Morgan Stanley Lowers Workday (NASDAQ:WDAY) Price Target to $250.00

Workday (NASDAQ:WDAY - Free Report) had its target price reduced by Morgan Stanley from $275.00 to $250.00 in a report released on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the software maker's stock.

Several other analysts also recently commented on WDAY. Citigroup lowered their target price on shares of Workday from $287.00 to $270.00 and set a "neutral" rating for the company in a report on Thursday, January 16th. Canaccord Genuity Group increased their price objective on shares of Workday from $300.00 to $330.00 and gave the company a "buy" rating in a research note on Wednesday, February 26th. Loop Capital boosted their target price on Workday from $242.00 to $260.00 and gave the stock a "hold" rating in a research note on Wednesday, February 19th. Redburn Atlantic assumed coverage on Workday in a report on Wednesday, February 19th. They set a "neutral" rating on the stock. Finally, Piper Sandler raised their target price on Workday from $270.00 to $290.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Ten research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Workday currently has a consensus rating of "Moderate Buy" and an average price target of $296.25.

Workday Stock Down 2.9 %

NASDAQ WDAY traded down $6.69 during trading hours on Wednesday, hitting $221.02. The company's stock had a trading volume of 1,894,875 shares, compared to its average volume of 2,620,204. The company has a market capitalization of $58.79 billion, a PE ratio of 36.65, a price-to-earnings-growth ratio of 3.55 and a beta of 1.32. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. Workday has a 52 week low of $199.81 and a 52 week high of $294.00. The company's 50-day simple moving average is $244.00 and its two-hundred day simple moving average is $252.18.

Workday (NASDAQ:WDAY - Get Free Report) last announced its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($1.27). Workday had a net margin of 19.86% and a return on equity of 6.13%. The company had revenue of $2.21 billion for the quarter, compared to analysts' expectations of $2.18 billion. Research analysts anticipate that Workday will post 2.63 EPS for the current fiscal year.

Insider Activity

In related news, CAO Mark S. Garfield sold 497 shares of the business's stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $226.55, for a total transaction of $112,595.35. Following the completion of the transaction, the chief accounting officer now directly owns 34,385 shares in the company, valued at $7,789,921.75. The trade was a 1.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 81,275 shares of the company's stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $214.68, for a total value of $17,448,117.00. Following the completion of the transaction, the insider now owns 102,997 shares in the company, valued at $22,111,395.96. This represents a 44.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 321,724 shares of company stock worth $77,976,126 in the last three months. Corporate insiders own 20.00% of the company's stock.

Institutional Trading of Workday

Several institutional investors and hedge funds have recently made changes to their positions in WDAY. Bristlecone Advisors LLC raised its position in Workday by 49.6% during the fourth quarter. Bristlecone Advisors LLC now owns 2,921 shares of the software maker's stock valued at $754,000 after purchasing an additional 968 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Workday by 20.5% during the 4th quarter. Nordea Investment Management AB now owns 702,990 shares of the software maker's stock valued at $182,753,000 after buying an additional 119,769 shares in the last quarter. Burns Matteson Capital Management LLC purchased a new stake in Workday in the fourth quarter worth approximately $369,000. Principal Financial Group Inc. boosted its stake in Workday by 45.0% in the third quarter. Principal Financial Group Inc. now owns 17,794 shares of the software maker's stock worth $4,349,000 after buying an additional 5,519 shares in the last quarter. Finally, Smith Group Asset Management LLC grew its position in Workday by 9.4% during the fourth quarter. Smith Group Asset Management LLC now owns 109,013 shares of the software maker's stock valued at $28,129,000 after acquiring an additional 9,324 shares during the last quarter. Hedge funds and other institutional investors 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.