Workday (NASDAQ:WDAY) Price Target Lowered to $242.00 at Loop Capital

Workday (NASDAQ:WDAY) had its price target lowered by analysts at Loop Capital from $270.00 to $242.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the software maker’s stock. Loop Capital’s price objective would indicate a potential downside of 10.43% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. Scotiabank assumed coverage on shares of Workday in a report on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price target on the stock. Morgan Stanley reduced their target price on shares of Workday from $325.00 to $315.00 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. The Goldman Sachs Group boosted their price target on Workday from $300.00 to $305.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Bank of America reduced their price objective on Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Piper Sandler reissued a “neutral” rating and set a $270.00 price target (down previously from $285.00) on shares of Workday in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, Workday has an average rating of “Moderate Buy” and an average target price of $287.61.

Workday Trading Up 0.9 %

Shares of NASDAQ WDAY traded up $2.50 during trading hours on Wednesday, hitting $270.19. 4,189,936 shares of the company traded hands, compared to its average volume of 1,775,521. The stock has a market capitalization of $71.60 billion, a price-to-earnings ratio of 47.07, a price-to-earnings-growth ratio of 5.31 and a beta of 1.35. The company’s 50 day moving average price is $248.52 and its 200 day moving average price is $237.21. Workday has a 12 month low of $199.81 and a 12 month high of $311.28. 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 (NASDAQ:WDAY) last announced its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.13. Workday had a net margin of 19.59% and a return on equity of 5.34%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter last year, the firm earned $0.47 earnings per share. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. On average, equities research analysts anticipate that Workday will post 2.4 earnings per share for the current fiscal year.

Insider Transactions at Workday

In other Workday news, major shareholder David A. Duffield sold 57,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $247.59, for a total value of $14,112,630.00. Following the sale, the insider now owns 505,000 shares in the company, valued at approximately $125,032,950. This represents a 10.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director George J. Still, Jr. sold 7,500 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $255.45, for a total transaction of $1,915,875.00. Following the completion of the transaction, the director now owns 90,000 shares of the company’s stock, valued at approximately $22,990,500. This represents a 7.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 359,954 shares of company stock worth $88,742,132 over the last three months. 20.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. ORG Partners LLC boosted its position in Workday by 3,717.9% during the second quarter. ORG Partners LLC now owns 3,207 shares of the software maker’s stock worth $721,000 after purchasing an additional 3,123 shares in the last quarter. Grafton Street Partners Fund LP purchased a new position in shares of Workday during the 3rd quarter valued at approximately $4,424,000. ICICI Prudential Asset Management Co Ltd grew its stake in Workday by 32.4% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock valued at $7,791,000 after acquiring an additional 7,802 shares during the period. Legal & General Group Plc raised its position in Workday by 7.4% during the second quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock worth $384,518,000 after acquiring an additional 118,180 shares during the period. Finally, Atria Investments Inc raised its position in Workday by 19.3% during the third quarter. Atria Investments Inc now owns 44,324 shares of the software maker’s stock worth $10,833,000 after acquiring an additional 7,175 shares during the period. 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.