Wells Fargo & Company Increases Workday (NASDAQ:WDAY) Price Target to $360.00

Workday (NASDAQ:WDAY) had its target price hoisted by Wells Fargo & Company from $330.00 to $360.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

A number of other equities analysts also recently issued reports on the stock. Morgan Stanley downgraded shares of Workday from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $330.00 to $275.00 in a report on Wednesday, February 19th. Oppenheimer boosted their price target on shares of Workday from $300.00 to $320.00 and gave the stock an “outperform” rating in a report on Wednesday. Royal Bank of Canada increased their price objective 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. KeyCorp boosted their target price on Workday from $305.00 to $335.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Citigroup decreased their price target on Workday from $287.00 to $270.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Ten 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $301.11.

Workday Trading Up 6.2 %

NASDAQ:WDAY opened at $271.09 on Wednesday. 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 has a one year low of $199.81 and a one year high of $298.50. The company has a market cap of $72.11 billion, a PE ratio of 44.96, a PEG ratio of 3.55 and a beta of 1.35. The firm has a 50-day moving average of $260.01 and a 200-day moving average of $254.24.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 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 company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.18 billion. As a group, equities research analysts expect that Workday will post 2.63 EPS for the current fiscal year.

Insider Activity

In other news, Director Wayne A.I. Frederick sold 1,829 shares of the stock in a transaction 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 transaction, the director now owns 6,845 shares of the company’s stock, valued at $1,732,401.05. This represents a 21.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Carl M. Eschenbach sold 6,250 shares of Workday 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 sale, the chief executive officer now directly owns 13,972 shares of the company’s stock, valued at $3,546,931.92. This represents a 30.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 438,819 shares of company stock worth $113,142,592. 20.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Workday

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Workday by 28.9% in the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock worth $5,197,447,000 after purchasing an additional 4,517,272 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in Workday in the 4th quarter worth approximately $658,735,000. Norges Bank purchased a new stake in Workday in the fourth quarter worth approximately $645,710,000. Parnassus Investments LLC grew its position in Workday by 562.2% during the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker’s stock valued at $631,589,000 after acquiring an additional 2,078,097 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Workday by 61.9% during the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock valued at $1,193,105,000 after acquiring an additional 1,772,223 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

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.