Workday (NASDAQ:WDAY) Price Target Lowered to $305.00 at Scotiabank

Workday (NASDAQ:WDAY - Get Free Report) had its price target reduced by Scotiabank from $355.00 to $305.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the software maker's stock. Scotiabank's target price would suggest a potential upside of 22.25% from the stock's current price.

WDAY has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft raised shares of Workday from a "hold" rating to a "buy" rating and increased their price objective for the company from $265.00 to $300.00 in a research report on Wednesday, January 8th. The Goldman Sachs Group increased their target price on Workday from $310.00 to $345.00 and gave the company a "buy" rating in a research note on Wednesday, February 26th. Wells Fargo & Company upped their price target on shares of Workday from $330.00 to $360.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. JMP Securities reaffirmed a "market outperform" rating and issued a $315.00 price objective on shares of Workday in a report on Thursday, February 6th. Finally, Mizuho lifted their target price on Workday from $280.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Ten equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Workday currently has an average rating of "Moderate Buy" and a consensus price target of $300.36.

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Workday Trading Down 0.4 %

WDAY stock traded down $0.98 during midday trading on Monday, reaching $249.49. 2,831,817 shares of the company's stock traded hands, compared to its average volume of 2,423,081. 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 fifty-two week low of $199.81 and a fifty-two week high of $294.00. The business has a 50-day moving average price of $256.76 and a two-hundred day moving average price of $255.24. The company has a market capitalization of $66.36 billion, a P/E ratio of 41.37, a PEG ratio of 3.55 and a beta of 1.38.

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

Insiders Place Their Bets

In other Workday news, major shareholder David A. Duffield sold 71,672 shares of Workday stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $248.58, for a total value of $17,816,225.76. Following the completion of the sale, the insider now directly owns 102,997 shares in the company, valued at $25,602,994.26. The trade was a 41.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director George J. Still, Jr. sold 7,500 shares of the firm's stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $241.33, for a total transaction of $1,809,975.00. Following the transaction, the director now owns 75,000 shares in the company, valued at $18,099,750. This represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 473,001 shares of company stock worth $120,614,400 in the last quarter. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Workday

A number of institutional investors have recently modified their holdings of the company. Roxbury Financial LLC acquired a new position in Workday during the 4th quarter worth $25,000. Crews Bank & Trust acquired a new position in shares of Workday during the fourth quarter worth approximately $26,000. Avion Wealth boosted its position in shares of Workday by 452.6% in the fourth quarter. Avion Wealth now owns 105 shares of the software maker's stock valued at $27,000 after acquiring an additional 86 shares during the period. Meeder Asset Management Inc. grew its stake in shares of Workday by 42.2% in the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker's stock worth $35,000 after acquiring an additional 43 shares during the last quarter. Finally, TCTC Holdings LLC acquired a new stake in Workday in the 4th quarter worth $35,000. 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.