Workday (NASDAQ:WDAY) Receives “Buy” Rating from Needham & Company LLC

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report released on Monday,Benzinga reports. They currently have a $300.00 price objective on the software maker’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 11.03% from the company’s current price.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group increased their price objective on Workday from $300.00 to $305.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. KeyCorp boosted their price target on shares of Workday from $275.00 to $305.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Loop Capital upped their price objective on shares of Workday from $255.00 to $270.00 and gave the company a “hold” rating in a research note on Thursday, November 14th. Canaccord Genuity Group reissued a “buy” rating and issued a $300.00 target price on shares of Workday in a research note on Friday, September 13th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Workday from $265.00 to $275.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $289.46.

Workday Price Performance

Shares of NASDAQ WDAY opened at $270.19 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. The firm has a fifty day moving average of $248.52 and a 200 day moving average of $237.21. The firm has a market cap of $71.60 billion, a PE ratio of 47.07, a PEG ratio of 5.31 and a beta of 1.35. Workday has a one year low of $199.81 and a one year high of $311.28.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a net margin of 19.59% and a return on equity of 5.34%. The company’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.47 earnings per share. As a group, research analysts predict that Workday will post 2.4 EPS for the current fiscal year.

Insider Transactions at Workday

In related news, Director George J. Still, Jr. sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $255.45, for a total transaction of $1,915,875.00. Following the sale, the director now directly owns 90,000 shares of the company’s stock, valued at $22,990,500. This represents a 7.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $242.01, for a total transaction of $13,552,560.00. Following the completion of the transaction, the insider now directly owns 281,000 shares of the company’s stock, valued at $68,004,810. This represents a 16.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 359,954 shares of company stock worth $88,742,132 over the last ninety days. Company insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

Large investors have recently modified their holdings of the stock. BOKF NA raised its position in Workday by 946.2% in the 1st quarter. BOKF NA now owns 2,448 shares of the software maker’s stock valued at $667,000 after purchasing an additional 2,214 shares in the last quarter. Silvercrest Asset Management Group LLC raised its holdings in Workday by 75.2% in the first quarter. Silvercrest Asset Management Group LLC now owns 19,947 shares of the software maker’s stock valued at $5,441,000 after acquiring an additional 8,559 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in Workday by 27.7% in the first quarter. B. Riley Wealth Advisors Inc. now owns 2,417 shares of the software maker’s stock worth $659,000 after acquiring an additional 525 shares during the last quarter. California State Teachers Retirement System grew its holdings in Workday by 0.8% during the 1st quarter. California State Teachers Retirement System now owns 325,646 shares of the software maker’s stock worth $88,820,000 after acquiring an additional 2,482 shares in the last quarter. Finally, Comerica Bank increased its position in shares of Workday by 13.2% in the 1st quarter. Comerica Bank now owns 42,664 shares of the software maker’s stock valued at $11,637,000 after purchasing an additional 4,977 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

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.