Workday (NASDAQ:WDAY) Price Target Raised to $345.00 at The Goldman Sachs Group

Workday (NASDAQ:WDAY) had its target price raised by investment analysts at The Goldman Sachs Group from $310.00 to $345.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 27.90% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada raised their price objective on Workday from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price objective on shares of Workday from $285.00 to $310.00 and gave the company an “overweight” rating in a research report on Wednesday. BNP Paribas upgraded shares of Workday to a “strong-buy” rating in a research note on Friday, February 14th. Guggenheim reiterated a “neutral” rating on shares of Workday in a research note on Wednesday. Finally, Oppenheimer upped their target price on Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research report on Wednesday. Ten equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $300.04.

Workday Trading Up 5.7 %

Workday stock traded up $14.52 during mid-day trading on Wednesday, reaching $269.74. 3,819,515 shares of the company traded hands, compared to its average volume of 2,255,765. The firm’s 50 day moving average price is $259.97 and its 200 day moving average price is $254.12. The firm has a market capitalization of $71.75 billion, a price-to-earnings ratio of 44.74, a P/E/G ratio of 3.55 and a beta of 1.35. Workday has a 52-week low of $199.81 and a 52-week high of $304.79. 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 released its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($1.27). Workday had a return on equity of 6.13% and a net margin of 19.86%. The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.18 billion. On average, analysts anticipate that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 70,003 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $251.20, for a total transaction of $17,584,753.60. Following the completion of the transaction, the insider now directly owns 102,997 shares in the company, valued at $25,872,846.40. This trade represents a 40.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Carl M. Eschenbach sold 6,250 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $253.86, for a total transaction of $1,586,625.00. Following the completion of the transaction, the chief executive officer now owns 13,972 shares of the company’s stock, valued at approximately $3,546,931.92. This trade represents a 30.91 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 438,819 shares of company stock worth $113,142,592. Insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

A number of hedge funds have recently modified their holdings of WDAY. Bristlecone Advisors LLC lifted its holdings in shares of Workday by 49.6% in the 4th quarter. Bristlecone Advisors LLC now owns 2,921 shares of the software maker’s stock valued at $754,000 after buying an additional 968 shares during the period. Sanctuary Advisors LLC boosted its holdings in shares of Workday by 7.2% during the third quarter. Sanctuary Advisors LLC now owns 29,633 shares of the software maker’s stock worth $7,934,000 after purchasing an additional 1,978 shares during the last quarter. Grafton Street Partners Fund LP acquired a new stake in shares of Workday in the third quarter worth approximately $4,424,000. ICICI Prudential Asset Management Co Ltd grew its holdings in shares of Workday by 32.4% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock worth $7,791,000 after purchasing an additional 7,802 shares during the period. Finally, Nordea Investment Management AB lifted its stake in shares of Workday by 20.5% during the fourth quarter. Nordea Investment Management AB now owns 702,990 shares of the software maker’s stock worth $182,753,000 after purchasing an additional 119,769 shares in the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

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.