Workday (NASDAQ:WDAY) Price Target Raised to $345.00

Workday (NASDAQ:WDAY) had its price target hoisted by research analysts at The Goldman Sachs Group from $310.00 to $345.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 32.40% from the stock’s previous close.

Several other brokerages also recently commented on WDAY. BNP Paribas raised Workday to a “strong-buy” rating in a research report on Friday, February 14th. Deutsche Bank Aktiengesellschaft upgraded shares of Workday from a “hold” rating to a “buy” rating and upped their target price for the stock from $265.00 to $300.00 in a research note on Wednesday, January 8th. KeyCorp raised their price objective on Workday from $305.00 to $335.00 and gave the stock an “overweight” rating in a report on Wednesday. Scotiabank assumed coverage on Workday in a report on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 target price for the company. Finally, Bank of America lowered their price objective on shares of Workday from $310.00 to $285.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Ten equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Workday currently has an average rating of “Moderate Buy” and a consensus price target of $302.14.

Workday Trading Down 3.9 %

WDAY stock opened at $260.57 on Wednesday. Workday has a twelve month low of $199.81 and a twelve month high of $298.50. The stock has a market capitalization of $69.31 billion, a price-to-earnings ratio of 43.21, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The firm’s fifty day simple moving average is $259.89 and its two-hundred day simple moving average is $254.28.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing the consensus estimate of $1.75 by ($1.27). Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. As a group, analysts anticipate that Workday will post 2.63 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder David A. Duffield sold 57,000 shares of the 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 in the company, valued at approximately $78,188,040. This represents a 16.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Carl M. Eschenbach sold 6,250 shares of Workday stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $253.86, for a total transaction of $1,586,625.00. Following the sale, the chief executive officer now owns 13,972 shares of the company’s stock, valued at approximately $3,546,931.92. The trade was a 30.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 433,321 shares of company stock valued at $111,763,803. 20.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Workday by 28.9% in the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock valued at $5,197,447,000 after buying an additional 4,517,272 shares during the period. Janus Henderson Group PLC raised its position in 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 in the last quarter. State Street Corp boosted its position in Workday by 1.4% in the 3rd quarter. State Street Corp now owns 4,842,729 shares of the software maker’s stock worth $1,183,611,000 after purchasing an additional 67,380 shares in the last quarter. Geode Capital Management LLC boosted its position in Workday by 61.9% in the 4th quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock worth $1,193,105,000 after purchasing an additional 1,772,223 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Workday by 60.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker’s stock worth $960,454,000 after purchasing an additional 1,406,088 shares during the period. Hedge funds and other 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.