Workday (NASDAQ:WDAY) Upgraded by StockNews.com to Buy Rating

Workday (NASDAQ:WDAY) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

A number of other research firms have also recently issued reports on WDAY. Citigroup cut their target price on shares of Workday from $274.00 to $270.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. BMO Capital Markets reissued an “outperform” rating and issued a $300.00 price objective on shares of Workday in a research note on Wednesday, September 18th. Scotiabank started coverage on Workday in a research note on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 target price for the company. Piper Sandler reiterated a “neutral” rating and set a $270.00 price target (down previously from $285.00) on shares of Workday in a research report on Wednesday, November 27th. Finally, Wells Fargo & Company raised their price objective on shares of Workday from $300.00 to $330.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $291.36.

Workday Stock Performance

Shares of NASDAQ:WDAY opened at $252.84 on Monday. The stock has a market capitalization of $67.26 billion, a price-to-earnings ratio of 41.93, a price-to-earnings-growth ratio of 5.04 and a beta of 1.34. The business’s fifty day moving average price is $261.00 and its two-hundred day moving average price is $244.62. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $311.28. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05.

Workday (NASDAQ:WDAY) last announced its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the company posted $0.47 EPS. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, analysts predict that Workday will post 2.58 EPS for the current fiscal year.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $261.75, for a total value of $14,658,000.00. Following the completion of the transaction, the insider now directly owns 172,000 shares in the company, valued at approximately $45,021,000. The trade was a 24.56 % 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, Director Wayne A.I. Frederick sold 1,828 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was 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 of the company’s stock, valued at approximately $2,097,806.90. The trade was a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 305,463 shares of company stock worth $78,927,008. 20.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in WDAY. Everence Capital Management Inc. acquired a new position in Workday in the 4th quarter worth $1,442,000. GAMMA Investing LLC lifted its holdings in shares of Workday by 20.9% in the fourth quarter. GAMMA Investing LLC now owns 1,234 shares of the software maker’s stock valued at $318,000 after purchasing an additional 213 shares in the last quarter. Principal Financial Group Inc. boosted its position 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 buying an additional 5,519 shares during the period. Oddo BHF Asset Management Sas bought a new position in shares of Workday during the third quarter worth about $15,663,000. Finally, Garde Capital Inc. raised its position in Workday by 60.6% in the 3rd quarter. Garde Capital Inc. now owns 3,120 shares of the software maker’s stock valued at $763,000 after buying an additional 1,177 shares during 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.