Workday (NASDAQ:WDAY) Given New $285.00 Price Target at Bank of America

Workday (NASDAQ:WDAY) had its price objective lowered by Bank of America from $310.00 to $285.00 in a research report released on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the software maker’s stock.

Other analysts have also issued research reports about the company. Scotiabank assumed coverage on Workday in a report on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price target on the stock. Piper Sandler reissued a “neutral” rating and issued a $270.00 target price (down previously from $285.00) on shares of Workday in a research note on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price target on shares of Workday in a research note on Monday, November 25th. Wells Fargo & Company upped their price target on shares of Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, Evercore ISI decreased their price objective on shares of Workday from $300.00 to $290.00 and set an “outperform” rating for the company in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $288.14.

Workday Stock Performance

Workday stock opened at $249.99 on Wednesday. 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 has a twelve month low of $199.81 and a twelve month high of $311.28. The company’s 50-day moving average price is $248.77 and its 200-day moving average price is $237.39. The company has a market cap of $66.25 billion, a PE ratio of 41.46, a price-to-earnings-growth ratio of 5.03 and a beta of 1.35.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.13. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a return on equity of 6.21% and a net margin of 19.86%. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.47 earnings per share. On average, equities research analysts forecast that Workday will post 2.4 EPS for the current fiscal year.

Insider Activity

In other news, Director Wayne A.I. Frederick sold 1,828 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $241.85, for a total value of $442,101.80. Following the sale, the director now directly owns 8,674 shares in the company, valued at approximately $2,097,806.90. This trade represents a 17.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 66,492 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the transaction, the insider now owns 102,997 shares of the company’s stock, valued at approximately $26,902,816.40. This trade represents a 39.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 359,954 shares of company stock worth $88,742,132. Corporate insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Workday

Several institutional investors have recently bought and sold shares of WDAY. B. Riley Wealth Advisors Inc. boosted its position in shares of 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 in the last quarter. 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 worth $11,637,000 after acquiring an additional 4,977 shares during the last quarter. Plato Investment Management Ltd grew its stake in shares of Workday by 2,119.4% during the first quarter. Plato Investment Management Ltd now owns 3,085 shares of the software maker’s stock worth $841,000 after acquiring an additional 2,946 shares during the last quarter. Swedbank AB acquired a new position in shares of Workday during the first quarter valued at about $21,906,000. Finally, Atria Investments Inc raised its position in shares of Workday by 1.2% in the 1st quarter. Atria Investments Inc now owns 38,296 shares of the software maker’s stock valued at $10,445,000 after purchasing an additional 452 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

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.