Needham & Company LLC reaffirmed their buy rating on shares of Workday (NASDAQ:WDAY – Get Rating) in a report released on Wednesday, Benzinga reports. The brokerage currently has a $220.00 price target on the software maker's stock.
Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. lowered their price objective on shares of Workday from $235.00 to $223.00 in a research report on Wednesday, November 30th. Moffett Nathanson began coverage on Workday in a report on Monday, January 9th. They set an outperform rating and a $245.00 price objective on the stock. Cowen upped their target price on Workday from $220.00 to $225.00 in a report on Friday, December 9th. Guggenheim lowered Workday from a neutral rating to a sell rating and set a $142.00 price target on the stock. in a research note on Tuesday, January 17th. Finally, Robert W. Baird lowered their price objective on shares of Workday from $235.00 to $223.00 and set an outperform rating for the company in a research note on Wednesday, November 30th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $214.47.
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Workday Trading Down 2.7 %
WDAY opened at $185.85 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.87 and a current ratio of 1.87. The stock's 50 day moving average price is $169.22 and its 200-day moving average price is $159.67. Workday has a one year low of $128.72 and a one year high of $250.00. The stock has a market cap of $47.76 billion, a price-to-earnings ratio of -149.88, a P/E/G ratio of 194.82 and a beta of 1.25.
Workday (NASDAQ:WDAY – Get Rating) last announced its quarterly earnings data on Tuesday, November 29th. The software maker reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.15) by $0.18. Workday had a negative return on equity of 2.11% and a negative net
margin of 5.29%. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the prior year, the company posted $0.97 EPS. Workday's quarterly revenue was up 20.5% on a year-over-year basis. On average, equities analysts forecast that Workday will post -0.44 EPS for the current year.
Workday declared that its board has initiated a share buyback program on Tuesday, November 29th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 1.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.
Insider Transactions at Workday
In related news, major shareholder David A. Duffield sold 102,500 shares of the company's stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $175.34, for a total value of $17,972,350.00. Following the transaction, the insider now directly owns 325,000 shares of the company's stock, valued at approximately $56,985,500. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Workday news, Director George J. Still, Jr. sold 5,000 shares of Workday stock in a transaction that occurred on Friday, December 2nd. The shares were sold at an average price of $169.38, for a total transaction of $846,900.00. Following the completion of the sale, the director now directly owns 10,000 shares in the company, valued at approximately $1,693,800. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 102,500 shares of the company's stock in a transaction on Thursday, December 15th. The shares were sold at an average price of $175.34, for a total transaction of $17,972,350.00. Following the completion of the sale, the insider now directly owns 325,000 shares in the company, valued at $56,985,500. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 119,548 shares of company stock worth $20,795,439. Company insiders own 21.74% of the company's stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Republic Investment Management Inc. boosted its stake in shares of Workday by 3.5% in the third quarter. First Republic Investment Management Inc. now owns 33,071 shares of the software maker's stock worth $5,034,000 after buying an additional 1,125 shares during the last quarter. EFG Asset Management North America Corp. boosted its position in Workday by 1.1% in the 3rd quarter. EFG Asset Management North America Corp. now owns 22,743 shares of the software maker's stock worth $3,463,000 after purchasing an additional 243 shares in the last quarter. US Bancorp DE grew its stake in shares of Workday by 3.2% during the 2nd quarter. US Bancorp DE now owns 18,599 shares of the software maker's stock worth $2,596,000 after purchasing an additional 572 shares during the period. Synovus Financial Corp increased its holdings in shares of Workday by 18.6% during the 2nd quarter. Synovus Financial Corp now owns 17,879 shares of the software maker's stock valued at $2,497,000 after purchasing an additional 2,800 shares in the last quarter. Finally, Baker Tilly Wealth Management LLC lifted its stake in shares of Workday by 11.5% in the 2nd quarter. Baker Tilly Wealth Management LLC now owns 4,707 shares of the software maker's stock valued at $657,000 after purchasing an additional 487 shares during the period. 66.98% of the stock is currently owned by institutional investors and hedge funds.
Workday Company Profile
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Workday, Inc engages in the development of enterprise cloud applications for finance and human resources. It delivers financial management, human capital management and analytics applications designed for companies, educational institutions and government agencies. The company was founded by David A.
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