Workday’s (WDAY) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Workday (NASDAQ:WDAY) in a research report released on Wednesday,Benzinga reports. They currently have a $300.00 price objective on the software maker’s stock.

WDAY has been the topic of a number of other reports. Guggenheim upgraded Workday from a “sell” rating to a “neutral” rating in a research note on Monday, January 6th. Bank of America lowered their price target on shares of Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Piper Sandler increased their price target on shares of Workday from $270.00 to $290.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com downgraded shares of Workday from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Finally, Citigroup lowered their price target on shares of Workday from $287.00 to $270.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Ten analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Workday has an average rating of “Moderate Buy” and an average target price of $302.14.

Workday Trading Up 1.1 %

Shares of Workday stock opened at $263.34 on Wednesday. Workday has a 52-week low of $199.81 and a 52-week high of $296.44. The stock’s 50-day simple moving average is $259.69 and its 200 day simple moving average is $254.65. The stock has a market capitalization of $70.05 billion, a P/E ratio of 43.67, a P/E/G ratio of 3.55 and a beta of 1.35. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05.

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

Insiders Place Their Bets

In other news, major shareholder David A. Duffield sold 70,003 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $251.20, for a total value of $17,584,753.60. Following the transaction, the insider now owns 102,997 shares in the company, valued at approximately $25,872,846.40. This trade represents a 40.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 472 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the completion of the transaction, the chief accounting officer now owns 35,408 shares in the company, valued at $8,789,681.92. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 433,321 shares of company stock valued at $111,763,803. 20.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Simplicity Wealth LLC grew its holdings in shares of Workday by 3.0% in the fourth quarter. Simplicity Wealth LLC now owns 1,277 shares of the software maker’s stock worth $330,000 after purchasing an additional 37 shares during the last quarter. Marcum Wealth LLC boosted its holdings in Workday by 4.4% in the fourth quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock valued at $249,000 after acquiring an additional 41 shares in the last quarter. Custom Index Systems LLC boosted its holdings in Workday by 3.0% in the fourth quarter. Custom Index Systems LLC now owns 1,412 shares of the software maker’s stock valued at $364,000 after acquiring an additional 41 shares in the last quarter. AllSquare Wealth Management LLC boosted its holdings in Workday by 19.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 252 shares of the software maker’s stock valued at $65,000 after acquiring an additional 41 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its holdings in 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 acquiring an additional 43 shares in the last quarter. Institutional investors 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.