Workday (NASDAQ:WDAY) Coverage Initiated by Analysts at Redburn Atlantic

Redburn Atlantic initiated coverage on shares of Workday (NASDAQ:WDAY - Free Report) in a report published on Wednesday morning, Marketbeat.com reports. The brokerage issued a neutral rating on the software maker's stock.

Other research analysts also recently issued reports about the stock. The Goldman Sachs Group raised their price target on shares of Workday from $300.00 to $310.00 and gave the company a "buy" rating in a report on Thursday, February 6th. JMP Securities reaffirmed a "market outperform" rating and set a $315.00 price objective on shares of Workday in a report on Thursday, February 6th. Citigroup dropped their price objective 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. Piper Sandler reaffirmed a "neutral" rating and set a $270.00 price objective (down from $285.00) on shares of Workday in a report on Wednesday, November 27th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Workday from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $265.00 to $300.00 in a report on Wednesday, January 8th. Ten equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $291.11.

Workday Price Performance

NASDAQ:WDAY traded down $5.24 during trading hours on Wednesday, hitting $256.39. The stock had a trading volume of 2,295,940 shares, compared to its average volume of 2,085,741. The company has a 50 day simple moving average of $261.10 and a two-hundred day simple moving average of $252.54. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. Workday has a one year low of $199.81 and a one year high of $311.28. The firm has a market capitalization of $68.20 billion, a price-to-earnings ratio of 42.52, a P/E/G ratio of 3.56 and a beta of 1.35.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating the consensus estimate of $1.76 by $0.13. Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period last year, the firm earned $0.47 EPS. The business's quarterly revenue was up 15.8% compared to the same quarter last year. Research analysts forecast that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Workday

In related news, Director Wayne A.I. Frederick sold 1,829 shares of the business's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $253.09, for a total transaction of $462,901.61. Following the sale, the director now owns 6,845 shares of the company's stock, valued at $1,732,401.05. The trade was a 21.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder David A. Duffield sold 70,003 shares of the business's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $251.20, for a total transaction of $17,584,753.60. Following the sale, the insider now directly owns 102,997 shares in the company, valued at $25,872,846.40. The trade was a 40.46 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 438,819 shares of company stock worth $113,142,592. 20.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bristlecone Advisors LLC lifted its stake in shares of Workday by 49.6% in the fourth quarter. Bristlecone Advisors LLC now owns 2,921 shares of the software maker's stock worth $754,000 after buying an additional 968 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Workday by 7.2% in the third quarter. Sanctuary Advisors LLC now owns 29,633 shares of the software maker's stock worth $7,934,000 after buying an additional 1,978 shares in the last quarter. Grafton Street Partners Fund LP bought a new position in shares of Workday in the third quarter worth approximately $4,424,000. ICICI Prudential Asset Management Co Ltd lifted its stake in shares of Workday by 32.4% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker's stock worth $7,791,000 after buying an additional 7,802 shares in the last quarter. Finally, Nordea Investment Management AB lifted its stake in shares of Workday by 20.5% in the fourth quarter. Nordea Investment Management AB now owns 702,990 shares of the software maker's stock worth $182,753,000 after buying an additional 119,769 shares in the last quarter. 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.