Royal Bank of Canada Raises Workday (NASDAQ:WDAY) Price Target to $320.00

Workday (NASDAQ:WDAY) had its price target upped by Royal Bank of Canada from $300.00 to $320.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the software maker’s stock.

A number of other equities analysts have also commented on WDAY. Scotiabank began coverage on shares of Workday in a research report on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price target on the stock. Stifel Nicolaus boosted their target price on Workday from $250.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. DA Davidson raised their price target on Workday from $255.00 to $270.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Morgan Stanley lifted their price objective on Workday from $315.00 to $330.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Finally, Citigroup decreased their target price on Workday from $274.00 to $270.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $291.36.

Workday Price Performance

Workday stock opened at $273.04 on Wednesday. The business has a 50 day simple moving average of $257.01 and a 200 day simple moving average of $240.88. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The company has a market capitalization of $72.63 billion, a PE ratio of 45.28, a price-to-earnings-growth ratio of 5.04 and a beta of 1.34. Workday has a one year low of $199.81 and a one year high of $311.28.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.13. Workday had a return on equity of 6.13% and a net margin of 19.86%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same period last year, the business earned $0.47 earnings per share. The business’s revenue was up 15.8% on a year-over-year basis. On average, sell-side analysts forecast that Workday will post 2.58 EPS for the current fiscal year.

Insider Activity at Workday

In related news, insider Sayan Chakraborty sold 5,498 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $250.78, for a total value of $1,378,788.44. Following the completion of the transaction, the insider now directly owns 121,100 shares in the company, valued at approximately $30,369,458. The trade was a 4.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $242.96, for a total value of $13,605,760.00. Following the sale, the insider now directly owns 393,000 shares of the company’s stock, valued at approximately $95,483,280. The trade was a 12.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 361,463 shares of company stock worth $90,002,128 in the last ninety days. Company insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its holdings in shares of Workday by 45.0% during the third quarter. Principal Financial Group Inc. now owns 17,794 shares of the software maker’s stock worth $4,349,000 after acquiring an additional 5,519 shares during the period. Oddo BHF Asset Management Sas bought a new position in Workday during the 3rd quarter worth about $15,663,000. Garde Capital Inc. increased its holdings in Workday by 60.6% during the 3rd quarter. Garde Capital Inc. now owns 3,120 shares of the software maker’s stock worth $763,000 after purchasing an additional 1,177 shares in the last quarter. Peapack Gladstone Financial Corp raised its stake in shares of Workday by 21.3% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 2,280 shares of the software maker’s stock valued at $557,000 after purchasing an additional 401 shares during the period. Finally, Synovus Financial Corp lifted its holdings in shares of Workday by 5.7% in the third quarter. Synovus Financial Corp now owns 19,590 shares of the software maker’s stock valued at $4,788,000 after purchasing an additional 1,051 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

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.