Workday's (WDAY) "Buy" Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Workday (NASDAQ:WDAY - Free Report) in a research report report published on Monday,Benzinga reports. The brokerage currently has a $300.00 price objective on the software maker's stock.

A number of other research analysts have also recently issued reports on WDAY. Wells Fargo & Company lifted their target price on shares of Workday from $330.00 to $360.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Canaccord Genuity Group lifted their price objective on Workday from $300.00 to $330.00 and gave the company a "buy" rating in a research report on Wednesday, February 26th. BMO Capital Markets boosted their price objective on Workday from $300.00 to $314.00 and gave the stock an "outperform" rating in a research note on Thursday, February 27th. StockNews.com lowered Workday from a "buy" rating to a "hold" rating in a research note on Monday, January 13th. Finally, Scotiabank reduced their price target on shares of Workday from $355.00 to $305.00 and set a "sector outperform" rating on the stock in a research report on Monday, March 17th. Ten equities 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. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $300.36.

Remove Ads

Workday Price Performance

NASDAQ:WDAY traded up $2.92 during trading hours on Monday, reaching $252.83. The company had a trading volume of 1,176,580 shares, compared to its average volume of 2,430,541. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average of $256.97 and a two-hundred day moving average of $255.03. Workday has a one year low of $199.81 and a one year high of $294.00. The firm has a market capitalization of $67.25 billion, a PE ratio of 41.93, a PEG ratio of 3.55 and a beta of 1.38.

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

Insiders Place Their Bets

In other news, CEO Carl M. Eschenbach sold 6,250 shares of the company'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 transaction, the chief executive officer now owns 13,972 shares in the company, valued at $3,546,931.92. This represents a 30.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the firm's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $261.75, for a total transaction of $14,658,000.00. Following the sale, the insider now owns 172,000 shares in the company, valued at approximately $45,021,000. The trade was a 24.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 417,001 shares of company stock worth $105,735,200 over the last ninety days. 20.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Simplicity Wealth LLC lifted its stake in Workday by 3.0% in the 4th quarter. Simplicity Wealth LLC now owns 1,277 shares of the software maker's stock valued at $330,000 after acquiring an additional 37 shares in the last quarter. Marcum Wealth LLC lifted its position 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 purchasing an additional 41 shares in the last quarter. Custom Index Systems LLC boosted its holdings in Workday by 3.0% during the fourth quarter. Custom Index Systems LLC now owns 1,412 shares of the software maker's stock worth $364,000 after purchasing an additional 41 shares during the last quarter. AllSquare Wealth Management LLC grew its position in Workday by 19.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 252 shares of the software maker's stock valued at $65,000 after purchasing an additional 41 shares in the last quarter. Finally, Kingsview Wealth Management LLC increased its stake in Workday by 0.9% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,085 shares of the software maker's stock valued at $1,243,000 after buying an additional 43 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.