Workday (NASDAQ:WDAY) Price Target Raised to $340.00

Workday (NASDAQ:WDAY) had its price objective raised by Royal Bank of Canada from $320.00 to $340.00 in a research note released on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the software maker’s stock.

Several other brokerages also recently issued reports on WDAY. Bank of America cut their price target on Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Redburn Atlantic began coverage on Workday in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $315.00 target price on shares of Workday in a research note on Thursday, February 6th. Guggenheim reaffirmed a “neutral” rating on shares of Workday in a research note on Wednesday. Finally, Barclays cut their target price on Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 27th. Ten equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Workday presently has an average rating of “Moderate Buy” and an average price target of $302.14.

Workday Trading Up 1.1 %

Shares of NASDAQ WDAY opened at $263.34 on Wednesday. The company has a market cap of $70.05 billion, a price-to-earnings ratio of 43.67, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35. Workday has a 12-month low of $199.81 and a 12-month high of $296.44. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The stock’s 50 day simple moving average is $259.69 and its 200 day simple moving average is $254.65.

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

Insider Buying and Selling

In related news, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction on Monday, January 13th. The stock was sold at an average price of $246.42, for a total value of $13,799,520.00. Following the transaction, the insider now directly owns 60,000 shares in the company, valued at $14,785,200. The trade was a 48.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Wayne A.I. Frederick sold 1,829 shares of Workday stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $253.09, for a total value of $462,901.61. Following the transaction, the director now owns 6,845 shares in the company, valued at $1,732,401.05. This represents a 21.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 433,321 shares of company stock worth $111,763,803 in the last three months. 20.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of WDAY. Roxbury Financial LLC purchased a new position in shares of Workday during the fourth quarter valued at $25,000. Capital Performance Advisors LLP purchased a new position in shares of Workday during the third quarter valued at $26,000. Crews Bank & Trust purchased a new position in shares of Workday during the fourth quarter valued at $26,000. Avion Wealth grew its holdings in shares of Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock valued at $27,000 after buying an additional 86 shares in the last quarter. 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 valued at $35,000 after buying an additional 43 shares in the last quarter. 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.