Workday (NASDAQ:WDAY) Given New $285.00 Price Target at UBS Group

Workday (NASDAQ:WDAY) had its price objective raised by UBS Group from $255.00 to $285.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

Several other brokerages also recently weighed in on WDAY. StockNews.com downgraded Workday from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. The Goldman Sachs Group raised their target price on Workday from $310.00 to $345.00 and gave the stock a “buy” rating in a report on Wednesday. Redburn Atlantic started coverage on Workday in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Mizuho raised their price objective on shares of Workday from $280.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Stifel Nicolaus boosted their target price on shares of Workday from $270.00 to $310.00 and gave the company a “hold” rating in a research note on Wednesday. Ten equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $302.14.

Workday Trading Up 1.1 %

Workday stock opened at $263.34 on Wednesday. The stock has a 50-day moving average price of $259.69 and a 200 day moving average price of $254.65. The company has a market capitalization 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 52 week low of $199.81 and a 52 week high of $296.44. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing the consensus estimate of $1.75 by ($1.27). The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. Sell-side analysts anticipate that Workday will post 2.63 EPS for the current year.

Insider Buying and Selling

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 stock was sold at an average price of $275.31, for a total value of $15,692,670.00. Following the completion of the sale, the insider now owns 284,000 shares of the company’s stock, valued at approximately $78,188,040. This trade represents a 16.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 472 shares of Workday stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $248.24, for a total value of $117,169.28. Following the transaction, the chief accounting officer now owns 35,408 shares in the company, valued at approximately $8,789,681.92. The trade was a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 433,321 shares of company stock worth $111,763,803. 20.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 4,517,272 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in Workday in the fourth quarter valued at approximately $658,735,000. Norges Bank acquired a new stake in Workday during the fourth quarter worth $645,710,000. Parnassus Investments LLC increased its stake in Workday by 562.2% during the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker’s stock worth $631,589,000 after acquiring an additional 2,078,097 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Workday by 61.9% in the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock valued at $1,193,105,000 after purchasing an additional 1,772,223 shares during the period. Institutional investors and hedge funds own 89.81% of the company’s stock.

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.