Bank of America Lowers Workday (NASDAQ:WDAY) Price Target to $285.00

Workday (NASDAQ:WDAY) had its price target decreased by investment analysts at Bank of America from $310.00 to $285.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Bank of America‘s price objective would suggest a potential upside of 12.47% from the stock’s current price.

Several other research firms have also recently issued reports on WDAY. Scotiabank began coverage on shares of Workday in a research note on Monday, November 18th. They set a “sector outperform” rating and a $340.00 target price on the stock. Wells Fargo & Company increased their price objective on shares of Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Stifel Nicolaus lifted their target price on shares of Workday from $250.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. The Goldman Sachs Group increased their price target on Workday from $300.00 to $305.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $270.00 price objective (down previously from $285.00) on shares of Workday in a report on Wednesday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Workday presently has an average rating of “Moderate Buy” and a consensus target price of $288.14.

Workday Price Performance

Shares of WDAY opened at $253.40 on Wednesday. Workday has a twelve month low of $199.81 and a twelve month high of $311.28. The company has a market capitalization of $67.15 billion, a P/E ratio of 42.02, a price-to-earnings-growth ratio of 5.36 and a beta of 1.35. The firm has a 50 day moving average of $248.74 and a 200 day moving average of $237.44. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36.

Workday (NASDAQ:WDAY) last posted 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 analyst estimates of $2.13 billion. Workday had a return on equity of 6.21% and a net margin of 19.86%. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.47 EPS. As a group, equities research analysts anticipate that Workday will post 2.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder David A. Duffield sold 66,492 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total value of $17,367,710.40. Following the sale, the insider now owns 102,997 shares in the company, valued at approximately $26,902,816.40. The trade was a 39.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Wayne A.I. Frederick sold 1,828 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $241.85, for a total transaction of $442,101.80. Following the transaction, the director now owns 8,674 shares of the company’s stock, valued at $2,097,806.90. This trade represents a 17.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 359,954 shares of company stock valued at $88,742,132 in the last quarter. 20.00% of the stock is currently owned by insiders.

Institutional Trading of Workday

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. raised its position in Workday by 27.7% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 2,417 shares of the software maker’s stock worth $659,000 after purchasing an additional 525 shares during the period. Comerica Bank grew its stake in shares of Workday by 13.2% during the first quarter. Comerica Bank now owns 42,664 shares of the software maker’s stock valued at $11,637,000 after buying an additional 4,977 shares during the last quarter. Plato Investment Management Ltd raised its holdings in shares of Workday by 2,119.4% in the first quarter. Plato Investment Management Ltd now owns 3,085 shares of the software maker’s stock worth $841,000 after buying an additional 2,946 shares during the period. Swedbank AB bought a new stake in shares of Workday during the 1st quarter worth approximately $21,906,000. Finally, Atria Investments Inc boosted its holdings in Workday by 1.2% during the 1st quarter. Atria Investments Inc now owns 38,296 shares of the software maker’s stock valued at $10,445,000 after acquiring an additional 452 shares during the period. 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.