The Goldman Sachs Group Increases Workday (NASDAQ:WDAY) Price Target to $310.00

Workday (NASDAQ:WDAY) had its price objective increased by analysts at The Goldman Sachs Group from $300.00 to $310.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 12.25% from the company’s current price.

A number of other analysts have also issued reports on WDAY. Needham & Company LLC reissued a “buy” rating and issued a $300.00 target price on shares of Workday in a research report on Thursday. Citigroup cut their price objective on Workday from $287.00 to $270.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Scotiabank started coverage on Workday in a report on Monday, November 18th. They set a “sector outperform” rating and a $340.00 target price for the company. Bank of America cut their price target on shares of Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a research note on Wednesday, November 27th. Finally, Morgan Stanley raised their price objective on shares of Workday from $315.00 to $330.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Eight analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, Workday presently has an average rating of “Moderate Buy” and a consensus target price of $292.43.

Workday Stock Up 6.3 %

Shares of WDAY opened at $276.17 on Thursday. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The stock’s 50 day moving average is $261.15 and its two-hundred day moving average is $249.72. The firm has a market cap of $73.46 billion, a P/E ratio of 45.80, a PEG ratio of 4.73 and a beta of 1.35. Workday has a 12 month low of $199.81 and a 12 month high of $311.28.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.13. Workday had a net margin of 19.86% and a return on equity of 6.13%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the firm earned $0.47 EPS. Workday’s quarterly revenue was up 15.8% on a year-over-year basis. Analysts predict that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction on Monday, January 13th. The shares were sold at an average price of $246.42, for a total value of $13,799,520.00. Following the completion of the sale, the insider now owns 60,000 shares in the company, valued at approximately $14,785,200. The trade was a 48.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Carl M. Eschenbach sold 6,250 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $253.86, for a total value of $1,586,625.00. Following the completion of the sale, the chief executive officer now owns 13,972 shares of the company’s stock, valued at $3,546,931.92. This trade represents a 30.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 438,819 shares of company stock valued at $113,142,592. Insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

Several hedge funds have recently bought and sold shares of the company. Marcum Wealth LLC boosted its holdings in shares of Workday by 4.4% in the fourth quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock worth $249,000 after buying an additional 41 shares during the period. Custom Index Systems LLC raised its position in shares of Workday by 3.0% in the fourth quarter. Custom Index Systems LLC now owns 1,412 shares of the software maker’s stock valued at $364,000 after purchasing an additional 41 shares during the period. Meeder Asset Management Inc. boosted its holdings 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 during the period. Kingsview Wealth Management LLC increased its position in Workday by 0.9% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,085 shares of the software maker’s stock worth $1,243,000 after buying an additional 43 shares during the period. Finally, Opal Wealth Advisors LLC boosted its holdings in Workday by 5.2% in the 3rd quarter. Opal Wealth Advisors LLC now owns 946 shares of the software maker’s stock valued at $231,000 after purchasing an additional 47 shares during the period. 89.81% of the stock is currently owned by 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.