Redburn Atlantic Begins Coverage on Workday (NASDAQ:WDAY)

Redburn Atlantic assumed coverage on shares of Workday (NASDAQ:WDAY) in a research note published on Wednesday, MarketBeat.com reports. The brokerage issued a neutral rating on the software maker’s stock.

Several other equities analysts have also recently commented on WDAY. The Goldman Sachs Group boosted their target price on Workday from $300.00 to $310.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Wells Fargo & Company upped their price target on Workday from $300.00 to $330.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. StockNews.com downgraded Workday from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded Workday from a “hold” rating to a “buy” rating and upped their price target for the stock from $265.00 to $300.00 in a research note on Wednesday, January 8th. Finally, Piper Sandler restated a “neutral” rating and issued a $270.00 price target (down previously from $285.00) on shares of Workday in a research note on Wednesday, November 27th. Ten analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Workday has an average rating of “Moderate Buy” and an average price target of $291.11.

Workday Price Performance

Shares of NASDAQ WDAY opened at $256.39 on Wednesday. Workday has a 1-year low of $199.81 and a 1-year high of $311.28. The stock has a fifty day simple moving average of $260.75 and a two-hundred day simple moving average of $252.87. 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 firm has a market cap of $68.20 billion, a price-to-earnings ratio of 42.52, a price-to-earnings-growth ratio of 3.56 and a beta of 1.35.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping 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 firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the company earned $0.47 earnings per share. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. Analysts anticipate that Workday will post 2.63 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder David A. Duffield sold 56,000 shares of the firm’s 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 of the company’s stock, valued at approximately $14,785,200. This trade represents a 48.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Carl M. Eschenbach sold 6,250 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $253.86, for a total value of $1,586,625.00. Following the completion of the transaction, the chief executive officer now directly owns 13,972 shares in the company, valued at approximately $3,546,931.92. This represents a 30.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 438,819 shares of company stock valued at $113,142,592. 20.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Workday

A number of institutional investors have recently bought and sold shares of the stock. Ascent Group LLC increased its stake in Workday by 2.3% in the 4th quarter. Ascent Group LLC now owns 3,448 shares of the software maker’s stock worth $890,000 after buying an additional 78 shares in the last quarter. Mackenzie Financial Corp increased its stake in Workday by 78.5% in the 4th quarter. Mackenzie Financial Corp now owns 241,808 shares of the software maker’s stock worth $62,394,000 after buying an additional 106,364 shares in the last quarter. Forum Financial Management LP purchased a new stake in Workday in the 4th quarter worth $287,000. Toronto Dominion Bank increased its stake in Workday by 274.3% in the 4th quarter. Toronto Dominion Bank now owns 113,761 shares of the software maker’s stock worth $29,354,000 after buying an additional 83,371 shares in the last quarter. Finally, Cache Advisors LLC purchased a new stake in Workday in the 4th quarter worth $1,039,000. 89.81% of the stock is owned by institutional investors.

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.