Wall Street Zen Downgrades Workday (NASDAQ:WDAY) to Hold

Wall Street Zen downgraded shares of Workday (NASDAQ:WDAY) from a buy rating to a hold rating in a research report released on Saturday morning.

Several other analysts also recently weighed in on WDAY. Oppenheimer lowered their price objective on Workday from $320.00 to $300.00 and set an “outperform” rating for the company in a research report on Friday, May 23rd. JPMorgan Chase & Co. reduced their target price on Workday from $310.00 to $295.00 and set an “overweight” rating on the stock in a research note on Friday, May 23rd. Citigroup cut Workday from a “neutral” rating to a “mixed” rating in a research note on Friday, May 16th. Westpark Capital boosted their target price on Workday from $315.00 to $328.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Finally, Piper Sandler reissued a “neutral” rating and set a $255.00 target price (up from $230.00) on shares of Workday in a research note on Friday, May 23rd. Nine equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $297.68.

Workday Stock Performance

Shares of WDAY stock opened at $242.03 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.07 and a current ratio of 2.07. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $294.00. The stock has a 50 day moving average price of $249.27 and a two-hundred day moving average price of $249.54. The company has a market capitalization of $64.62 billion, a P/E ratio of 133.72, a PEG ratio of 3.65 and a beta of 1.21.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.22. Workday had a return on equity of 8.00% and a net margin of 5.60%. The firm had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the previous year, the company posted $1.74 earnings per share. The business’s revenue was up 12.6% on a year-over-year basis. Analysts expect that Workday will post 2.63 earnings per share for the current year.

Insider Transactions at Workday

In other Workday news, major shareholder David A. Duffield sold 72,917 shares of the business’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $238.96, for a total value of $17,424,246.32. Following the sale, the insider directly owned 102,997 shares of the company’s stock, valued at approximately $24,612,163.12. The trade was a 41.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director George J. Still, Jr. sold 7,500 shares of the business’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $248.41, for a total value of $1,863,075.00. Following the completion of the sale, the director directly owned 67,500 shares in the company, valued at $16,767,675. This trade represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 331,775 shares of company stock valued at $77,836,828 in the last three months. Company insiders own 19.31% of the company’s stock.

Institutional Investors Weigh In On Workday

Hedge funds have recently added to or reduced their stakes in the stock. Cornerstone Planning Group LLC boosted its holdings in Workday by 76.1% in the first quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker’s stock worth $28,000 after acquiring an additional 54 shares in the last quarter. Dagco Inc. bought a new stake in Workday in the first quarter worth $31,000. Farmers & Merchants Investments Inc. bought a new stake in Workday in the first quarter worth $32,000. TCTC Holdings LLC bought a new stake in Workday in the fourth quarter worth $35,000. Finally, Financial Management Professionals Inc. boosted its holdings in Workday by 54.0% in the first quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker’s stock worth $36,000 after acquiring an additional 54 shares in the last quarter. 89.81% of the stock is owned by institutional investors.

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.