Scotiabank Initiates Coverage on Workday (NASDAQ:WDAY)

Analysts at Scotiabank started coverage on shares of Workday (NASDAQ:WDAY) in a report issued on Monday,Benzinga reports. The firm set a “sector outperform” rating and a $340.00 price target on the software maker’s stock. Scotiabank’s target price points to a potential upside of 31.09% from the company’s previous close.

A number of other analysts have also weighed in on WDAY. Barclays raised their price target on shares of Workday from $286.00 to $289.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Deutsche Bank Aktiengesellschaft raised their price target on shares of Workday from $265.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 23rd. The Goldman Sachs Group raised their price target on shares of Workday from $300.00 to $305.00 and gave the company a “buy” rating in a report on Thursday, September 19th. KeyCorp raised their price target on shares of Workday from $275.00 to $305.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, DA Davidson lifted their target price on shares of Workday from $255.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Workday presently has an average rating of “Moderate Buy” and an average target price of $289.46.

Workday Price Performance

Shares of NASDAQ:WDAY traded down $0.05 during trading on Monday, reaching $259.36. The stock had a trading volume of 1,236,967 shares, compared to its average volume of 2,099,744. Workday has a 52 week low of $199.81 and a 52 week high of $311.28. The business’s 50-day moving average price is $246.74 and its 200 day moving average price is $236.48. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 2.04. The stock has a market capitalization of $68.73 billion, a PE ratio of 45.18, a P/E/G ratio of 5.15 and a beta of 1.35.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The company had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.07 billion. During the same quarter in the previous year, the company posted $0.40 earnings per share. Workday’s quarterly revenue was up 16.5% compared to the same quarter last year. As a group, equities analysts predict that Workday will post 2.4 earnings per share for the current year.

Insider Activity at Workday

In other Workday news, major shareholder David A. Duffield sold 66,492 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the sale, the insider now directly owns 102,997 shares of the company’s stock, valued at $26,902,816.40. The trade was a 39.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Richard Harry Sauer sold 3,134 shares of the company’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total transaction of $738,934.52. Following the completion of the sale, the insider now directly owns 85,795 shares in the company, valued at approximately $20,228,745.10. The trade was a 3.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 370,575 shares of company stock valued at $91,506,897. 20.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. TD Private Client Wealth LLC lifted its holdings in shares of Workday by 10.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 3,909 shares of the software maker’s stock worth $955,000 after acquiring an additional 356 shares during the period. Virtue Capital Management LLC boosted its position in Workday by 14.0% during the 3rd quarter. Virtue Capital Management LLC now owns 2,463 shares of the software maker’s stock worth $602,000 after buying an additional 303 shares during the period. Toronto Dominion Bank boosted its position in Workday by 33.1% during the 3rd quarter. Toronto Dominion Bank now owns 30,390 shares of the software maker’s stock worth $7,428,000 after buying an additional 7,562 shares during the period. Neo Ivy Capital Management acquired a new position in shares of Workday in the 3rd quarter worth approximately $1,690,000. Finally, Coldstream Capital Management Inc. lifted its position in shares of Workday by 10.5% in the 3rd quarter. Coldstream Capital Management Inc. now owns 2,391 shares of the software maker’s stock worth $597,000 after purchasing an additional 228 shares during the period. Institutional investors and hedge funds own 89.81% of the company’s stock.

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.