Loop Capital Forecasts Strong Price Appreciation for Workday (NASDAQ:WDAY) Stock

Workday (NASDAQ:WDAY) had its price objective raised by Loop Capital from $242.00 to $260.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the software maker’s stock.

WDAY has been the subject of a number of other reports. BNP Paribas raised Workday to a “strong-buy” rating in a research report on Friday, February 14th. Scotiabank started coverage on Workday in a research report on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price target for the company. Royal Bank of Canada increased their price target on Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Barclays decreased their target price on Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a research report on Wednesday, November 27th. Finally, StockNews.com downgraded Workday from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $291.11.

Workday Stock Down 1.7 %

Shares of NASDAQ:WDAY opened at $261.10 on Wednesday. The business’s 50 day simple moving average is $261.36 and its two-hundred day simple moving average is $252.47. The firm has a market cap of $69.45 billion, a P/E ratio of 43.30, a PEG ratio of 3.51 and a beta of 1.35. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. Workday has a 52-week low of $199.81 and a 52-week high of $311.28.

Workday (NASDAQ:WDAY) last posted its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.13. Workday had a return on equity of 6.13% and a net margin of 19.86%. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the company earned $0.47 earnings per share. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, research analysts forecast that Workday will post 2.63 EPS for the current fiscal year.

Insider Buying and Selling at Workday

In other Workday news, Director Wayne A.I. Frederick sold 1,829 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $253.09, for a total transaction of $462,901.61. Following the completion of the transaction, the director now owns 6,845 shares in the company, valued at $1,732,401.05. The trade was a 21.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder David A. Duffield sold 57,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $275.31, for a total value of $15,692,670.00. Following the transaction, the insider now owns 284,000 shares of the company’s stock, valued at $78,188,040. This trade represents a 16.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock valued at $113,142,592 over the last ninety days. 20.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Workday

A number of large investors have recently bought and sold shares of WDAY. Whittier Trust Co. of Nevada Inc. raised its stake in Workday by 73.1% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 289 shares of the software maker’s stock worth $71,000 after buying an additional 122 shares in the last quarter. Raleigh Capital Management Inc. increased its position in shares of Workday by 5.4% during the third quarter. Raleigh Capital Management Inc. now owns 1,228 shares of the software maker’s stock worth $300,000 after purchasing an additional 63 shares in the last quarter. Sequoia Financial Advisors LLC increased its position in shares of Workday by 13.0% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,561 shares of the software maker’s stock valued at $626,000 after acquiring an additional 295 shares during the period. Signaturefd LLC increased its position in shares of Workday by 9.7% in the 3rd quarter. Signaturefd LLC now owns 3,460 shares of the software maker’s stock valued at $846,000 after acquiring an additional 307 shares during the period. Finally, Lecap Asset Management Ltd. increased its position in shares of Workday by 84.4% in the 3rd quarter. Lecap Asset Management Ltd. now owns 18,334 shares of the software maker’s stock valued at $4,481,000 after acquiring an additional 8,391 shares during the period. 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.