Workday (NASDAQ:WDAY) Coverage Initiated at Scotiabank

Analysts at Scotiabank began coverage on shares of Workday (NASDAQ:WDAY) in a research note issued on Monday, Marketbeat Ratings reports. The brokerage set a “sector outperform” rating and a $340.00 price target on the software maker’s stock. Scotiabank’s price target indicates a potential upside of 30.82% from the company’s previous close.

A number of other brokerages also recently commented on WDAY. Barclays upped their target price on shares of Workday from $286.00 to $289.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Loop Capital upped their target price on shares of Workday from $255.00 to $270.00 and gave the stock a “hold” rating in a research note on Thursday, November 14th. Piper Sandler restated an “overweight” rating and issued a $285.00 target price on shares of Workday in a research note on Wednesday, September 18th. Evercore ISI dropped their target price on shares of Workday from $300.00 to $290.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Finally, Citigroup lowered their price target on shares of Workday from $274.00 to $270.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $289.46.

Workday Stock Performance

Shares of NASDAQ:WDAY opened at $259.90 on Monday. The company has a market capitalization of $68.87 billion, a price-to-earnings ratio of 45.28, a PEG ratio of 5.15 and a beta of 1.35. Workday has a 12 month low of $199.81 and a 12 month high of $311.28. The firm’s 50-day moving average is $246.94 and its 200 day moving average is $236.57. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36.

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

Insiders Place Their Bets

In other Workday news, Director Wayne A.I. Frederick sold 1,828 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $241.85, for a total value of $442,101.80. Following the completion of the transaction, the director now owns 8,674 shares of the company’s stock, valued at approximately $2,097,806.90. This trade represents a 17.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was 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 approximately $68,004,810. This represents a 16.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 370,575 shares of company stock valued at $91,506,897. Insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

Hedge funds and other institutional investors have recently made changes to their positions in 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 worth $721,000 after acquiring an additional 3,123 shares during the period. Grafton Street Partners Fund LP acquired a new stake in shares of Workday in the third quarter worth $4,424,000. ICICI Prudential Asset Management Co Ltd increased its stake 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 worth $7,791,000 after acquiring an additional 7,802 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of Workday by 42.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 13,380 shares of the software maker’s stock worth $3,649,000 after acquiring an additional 3,965 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Workday by 7.4% in the second quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock worth $384,518,000 after acquiring an additional 118,180 shares during the period. Institutional investors and hedge funds 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.