Bank of America Issues Pessimistic Forecast for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its price objective cut by equities researchers at Bank of America from $310.00 to $285.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Bank of America‘s target price suggests a potential upside of 12.47% from the stock’s previous close.

Several other research analysts also recently commented on WDAY. Morgan Stanley reduced 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. Stifel Nicolaus boosted their target price on Workday from $250.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Wells Fargo & Company upped their target price on Workday from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Deutsche Bank Aktiengesellschaft lifted their price target on Workday from $265.00 to $275.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Finally, Barclays upped their price objective on shares of Workday from $286.00 to $289.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $288.14.

Workday Stock Performance

NASDAQ:WDAY opened at $253.40 on Wednesday. The business’s fifty day moving average is $248.74 and its 200 day moving average is $237.44. The firm has a market cap of $67.15 billion, a price-to-earnings ratio of 42.02, a PEG ratio of 5.36 and a beta of 1.35. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. Workday has a 52-week low of $199.81 and a 52-week high of $311.28.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.13. Workday had a return on equity of 6.21% and a net margin of 19.86%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same period in the prior year, the business posted $0.47 earnings per share. The company’s revenue was up 15.8% on a year-over-year basis. Research analysts predict that Workday will post 2.4 EPS for the current year.

Insiders Place Their Bets

In related news, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction dated Thursday, September 5th. The shares were 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 of the company’s stock, valued at $22,990,500. This represents a 7.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Richard Harry Sauer sold 3,134 shares of Workday stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total value of $738,934.52. Following the sale, the insider now directly owns 85,795 shares in the company, valued at approximately $20,228,745.10. The trade was a 3.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 359,954 shares of company stock worth $88,742,132. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Workday

Institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its position in shares of Workday by 79.1% in 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 during the period. Van ECK Associates Corp boosted its stake 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 grew its holdings in Workday by 1,094.2% in the third quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker’s stock worth $150,019,000 after purchasing an additional 562,400 shares during the period. Janus Henderson Group PLC increased its stake in shares of Workday by 10.7% during 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 purchased a new position in shares of Workday during the third quarter valued at approximately $78,003,000. Institutional investors own 89.81% of the company’s stock.

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.