Workday (NASDAQ:WDAY) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Workday (NASDAQ:WDAY) in a report released on Friday morning, Benzinga reports. They currently have a $350.00 price objective on the software maker’s stock.

A number of other research firms have also issued reports on WDAY. Barclays decreased their target price on Workday from $326.00 to $316.00 and set an overweight rating for the company in a report on Tuesday, February 27th. Morgan Stanley cut their target price on shares of Workday from $335.00 to $330.00 and set an overweight rating on the stock in a research note on Tuesday, February 27th. StockNews.com downgraded shares of Workday from a strong-buy rating to a buy rating in a research note on Monday, April 8th. JMP Securities reissued a market outperform rating and issued a $315.00 price objective on shares of Workday in a research report on Tuesday, February 27th. Finally, Citigroup raised their price objective on shares of Workday from $270.00 to $293.00 and gave the company a neutral rating in a report on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $283.96.

Workday Stock Performance

Shares of Workday stock opened at $220.91 on Friday. The stock has a market capitalization of $58.32 billion, a price-to-earnings ratio of 39.80, a price-to-earnings-growth ratio of 6.59 and a beta of 1.33. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.97 and a quick ratio of 1.97. The business has a 50-day moving average of $259.94 and a 200 day moving average of $269.56. Workday has a 12 month low of $192.68 and a 12 month high of $311.28.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Thursday, May 23rd. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.20. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Workday had a net margin of 19.66% and a return on equity of 6.02%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.16 earnings per share. As a group, sell-side analysts forecast that Workday will post 2.5 earnings per share for the current year.

Insider Transactions at Workday

In other news, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $264.89, for a total transaction of $14,833,840.00. Following the completion of the sale, the insider now directly owns 843,000 shares in the company, valued at approximately $223,302,270. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, major shareholder David A. Duffield sold 56,000 shares of the company’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $264.89, for a total value of $14,833,840.00. Following the sale, the insider now directly owns 843,000 shares in the company, valued at $223,302,270. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Richard Harry Sauer sold 8,447 shares of Workday stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $268.21, for a total value of $2,265,569.87. Following the sale, the insider now owns 66,356 shares of the company’s stock, valued at approximately $17,797,342.76. The disclosure for this sale can be found here. In the last three months, insiders sold 435,691 shares of company stock valued at $117,731,569. Corporate insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Workday in the fourth quarter valued at $1,491,149,000. Wellington Management Group LLP boosted its stake in Workday by 37.4% in the 3rd quarter. Wellington Management Group LLP now owns 5,163,362 shares of the software maker’s stock worth $1,109,348,000 after buying an additional 1,406,153 shares during the last quarter. Winslow Capital Management LLC grew its holdings in Workday by 76.4% in the 3rd quarter. Winslow Capital Management LLC now owns 2,310,619 shares of the software maker’s stock valued at $496,436,000 after buying an additional 1,000,922 shares during the period. Morgan Stanley increased its stake in shares of Workday by 47.0% during the 3rd quarter. Morgan Stanley now owns 2,727,580 shares of the software maker’s stock valued at $586,021,000 after acquiring an additional 872,288 shares during the last quarter. Finally, Alkeon Capital Management LLC purchased a new position in shares of Workday during the 3rd quarter worth about $107,425,000. 89.81% of the stock is 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.