DA Davidson Lowers Workday (NASDAQ:WDAY) Price Target to $230.00

Workday (NASDAQ:WDAY) had its price objective decreased by stock analysts at DA Davidson from $270.00 to $230.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. DA Davidson’s price objective would indicate a potential downside of 1.42% from the stock’s current price.

WDAY has been the topic of several other research reports. Guggenheim reissued a “neutral” rating on shares of Workday in a research report on Wednesday, February 26th. KeyCorp boosted their price target on shares of Workday from $305.00 to $335.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. BNP Paribas raised Workday to a “strong-buy” rating in a report on Friday, February 14th. Scotiabank cut their price target on shares of Workday from $355.00 to $305.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Workday from a “hold” rating to a “buy” rating and lifted their target price for the stock from $265.00 to $300.00 in a research note on Wednesday, January 8th. Ten analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $297.14.

Workday Stock Performance

Shares of WDAY stock opened at $233.32 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The company has a market cap of $62.06 billion, a P/E ratio of 38.69, a P/E/G ratio of 3.55 and a beta of 1.32. Workday has a one year low of $199.81 and a one year high of $294.00. The firm has a 50-day moving average of $246.70 and a 200-day moving average of $252.65.

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

Insider Transactions at Workday

In other Workday news, major shareholder David A. Duffield sold 81,275 shares of the firm’s stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $214.68, for a total transaction of $17,448,117.00. Following the sale, the insider now directly owns 102,997 shares of the company’s stock, valued at $22,111,395.96. This trade represents a 44.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sayan Chakraborty sold 6,056 shares of Workday stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $265.50, for a total transaction of $1,607,868.00. Following the sale, the insider now owns 111,324 shares in the company, valued at approximately $29,556,522. The trade was a 5.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 321,724 shares of company stock worth $77,976,126 in the last three months. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of WDAY. Vanguard Group Inc. lifted its position in Workday by 28.9% in the fourth quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock worth $5,197,447,000 after buying an additional 4,517,272 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in Workday during the 4th quarter worth about $658,735,000. Norges Bank purchased a new stake in Workday during the fourth quarter worth $645,710,000. Parnassus Investments LLC boosted its position in Workday by 562.2% during the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker’s stock valued at $631,589,000 after purchasing an additional 2,078,097 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Workday by 61.9% in the 4th quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock valued at $1,193,105,000 after buying an additional 1,772,223 shares in the last quarter. 89.81% of the stock is currently 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.