Workday (NASDAQ:WDAY) Price Target Cut to $260.00

Workday (NASDAQ:WDAY) had its target price trimmed by Wells Fargo & Company from $275.00 to $260.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

Several other research firms have also issued reports on WDAY. Loop Capital reduced their target price on Workday from $280.00 to $240.00 and set a hold rating on the stock in a report on Friday, May 24th. Canaccord Genuity Group reduced their target price on Workday from $305.00 to $270.00 and set a buy rating on the stock in a report on Friday, May 24th. Stifel Nicolaus reduced their target price on Workday from $290.00 to $250.00 and set a hold rating on the stock in a report on Friday, May 24th. TD Cowen reduced their price objective on Workday from $330.00 to $290.00 and set a buy rating on the stock in a research note on Friday, May 24th. Finally, The Goldman Sachs Group reduced their price objective on Workday from $310.00 to $300.00 and set a buy rating on the stock in a research note on Friday, May 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, Workday has a consensus rating of Moderate Buy and an average price target of $279.22.

Workday Stock Performance

Shares of NASDAQ WDAY opened at $231.74 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.00 and a quick ratio of 2.00. The stock’s fifty day moving average price is $221.01 and its two-hundred day moving average price is $249.84. Workday has a one year low of $199.81 and a one year high of $311.28. The firm has a market cap of $61.41 billion, a price-to-earnings ratio of 41.75, a P/E/G ratio of 5.62 and a beta of 1.35.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Thursday, May 23rd. The software maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.20. Workday had a return on equity of 5.78% and a net margin of 19.66%. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the firm posted $0.16 EPS. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, equities analysts forecast that Workday will post 2.12 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $229.32, for a total transaction of $12,841,920.00. Following the completion of the sale, the insider now owns 562,000 shares of the company’s stock, valued at $128,877,840. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Workday news, major shareholder David A. Duffield sold 57,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $209.17, for a total value of $11,922,690.00. Following the completion of the sale, the insider now owns 786,000 shares of the company’s stock, valued at $164,407,620. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $229.32, for a total value of $12,841,920.00. Following the completion of the sale, the insider now directly owns 562,000 shares of the company’s stock, valued at approximately $128,877,840. The disclosure for this sale can be found here. Insiders sold 524,672 shares of company stock valued at $115,938,834 over the last 90 days. Company insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Workday

A number of hedge funds have recently added to or reduced their stakes in WDAY. Quarry LP boosted its position in shares of Workday by 63.5% during the second quarter. Quarry LP now owns 273 shares of the software maker’s stock valued at $61,000 after buying an additional 106 shares during the last quarter. Wallace Advisory Group LLC boosted its position in shares of Workday by 3.1% during the second quarter. Wallace Advisory Group LLC now owns 1,908 shares of the software maker’s stock valued at $427,000 after buying an additional 58 shares during the last quarter. Sunbelt Securities Inc. boosted its position in shares of Workday by 19.2% during the second quarter. Sunbelt Securities Inc. now owns 914 shares of the software maker’s stock valued at $204,000 after buying an additional 147 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Workday by 23.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,063 shares of the software maker’s stock valued at $1,132,000 after buying an additional 970 shares during the last quarter. Finally, Creative Planning boosted its position in shares of Workday by 179.3% during the second quarter. Creative Planning now owns 44,647 shares of the software maker’s stock valued at $9,981,000 after buying an additional 28,663 shares during the last quarter. Institutional investors and hedge funds 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.