Workday (NASDAQ:WDAY) Price Target Cut to $270.00 by Analysts at Citigroup

Workday (NASDAQ:WDAY) had its price target dropped by equities researchers at Citigroup from $287.00 to $270.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Citigroup’s price target would suggest a potential upside of 8.16% from the company’s previous close.

A number of other equities analysts have also issued reports on WDAY. Guggenheim raised Workday from a “sell” rating to a “neutral” rating in a report on Monday, January 6th. Needham & Company LLC reissued a “buy” rating and issued a $300.00 target price on shares of Workday in a report on Monday, November 25th. JMP Securities reaffirmed a “market outperform” rating and set a $315.00 price target on shares of Workday in a report on Thursday, September 19th. Scotiabank initiated coverage on shares of Workday in a research report on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price objective on the stock. Finally, Bank of America cut their price objective on shares of Workday from $310.00 to $285.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Eight research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $292.25.

Workday Price Performance

WDAY stock opened at $249.64 on Thursday. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $66.40 billion, a P/E ratio of 41.40, a PEG ratio of 4.51 and a beta of 1.34. The business has a 50 day simple moving average of $262.54 and a 200-day simple moving average of $246.48. Workday has a twelve month low of $199.81 and a twelve month high of $311.28.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. Workday’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 EPS. As a group, equities analysts anticipate that Workday will post 2.64 EPS for the current year.

Insider Transactions at Workday

In other Workday news, CAO Mark S. Garfield sold 472 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the completion of the transaction, the chief accounting officer now owns 35,408 shares of the company’s stock, valued at approximately $8,789,681.92. This trade represents a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder David A. Duffield sold 70,090 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $254.53, for a total value of $17,840,007.70. Following the completion of the sale, the insider now owns 102,997 shares in the company, valued at $26,215,826.41. This represents a 40.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 438,819 shares of company stock valued at $113,142,592 in the last ninety days. Corporate insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Workday

Hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its holdings in Workday by 79.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock valued at $514,637,000 after acquiring an additional 1,016,394 shares during the last quarter. Two Sigma Advisers LP grew its position in shares of Workday by 1,094.2% in the third quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker’s stock valued at $150,019,000 after purchasing an additional 562,400 shares during the period. Janus Henderson Group PLC increased its stake in Workday by 10.7% in 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. Zurich Insurance Group Ltd FI purchased a new position in Workday during the third quarter worth about $78,003,000. Finally, D1 Capital Partners L.P. boosted its stake in Workday by 152.1% in the 2nd quarter. D1 Capital Partners L.P. now owns 518,000 shares of the software maker’s stock worth $115,804,000 after buying an additional 312,500 shares during the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

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.