StockNews.com Upgrades Workday (NASDAQ:WDAY) to Buy

Workday (NASDAQ:WDAY) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Tuesday.

WDAY has been the subject of several other reports. Loop Capital dropped their target price on Workday from $270.00 to $242.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. Piper Sandler restated a “neutral” rating and issued a $270.00 target price (down previously from $285.00) on shares of Workday in a report on Wednesday, November 27th. Oppenheimer reiterated an “outperform” rating and set a $300.00 price target on shares of Workday in a report on Tuesday, December 3rd. Wells Fargo & Company raised their price target on shares of Workday from $300.00 to $330.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Finally, Mizuho upped their price objective on shares of Workday from $280.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $291.36.

Workday Price Performance

Shares of NASDAQ WDAY traded up $3.65 during midday trading on Tuesday, hitting $269.04. 850,470 shares of the company’s stock were exchanged, compared to its average volume of 2,452,973. 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 business’s fifty day moving average price is $257.46 and its two-hundred day moving average price is $241.65. The company has a market cap of $71.56 billion, a price-to-earnings ratio of 44.62, a PEG ratio of 5.04 and a beta of 1.34. Workday has a 12-month low of $199.81 and a 12-month high of $311.28.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS 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 business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the prior year, the firm earned $0.47 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. As a group, research analysts forecast that Workday will post 2.58 EPS for the current fiscal year.

Insider Activity

In other Workday news, insider Sayan Chakraborty sold 5,498 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $250.78, for a total value of $1,378,788.44. Following the completion of the sale, the insider now owns 121,100 shares in the company, valued at approximately $30,369,458. This represents a 4.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Wayne A.I. Frederick sold 1,828 shares of the stock in a transaction dated 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 $2,097,806.90. This represents a 17.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 305,463 shares of company stock valued at $76,261,968 in the last 90 days. Company insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Performance Advisors LLP bought a new stake in Workday during the third quarter worth approximately $26,000. Meeder Asset Management Inc. boosted its holdings in shares of Workday by 42.2% in the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after purchasing an additional 43 shares during the period. True Wealth Design LLC grew its holdings in Workday by 4,766.7% during the 3rd quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock worth $36,000 after acquiring an additional 143 shares in the last quarter. New Millennium Group LLC boosted its stake in shares of Workday by 177.4% during the third quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock valued at $36,000 after purchasing an additional 94 shares in the last quarter. Finally, SouthState Corp increased its holdings in Workday by 614.3% during the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after buying an additional 129 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.