Scotiabank Begins Coverage on Workday (NASDAQ:WDAY)

Scotiabank assumed coverage on shares of Workday (NASDAQ:WDAY) in a research note issued to investors on Monday,Benzinga reports. The brokerage issued a sector outperform rating and a $340.00 price objective on the software maker’s stock.

WDAY has been the subject of several other reports. BMO Capital Markets reiterated an “outperform” rating and issued a $300.00 target price on shares of Workday in a research note on Wednesday, September 18th. Morgan Stanley reduced their target price on Workday from $325.00 to $315.00 and set an “overweight” rating for the company in a research note on Friday, August 23rd. Canaccord Genuity Group restated a “buy” rating and issued a $300.00 price target on shares of Workday in a research note on Friday, September 13th. Barclays raised their price target on Workday from $286.00 to $289.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, The Goldman Sachs Group upped their price objective on shares of Workday from $300.00 to $305.00 and gave the company a “buy” rating in a report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat, Workday currently has an average rating of “Moderate Buy” and an average price target of $289.46.

Workday Stock Down 0.0 %

WDAY stock opened at $259.36 on Monday. The company has a market cap of $68.73 billion, a price-to-earnings ratio of 45.18, a P/E/G ratio of 5.15 and a beta of 1.35. Workday has a twelve month low of $199.81 and a twelve month high of $311.28. The business has a 50 day moving average price of $246.86 and a two-hundred day moving average price of $236.54. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36.

Workday (NASDAQ:WDAY) last released its earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The business had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.07 billion. During the same period last year, the business earned $0.40 earnings per share. The firm’s revenue was up 16.5% on a year-over-year basis. Analysts anticipate that Workday will post 2.4 EPS for the current fiscal year.

Insider Buying and Selling at Workday

In other news, major shareholder David A. Duffield sold 66,492 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total value of $17,367,710.40. Following the completion of the transaction, the insider now owns 102,997 shares of the company’s stock, valued at approximately $26,902,816.40. This represents a 39.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director George J. Still, Jr. sold 7,500 shares of Workday stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $260.32, for a total transaction of $1,952,400.00. Following the sale, the director now directly owns 97,500 shares in the company, valued at $25,381,200. This trade represents a 7.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 370,575 shares of company stock valued at $91,506,897. 20.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Workday

Hedge funds have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new position in shares of Workday in the 3rd quarter valued at $26,000. Crewe Advisors LLC acquired a new position in Workday in the 1st quarter worth about $27,000. SouthState Corp raised its position in Workday by 614.3% in the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after purchasing an additional 129 shares during the last quarter. Goodman Advisory Group LLC acquired a new stake in shares of Workday during the second quarter valued at about $35,000. Finally, Meeder Asset Management Inc. grew its holdings in shares of Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after purchasing an additional 43 shares during the last quarter. Institutional investors and hedge funds 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.