Royal Bank of Canada Increases Workday (NASDAQ:WDAY) Price Target to $320.00

Workday (NASDAQ:WDAY) had its price objective hoisted by Royal Bank of Canada from $300.00 to $320.00 in a report published on Wednesday,Benzinga reports. They currently have an outperform rating on the software maker’s stock.

WDAY has been the subject of several other research reports. Canaccord Genuity Group reissued a “buy” rating and issued a $300.00 price target on shares of Workday in a research note on Friday, September 13th. StockNews.com downgraded shares of Workday from a “buy” rating to a “hold” rating in a research report on Wednesday, December 4th. The Goldman Sachs Group raised their price target on shares of Workday from $300.00 to $305.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price objective on shares of Workday in a report on Monday, November 25th. Finally, JMP Securities reissued a “market outperform” rating and set a $315.00 target price on shares of Workday in a research report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, Workday has a consensus rating of “Moderate Buy” and a consensus price target of $291.36.

Workday Stock Down 3.3 %

WDAY stock opened at $268.93 on Wednesday. The company has a 50 day moving average of $255.93 and a two-hundred day moving average of $240.27. The company has a market cap of $71.54 billion, a price-to-earnings ratio of 44.60, a PEG ratio of 5.04 and a beta of 1.34. Workday has a 12-month low of $199.81 and a 12-month high of $311.28. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35.

Workday (NASDAQ:WDAY) last posted 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. Workday had a net margin of 19.86% and a return on equity of 6.13%. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the prior year, the business posted $0.47 earnings per share. Workday’s revenue for the quarter was up 15.8% compared to the same quarter last year. On average, equities analysts anticipate that Workday will post 2.58 earnings per share for the current fiscal year.

Insider Activity

In other Workday news, major shareholder David A. Duffield sold 70,003 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were 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 owns 102,997 shares in the company, valued at $25,872,846.40. This trade represents a 40.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Wayne A.I. Frederick sold 1,828 shares of Workday stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $241.85, for a total value of $442,101.80. Following the sale, the director now directly owns 8,674 shares in the company, valued at $2,097,806.90. The trade was a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 304,463 shares of company stock worth $74,309,458. Company insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of WDAY. Janus Henderson Group PLC grew its stake in Workday by 10.7% during the third 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 last quarter. State Street Corp boosted its holdings in shares of Workday by 1.4% in the 3rd quarter. State Street Corp now owns 4,842,729 shares of the software maker’s stock worth $1,183,611,000 after acquiring an additional 67,380 shares in the last quarter. Geode Capital Management LLC grew its position in Workday by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,865,164 shares of the software maker’s stock worth $698,285,000 after acquiring an additional 76,618 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Workday by 0.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,316,167 shares of the software maker’s stock valued at $566,094,000 after purchasing an additional 14,159 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Workday by 4.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,972,642 shares of the software maker’s stock valued at $482,133,000 after purchasing an additional 75,747 shares in the last quarter. 89.81% of the stock is currently 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.