Workday (NASDAQ:WDAY) Price Target Cut to $325.00

Workday (NASDAQ:WDAY) had its price target cut by equities researchers at Wells Fargo & Company from $350.00 to $325.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 43.21% from the company’s previous close.

WDAY has been the topic of a number of other reports. 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. Evercore ISI decreased their price objective on shares of Workday from $350.00 to $300.00 and set an “outperform” rating for the company in a report on Friday. Oppenheimer reduced their target price on shares of Workday from $320.00 to $300.00 and set an “outperform” rating on the stock in a research report on Friday. JPMorgan Chase & Co. lifted their price target on Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, February 22nd. Finally, 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 research note on Friday. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $282.96.

Workday Price Performance

Shares of NASDAQ WDAY traded down $33.96 during midday trading on Friday, reaching $226.94. The stock had a trading volume of 5,678,688 shares, compared to its average volume of 1,906,808. Workday has a 12-month low of $192.68 and a 12-month high of $311.28. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.97 and a current ratio of 1.97. The company has a market capitalization of $59.91 billion, a price-to-earnings ratio of 44.07, 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 (NASDAQ:WDAY) last posted its quarterly earnings results on Thursday, May 23rd. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.20. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.97 billion. Workday had a return on equity of 4.87% and a net margin of 19.02%. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.16 EPS. As a group, research analysts anticipate that Workday will post 1.76 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 65,221 shares of Workday stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $268.29, for a total transaction of $17,498,142.09. Following the sale, the insider now owns 102,997 shares of the company’s stock, valued at approximately $27,633,065.13. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Douglas A. Robinson sold 3,121 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $293.79, for a total value of $916,918.59. Following the sale, the insider now directly owns 165,932 shares of the company’s stock, valued at approximately $48,749,162.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 65,221 shares of Workday stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $268.29, for a total transaction of $17,498,142.09. Following the completion of the sale, the insider now owns 102,997 shares of the company’s stock, valued at approximately $27,633,065.13. The disclosure for this sale can be found here. Over the last ninety 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

Hedge funds and other institutional investors have recently bought and sold shares of the company. Beacon Capital Management LLC lifted its position in shares of Workday by 333.3% during the fourth quarter. Beacon Capital Management LLC now owns 91 shares of the software maker’s stock worth $25,000 after purchasing an additional 70 shares in the last quarter. VisionPoint Advisory Group LLC raised its stake in shares of Workday by 215.4% in the third quarter. VisionPoint Advisory Group LLC now owns 123 shares of the software maker’s stock valued at $26,000 after acquiring an additional 84 shares in the last quarter. Crewe Advisors LLC purchased a new stake in Workday during the 1st quarter worth about $27,000. Clear Street Markets LLC acquired a new stake in Workday in the 3rd quarter valued at about $29,000. Finally, Exchange Traded Concepts LLC boosted its stake in shares of Workday by 1,750.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 111 shares of the software maker’s stock valued at $31,000 after buying an additional 105 shares during the period. 89.81% of the stock is currently 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.