Workday’s (WDAY) “Neutral” Rating Reiterated at Piper Sandler

Workday (NASDAQ:WDAY)‘s stock had its “neutral” rating reissued by Piper Sandler in a report issued on Wednesday,Benzinga reports. They presently have a $270.00 price target on the software maker’s stock, down from their previous price target of $285.00. Piper Sandler’s price objective suggests a potential downside of 0.07% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Barclays raised their price target on Workday from $286.00 to $289.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Deutsche Bank Aktiengesellschaft increased their price target on shares of Workday from $265.00 to $275.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Loop Capital raised their price target on Workday from $255.00 to $270.00 and gave the stock a “hold” rating in a report on Thursday, November 14th. KeyCorp increased their price target on Workday from $275.00 to $305.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $300.00 price objective on shares of Workday in a research note on Monday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $288.93.

Workday Stock Performance

Shares of Workday stock opened at $270.19 on Wednesday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. Workday has a 52 week low of $199.81 and a 52 week high of $311.28. The firm’s 50 day moving average is $248.52 and its two-hundred day moving average is $237.21. The firm has a market capitalization of $71.60 billion, a P/E ratio of 47.07, a P/E/G ratio of 5.31 and a beta of 1.35.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping the consensus estimate of $1.76 by $0.13. Workday had a net margin of 19.59% and a return on equity of 5.34%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the business earned $0.47 EPS. Workday’s revenue for the quarter was up 15.8% compared to the same quarter last year. Research analysts forecast that Workday will post 2.4 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director George J. Still, Jr. sold 7,500 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $255.45, for a total value of $1,915,875.00. Following the completion of the transaction, the director now directly owns 90,000 shares of the company’s stock, valued at $22,990,500. The trade was a 7.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder David A. Duffield sold 57,000 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $247.59, for a total value of $14,112,630.00. Following the sale, the insider now directly owns 505,000 shares in the company, valued at approximately $125,032,950. The trade was a 10.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 359,954 shares of company stock worth $88,742,132 in the last ninety days. Insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

Hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its stake in shares of Workday by 79.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock worth $514,637,000 after purchasing an additional 1,016,394 shares during the period. Van ECK Associates Corp lifted its position in Workday by 17,345.2% during the second quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock worth $208,068,000 after buying an additional 925,366 shares during the period. Two Sigma Advisers LP boosted its stake in Workday by 1,094.2% in the 3rd quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker’s stock worth $150,019,000 after buying an additional 562,400 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Workday by 10.7% in the 3rd quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock valued at $1,218,415,000 after buying an additional 480,459 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of Workday in the 3rd quarter worth about $78,003,000. 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.