Needham & Company LLC Reaffirms “Buy” Rating for Workday (NASDAQ:WDAY)

Needham & Company LLC reaffirmed their buy rating on shares of Workday (NASDAQ:WDAY) in a research note released on Monday morning,Benzinga reports. The brokerage currently has a $300.00 price objective on the software maker’s stock.

A number of other equities analysts also recently issued reports on WDAY. Loop Capital increased their price target on Workday from $255.00 to $270.00 and gave the stock a “hold” rating in a research report on Thursday, November 14th. Wells Fargo & Company raised their price objective on Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $300.00 price objective on shares of Workday in a research report on Friday, September 13th. Evercore ISI dropped their price objective on Workday from $300.00 to $290.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 20th. Finally, KeyCorp raised their price objective on Workday from $275.00 to $305.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $289.46.

Workday Price Performance

WDAY opened at $267.69 on Monday. 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. The business’s fifty day simple moving average is $248.08 and its 200-day simple moving average is $237.05. The company has a market capitalization of $70.94 billion, a price-to-earnings ratio of 46.64, a PEG ratio of 5.31 and a beta of 1.35.

Insider Transactions at Workday

In other news, Director George J. Still, Jr. sold 7,500 shares of the firm’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 completion of the transaction, the director now directly owns 90,000 shares in the company, valued at $22,990,500. This trade represents a 7.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder David A. Duffield sold 57,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider now owns 505,000 shares of the company’s stock, valued at approximately $125,032,950. The trade was a 10.14 % 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

Institutional investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new position in Workday during the third quarter valued at approximately $26,000. Meeder Asset Management Inc. raised its position in Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after acquiring an additional 43 shares in the last quarter. True Wealth Design LLC raised its position in Workday by 4,766.7% during the third quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock valued at $36,000 after acquiring an additional 143 shares in the last quarter. New Millennium Group LLC raised its position in Workday by 177.4% during the third quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock valued at $36,000 after acquiring an additional 94 shares in the last quarter. Finally, SouthState Corp grew its holdings in Workday by 614.3% in the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after purchasing an additional 129 shares during the period. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

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.