Royal Bank of Canada Issues Positive Forecast for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY - Get Free Report) had its target price upped by analysts at Royal Bank of Canada from $300.00 to $320.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the software maker's stock. Royal Bank of Canada's price objective suggests a potential upside of 18.99% from the company's previous close.

Several other analysts have also weighed in on WDAY. Barclays lowered their price objective on Workday from $314.00 to $305.00 and set an "overweight" rating for the company in a report on Wednesday, November 27th. Needham & Company LLC reiterated a "buy" rating and issued a $300.00 price target on shares of Workday in a report on Monday, November 25th. Morgan Stanley raised their price objective on Workday from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 27th. KeyCorp lifted their price objective on shares of Workday from $275.00 to $305.00 and gave the stock an "overweight" rating in a report on Friday, August 23rd. Finally, BMO Capital Markets reissued an "outperform" rating and set a $300.00 target price on shares of Workday in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $291.36.

Workday Stock Down 3.3 %

Shares of WDAY stock traded down $9.08 during mid-day trading on Wednesday, reaching $268.93. 3,988,647 shares of the company were exchanged, compared to its average volume of 2,262,704. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. The business's 50 day simple moving average is $255.93 and its 200 day simple moving average is $240.27. The company has a market capitalization of $71.54 billion, a P/E ratio of 44.60, a P/E/G ratio of 5.04 and a beta of 1.34. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $311.28.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.13. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm's revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period last year, the business earned $0.47 EPS. Research analysts predict that Workday will post 2.58 earnings per share for the current year.

Insiders Place Their Bets

In other Workday news, major shareholder David A. Duffield sold 70,003 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $251.20, for a total value of $17,584,753.60. Following the completion of the sale, the insider now directly owns 102,997 shares of the company's stock, valued at approximately $25,872,846.40. This represents a 40.46 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wayne A.I. Frederick sold 1,828 shares of Workday stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $241.85, for a total transaction of $442,101.80. Following the completion of the transaction, the director now directly owns 8,674 shares in the company, valued at $2,097,806.90. This represents a 17.41 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 304,463 shares of company stock worth $74,309,458. 20.00% of the stock is owned by corporate insiders.

Institutional Trading of Workday

A number of large investors have recently added to or reduced their stakes in WDAY. The Manufacturers Life Insurance Company increased its stake in Workday by 79.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker's stock worth $514,637,000 after purchasing an additional 1,016,394 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Workday by 17,345.2% in the second quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker's stock worth $208,068,000 after buying an additional 925,366 shares during the period. Two Sigma Advisers LP increased its position in shares of Workday by 1,094.2% in the third quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker's stock worth $150,019,000 after acquiring an additional 562,400 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Workday by 10.7% during the third quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker's stock valued at $1,218,415,000 after acquiring an additional 480,459 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Workday in the 3rd quarter valued at approximately $78,003,000. 89.81% of the stock is currently owned by institutional investors.

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.