Analysts Set Workday, Inc. (NASDAQ:WDAY) PT at $297.68

Workday, Inc. (NASDAQ:WDAY) has earned a consensus rating of “Moderate Buy” from the twenty-eight ratings firms that are currently covering the firm, MarketBeat reports. Eight research analysts have rated the stock with a hold recommendation, eighteen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $297.68.

A number of research analysts have recently weighed in on WDAY shares. Loop Capital dropped their target price on Workday from $285.00 to $250.00 and set a “hold” rating on the stock in a report on Friday, May 23rd. Jefferies Financial Group dropped their target price on Workday from $350.00 to $325.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Morgan Stanley set a $255.00 target price on Workday and gave the company an “equal weight” rating in a report on Friday, May 23rd. DA Davidson raised their target price on Workday from $230.00 to $250.00 and gave the company a “neutral” rating in a report on Friday, May 23rd. Finally, Piper Sandler restated a “neutral” rating and issued a $255.00 target price (up previously from $230.00) on shares of Workday in a report on Friday, May 23rd.

Workday Stock Up 1.8%

Shares of NASDAQ:WDAY opened at $242.03 on Thursday. The business’s 50 day simple moving average is $249.27 and its two-hundred day simple moving average is $249.54. The firm has a market cap of $64.62 billion, a P/E ratio of 133.72, a PEG ratio of 3.65 and a beta of 1.21. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.07 and a current ratio of 2.07. Workday has a 52-week low of $199.81 and a 52-week high of $294.00.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.22. Workday had a return on equity of 8.00% and a net margin of 5.60%. The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same quarter last year, the company earned $1.74 earnings per share. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. As a group, research analysts forecast that Workday will post 2.63 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 497 shares of the firm’s stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $226.55, for a total value of $112,595.35. Following the completion of the transaction, the chief accounting officer directly owned 34,385 shares of the company’s stock, valued at $7,789,921.75. This trade represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder David A. Duffield sold 81,275 shares of the firm’s stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $214.68, for a total value of $17,448,117.00. Following the completion of the transaction, the insider directly owned 102,997 shares of the company’s stock, valued at $22,111,395.96. The trade was a 44.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 331,775 shares of company stock valued at $77,836,828 over the last three months. Insiders own 19.31% of the company’s stock.

Hedge Funds Weigh In On Workday

A number of large investors have recently made changes to their positions in WDAY. Cornerstone Planning Group LLC boosted its holdings in shares of Workday by 76.1% in the first quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker’s stock worth $28,000 after acquiring an additional 54 shares during the period. Dagco Inc. bought a new stake in Workday during the first quarter valued at $31,000. Farmers & Merchants Investments Inc. bought a new stake in Workday during the first quarter valued at $32,000. TCTC Holdings LLC bought a new stake in Workday during the fourth quarter valued at $35,000. Finally, Financial Management Professionals Inc. boosted its stake in Workday by 54.0% during the first quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker’s stock valued at $36,000 after buying an additional 54 shares during the period. 89.81% of the stock is 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.