Piper Sandler Reaffirms “Neutral” Rating for Workday (NASDAQ:WDAY)

Workday (NASDAQ:WDAY)‘s stock had its “neutral” rating restated by analysts at Piper Sandler in a research note issued to investors on Wednesday, Marketbeat reports. They presently have a $270.00 target price on the software maker’s stock, down from their prior target price of $285.00. Piper Sandler’s price target would indicate a potential upside of 6.55% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Loop Capital boosted their price target on Workday from $255.00 to $270.00 and gave the stock a “hold” rating in a research note on Thursday, November 14th. JMP Securities reissued a “market outperform” rating and set a $315.00 target price on shares of Workday in a research report on Thursday, September 19th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $300.00 price target on shares of Workday in a report on Wednesday, September 18th. Stifel Nicolaus lifted their price objective on shares of Workday from $250.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $300.00 target price on shares of Workday in a research report on Monday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $288.14.

Workday Price Performance

Shares of WDAY opened at $253.40 on Wednesday. The company has a 50 day moving average of $248.74 and a two-hundred day moving average of $237.44. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. Workday has a twelve month low of $199.81 and a twelve month high of $311.28. The company has a market cap of $67.15 billion, a price-to-earnings ratio of 42.02, a price-to-earnings-growth ratio of 5.36 and a beta of 1.35.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data 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. Workday had a return on equity of 6.21% and a net margin of 19.86%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the firm earned $0.47 EPS. The business’s quarterly revenue was up 15.8% on a year-over-year basis. As a group, analysts predict that Workday will post 2.4 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder David A. Duffield sold 66,492 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total value of $17,367,710.40. Following the transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at approximately $26,902,816.40. This trade represents a 39.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director George J. Still, Jr. sold 7,500 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 90,000 shares of the company’s stock, valued at approximately $22,990,500. This trade represents a 7.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 359,954 shares of company stock worth $88,742,132 over the last 90 days. 20.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WDAY. Janus Henderson Group PLC grew its holdings 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 worth $1,218,415,000 after buying an additional 480,459 shares in the last quarter. State Street Corp grew its stake in Workday by 1.4% during the 3rd quarter. State Street Corp now owns 4,842,729 shares of the software maker’s stock valued at $1,183,611,000 after acquiring an additional 67,380 shares in the last quarter. Geode Capital Management LLC raised its holdings in Workday by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,865,164 shares of the software maker’s stock valued at $698,285,000 after acquiring an additional 76,618 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Workday by 0.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,316,167 shares of the software maker’s stock worth $566,094,000 after purchasing an additional 14,159 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Workday by 4.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,972,642 shares of the software maker’s stock worth $482,133,000 after purchasing an additional 75,747 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

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.