Brokerages Set Workday, Inc. (NASDAQ:WDAY) Price Target at $292.25

Shares of Workday, Inc. (NASDAQ:WDAY) have received a consensus recommendation of “Moderate Buy” from the twenty-eight brokerages that are covering the company, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $292.25.

WDAY has been the subject of several research reports. The Goldman Sachs Group boosted their price objective on shares of Workday from $300.00 to $305.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Workday from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $265.00 to $300.00 in a research note on Wednesday, January 8th. Scotiabank started coverage on shares of Workday in a research note on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price target on the stock. Royal Bank of Canada upped their price target on shares of Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $300.00 price objective on shares of Workday in a report on Wednesday, September 18th.

Workday Stock Down 1.5 %

Shares of WDAY stock opened at $246.00 on Thursday. The company has a market capitalization of $65.44 billion, a price-to-earnings ratio of 40.80, a PEG ratio of 5.04 and a beta of 1.34. Workday has a one year low of $199.81 and a one year high of $311.28. The company’s fifty day moving average price is $262.65 and its 200-day moving average price is $246.28. 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 posted its 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. Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the firm posted $0.47 EPS. The business’s quarterly revenue was up 15.8% on a year-over-year basis. Sell-side analysts expect that Workday will post 2.58 EPS for the current fiscal year.

Insider Transactions at Workday

In other news, major shareholder David A. Duffield sold 70,090 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The stock was 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 directly owns 102,997 shares of the company’s stock, valued at $26,215,826.41. This trade represents a 40.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Wayne A.I. Frederick sold 1,829 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $253.09, for a total value of $462,901.61. Following the completion of the sale, the director now directly owns 6,845 shares of the company’s stock, valued at approximately $1,732,401.05. The trade was a 21.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 382,347 shares of company stock valued at $99,225,903 over the last 90 days. 20.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Workday

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company increased its stake in shares of 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 purchasing an additional 1,016,394 shares during the last quarter. Two Sigma Advisers LP lifted its stake in shares of 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 purchasing an additional 562,400 shares during the period. Janus Henderson Group PLC raised its stake in Workday by 10.7% during the 3rd quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock worth $1,218,415,000 after buying an additional 480,459 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in Workday during the 3rd quarter worth approximately $78,003,000. Finally, D1 Capital Partners L.P. raised its stake in Workday by 152.1% during 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 period. 89.81% of the stock is 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.