Workday (NASDAQ:WDAY) Given “Buy” Rating at Needham & Company LLC

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $300.00 price objective on the software maker’s stock. Needham & Company LLC’s price target points to a potential upside of 12.04% from the company’s current price.

Several other equities analysts also recently issued reports on WDAY. The Goldman Sachs Group upped their target price on Workday from $300.00 to $305.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Bank of America upped their target price on Workday from $265.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Citigroup cut their target price on Workday from $274.00 to $270.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 25th. Canaccord Genuity Group reissued a “buy” rating and issued a $300.00 target price on shares of Workday in a research report on Friday, September 13th. Finally, Wells Fargo & Company upped their price target on shares of Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $289.46.

Workday Stock Performance

Shares of WDAY stock opened at $267.75 on Monday. The business’s fifty day simple moving average is $247.71 and its 200-day simple moving average is $236.89. The company has a market cap of $70.95 billion, a PE ratio of 46.65, a PEG ratio of 5.31 and a beta of 1.35. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. Workday has a 12-month low of $199.81 and a 12-month high of $311.28.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.10. The business had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.07 billion. Workday had a return on equity of 5.34% and a net margin of 19.59%. The business’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.40 earnings per share. Analysts expect that Workday will post 2.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder David A. Duffield sold 66,492 shares of the stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 102,997 shares of the company’s stock, valued at approximately $26,902,816.40. This trade represents a 39.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $255.45, for a total transaction of $1,915,875.00. Following the transaction, the director now directly owns 90,000 shares of the company’s stock, valued at $22,990,500. The trade was a 7.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 359,954 shares of company stock valued at $88,742,132. Company insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WDAY. ORG Partners LLC lifted its position in shares of Workday by 3,717.9% during the 2nd quarter. ORG Partners LLC now owns 3,207 shares of the software maker’s stock worth $721,000 after purchasing an additional 3,123 shares during the last quarter. Grafton Street Partners Fund LP purchased a new stake in shares of Workday during the 3rd quarter worth $4,424,000. ICICI Prudential Asset Management Co Ltd lifted its position in shares of Workday by 32.4% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock worth $7,791,000 after purchasing an additional 7,802 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Workday by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock worth $384,518,000 after purchasing an additional 118,180 shares during the last quarter. Finally, Atria Investments Inc raised its stake in Workday by 19.3% during the 3rd quarter. Atria Investments Inc now owns 44,324 shares of the software maker’s stock worth $10,833,000 after acquiring an additional 7,175 shares in the last quarter. Hedge funds and other institutional investors 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.