Workday (NASDAQ:WDAY) Price Target Cut to $285.00 by Analysts at Bank of America

Workday (NASDAQ:WDAY) had its price objective reduced by investment analysts at Bank of America from $310.00 to $285.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Bank of America‘s price objective indicates a potential upside of 5.48% from the company’s current price.

WDAY has been the subject of a number of other reports. Loop Capital increased their target price on shares of Workday from $255.00 to $270.00 and gave the company a “hold” rating in a research report on Thursday, November 14th. Scotiabank began coverage on Workday in a research note on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 target price for the company. BMO Capital Markets reissued an “outperform” rating and set a $300.00 price target on shares of Workday in a research report on Wednesday, September 18th. KeyCorp upped their price objective on shares of Workday from $275.00 to $305.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, DA Davidson lifted their target price on shares of Workday from $255.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, Workday currently has an average rating of “Moderate Buy” and a consensus target price of $288.04.

Workday Price Performance

Shares of NASDAQ WDAY opened at $270.19 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. The firm has a fifty day moving average of $248.52 and a 200 day moving average of $237.21. The firm has a market cap of $71.60 billion, a PE ratio of 47.07, a PEG ratio of 5.31 and a beta of 1.35. Workday has a one year low of $199.81 and a one year high of $311.28.

Workday (NASDAQ:WDAY) last released its quarterly earnings results 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. Workday had a net margin of 19.59% and a return on equity of 5.34%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the firm earned $0.47 EPS. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, research analysts predict that Workday will post 2.4 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 66,492 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the completion of the transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at approximately $26,902,816.40. This represents a 39.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Wayne A.I. Frederick sold 1,828 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $241.85, for a total value of $442,101.80. Following the sale, the director now owns 8,674 shares of the company’s stock, valued at approximately $2,097,806.90. The trade was a 17.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 359,954 shares of company stock worth $88,742,132 over the last 90 days. 20.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Workday

Hedge funds and other institutional investors have recently bought and sold shares of the stock. ORG Partners LLC lifted its stake in Workday by 3,717.9% in the second quarter. ORG Partners LLC now owns 3,207 shares of the software maker’s stock valued at $721,000 after buying an additional 3,123 shares during the last quarter. Grafton Street Partners Fund LP acquired a new position in shares of Workday in the 3rd quarter valued at $4,424,000. ICICI Prudential Asset Management Co Ltd raised its position in Workday by 32.4% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock valued at $7,791,000 after purchasing an additional 7,802 shares during the last quarter. Legal & General Group Plc boosted its stake in Workday by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock worth $384,518,000 after purchasing an additional 118,180 shares during the period. Finally, Atria Investments Inc grew its position in Workday by 19.3% during the 3rd quarter. Atria Investments Inc now owns 44,324 shares of the software maker’s stock worth $10,833,000 after purchasing an additional 7,175 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

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.