89.81% of the stock is currently 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.