Royal Bank of Canada Forecasts Strong Price Appreciation for Workday (NASDAQ:WDAY) Stock

Workday (NASDAQ:WDAYGet Free Report) had its price target increased by analysts at Royal Bank of Canada from $300.00 to $320.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 19.93% from the stock’s current price.

A number of other brokerages also recently weighed in on WDAY. Morgan Stanley lifted their target price on Workday from $315.00 to $330.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Wells Fargo & Company lifted their price objective on shares of Workday from $300.00 to $330.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. StockNews.com lowered shares of Workday from a “buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Oppenheimer reaffirmed an “outperform” rating and issued a $300.00 price target on shares of Workday in a research note on Tuesday, December 3rd. Finally, Evercore ISI cut their price objective on shares of Workday from $300.00 to $290.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $291.36.

Check Out Our Latest Stock Analysis on WDAY

Workday Trading Down 0.8 %

NASDAQ:WDAY opened at $266.83 on Wednesday. Workday has a 52 week low of $199.81 and a 52 week high of $311.28. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. The firm’s fifty day moving average is $256.36 and its 200-day moving average is $240.45. The firm has a market cap of $70.98 billion, a P/E ratio of 44.25, a P/E/G ratio of 5.04 and a beta of 1.34.

Workday (NASDAQ:WDAYGet Free Report) last issued its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.13. Workday had a net margin of 19.86% and a return on equity of 6.13%. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the prior year, the firm posted $0.47 earnings per share. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. Equities analysts expect that Workday will post 2.58 earnings per share for the current year.

Insider Transactions at Workday

In other Workday news, major shareholder David A. Duffield sold 70,003 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $251.20, for a total value of $17,584,753.60. Following the transaction, the insider now directly owns 102,997 shares in the company, valued at $25,872,846.40. The trade was a 40.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Richard Harry Sauer sold 3,134 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $235.78, for a total transaction of $738,934.52. Following the sale, the insider now owns 85,795 shares of the company’s stock, valued at approximately $20,228,745.10. The trade was a 3.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 304,463 shares of company stock worth $74,309,458 in the last 90 days. Insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Several institutional investors and hedge funds have recently bought and sold shares of WDAY. The Manufacturers Life Insurance Company raised its stake in shares of Workday by 79.1% in the second quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock valued at $514,637,000 after buying an additional 1,016,394 shares during the period. Van ECK Associates Corp increased its holdings in Workday by 17,345.2% in the 2nd quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock worth $208,068,000 after acquiring an additional 925,366 shares during the last quarter. Two Sigma Advisers LP raised its stake in Workday by 1,094.2% in the 3rd quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker’s stock valued at $150,019,000 after acquiring an additional 562,400 shares during the period. Janus Henderson Group PLC lifted its holdings in Workday by 10.7% during the third quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock valued at $1,218,415,000 after purchasing an additional 480,459 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new position in Workday during the third quarter worth about $78,003,000. 89.81% of the stock is owned by institutional investors.

Workday Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Workday (NASDAQ:WDAY)

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