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

Workday (NASDAQ:WDAY) had its price objective cut by investment analysts at Loop Capital from $270.00 to $242.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the software maker’s stock. Loop Capital’s price objective would suggest a potential downside of 4.50% from the stock’s current price.

A number of other research analysts have also commented on WDAY. Stifel Nicolaus upped their target price on Workday from $250.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. The Goldman Sachs Group increased their price objective on shares of Workday from $300.00 to $305.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Workday from $265.00 to $275.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Morgan Stanley dropped their price target on shares of Workday from $325.00 to $315.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Finally, DA Davidson lifted their price objective on Workday from $255.00 to $270.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $288.14.

Workday Stock Performance

NASDAQ WDAY opened at $253.40 on Wednesday. The company’s fifty day moving average is $248.74 and its two-hundred day moving average is $237.44. Workday has a 52-week low of $199.81 and a 52-week high of $311.28. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 2.04. The firm has a market capitalization of $67.15 billion, a price-to-earnings ratio of 42.02, a P/E/G ratio of 5.36 and a beta of 1.35.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.13 billion. Workday had a return on equity of 6.21% and a net margin of 19.86%. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period last year, the business earned $0.47 earnings per share. Equities research analysts forecast that Workday will post 2.4 EPS for the current year.

Insider Activity at Workday

In other news, major shareholder David A. Duffield sold 66,492 shares of Workday stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction 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. This trade represents a 39.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director George J. Still, Jr. sold 7,500 shares of Workday 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 transaction, the director now owns 90,000 shares in the company, 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 have sold 359,954 shares of company stock worth $88,742,132 in the last ninety days. Company insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Large investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its position in 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 buying an additional 1,016,394 shares in the last quarter. Van ECK Associates Corp raised its holdings in Workday by 17,345.2% during the second quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock worth $208,068,000 after acquiring an additional 925,366 shares in the last quarter. Two Sigma Advisers LP boosted its position in Workday by 1,094.2% during the third quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker’s stock valued at $150,019,000 after purchasing an additional 562,400 shares during the last quarter. Janus Henderson Group PLC grew its stake in Workday by 10.7% in the third quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock valued at $1,218,415,000 after purchasing an additional 480,459 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of Workday during the 3rd quarter worth approximately $78,003,000. 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.