Workday (NASDAQ:WDAY) Stock Rating Reaffirmed by BMO Capital Markets

Workday (NASDAQ:WDAY)‘s stock had its “outperform” rating reaffirmed by analysts at BMO Capital Markets in a report released on Wednesday, Benzinga reports. They currently have a $300.00 price objective on the software maker’s stock. BMO Capital Markets’ target price indicates a potential upside of 21.95% from the company’s current price.

WDAY has been the topic of a number of other reports. DA Davidson increased their price objective on Workday from $255.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and issued a $285.00 price target on shares of Workday in a report on Wednesday. Robert W. Baird dropped their price objective on Workday from $316.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, May 24th. Stifel Nicolaus upped their target price on shares of Workday from $250.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Finally, Needham & Company LLC lowered their price target on shares of Workday from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, Workday has an average rating of “Moderate Buy” and a consensus price target of $286.30.

Workday Price Performance

Shares of Workday stock traded down $2.11 during trading on Wednesday, reaching $246.01. The company’s stock had a trading volume of 101,872 shares, compared to its average volume of 2,184,164. The stock has a 50-day moving average price of $236.20 and a two-hundred day moving average price of $242.39. The stock has a market capitalization of $65.19 billion, a P/E ratio of 44.33, a price-to-earnings-growth ratio of 5.07 and a beta of 1.35. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. Workday has a one year low of $199.81 and a one year high of $311.28.

Workday (NASDAQ:WDAY) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The company had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the previous year, the firm posted $0.40 earnings per share. The company’s revenue was up 16.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Workday will post 2.39 EPS for the current fiscal year.

Insider Buying and Selling

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of Workday stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $255.45, for a total value of $1,915,875.00. Following the transaction, the director now owns 90,000 shares of the company’s stock, valued at $22,990,500. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director George J. Still, Jr. sold 7,500 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 90,000 shares in the company, valued at $22,990,500. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder David A. Duffield sold 66,492 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $261.20, for a total value of $17,367,710.40. Following the transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at $26,902,816.40. The disclosure for this sale can be found here. In the last three months, insiders sold 466,402 shares of company stock valued at $107,992,034. 20.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Workday

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Workday by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker’s stock worth $4,029,244,000 after acquiring an additional 324,540 shares in the last quarter. Sustainable Growth Advisers LP increased its position in shares of Workday by 9.7% during the 1st quarter. Sustainable Growth Advisers LP now owns 3,402,374 shares of the software maker’s stock worth $927,998,000 after purchasing an additional 301,463 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of Workday by 12.4% during the 1st quarter. Clearbridge Investments LLC now owns 2,542,189 shares of the software maker’s stock worth $693,382,000 after purchasing an additional 281,207 shares during the last quarter. The Manufacturers Life Insurance Company raised 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 in the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Workday by 7.4% in the 2nd quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock valued at $384,518,000 after buying an additional 118,180 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

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.