Workday (NASDAQ:WDAY) PT Lowered to $270.00 at Canaccord Genuity Group

Workday (NASDAQ:WDAY) had its price target reduced by equities researchers at Canaccord Genuity Group from $305.00 to $270.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 3.49% from the company’s previous close.

Other equities analysts have also issued reports about the company. KeyCorp decreased their price objective on Workday from $330.00 to $275.00 and set an “overweight” rating for the company in a report on Friday. Bank of America decreased their price objective on Workday from $330.00 to $310.00 and set a “buy” rating for the company in a report on Thursday, May 16th. Robert W. Baird decreased their price objective on Workday from $316.00 to $265.00 and set an “outperform” rating for the company in a report on Friday. Stifel Nicolaus increased their price objective on Workday from $250.00 to $290.00 and gave the stock a “hold” rating in a report on Tuesday, February 27th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $350.00 price objective on shares of Workday in a report on Friday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $286.71.

Workday Stock Up 0.4 %

NASDAQ:WDAY opened at $260.90 on Friday. The firm has a market capitalization of $68.88 billion, a PE ratio of 50.66, a price-to-earnings-growth ratio of 7.75 and a beta of 1.33. The stock has a 50 day moving average of $260.89 and a 200-day moving average of $268.88. Workday has a 52 week low of $191.04 and a 52 week high of $311.28. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.37.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, May 23rd. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.31 by $0.20. The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.97 billion. Workday had a return on equity of 4.87% and a net margin of 19.02%. The business’s revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 earnings per share. Analysts predict that Workday will post 1.76 EPS for the current year.

Insider Activity

In other news, insider Douglas A. Robinson sold 411 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $266.90, for a total transaction of $109,695.90. Following the completion of the sale, the insider now owns 165,521 shares in the company, valued at approximately $44,177,554.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Douglas A. Robinson sold 411 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $266.90, for a total value of $109,695.90. Following the completion of the sale, the insider now owns 165,521 shares in the company, valued at $44,177,554.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction on Friday, April 12th. The shares were sold at an average price of $264.89, for a total value of $14,833,840.00. Following the completion of the sale, the insider now owns 843,000 shares of the company’s stock, valued at approximately $223,302,270. The disclosure for this sale can be found here. In the last 90 days, insiders sold 435,691 shares of company stock worth $117,731,569. Insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Workday by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker’s stock valued at $4,029,244,000 after purchasing an additional 324,540 shares during the last quarter. Norges Bank acquired a new stake in shares of Workday in the fourth quarter valued at about $1,491,149,000. Wellington Management Group LLP grew its position in shares of Workday by 37.4% in the third quarter. Wellington Management Group LLP now owns 5,163,362 shares of the software maker’s stock valued at $1,109,348,000 after purchasing an additional 1,406,153 shares during the last quarter. Polen Capital Management LLC grew its position in shares of Workday by 2.0% in the third quarter. Polen Capital Management LLC now owns 3,950,320 shares of the software maker’s stock valued at $848,726,000 after purchasing an additional 78,352 shares during the last quarter. Finally, Sustainable Growth Advisers LP grew its position in shares of Workday by 9.7% in the first quarter. Sustainable Growth Advisers LP now owns 3,402,374 shares of the software maker’s stock valued at $927,998,000 after purchasing an additional 301,463 shares during the last quarter. 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.