BMO Capital Markets Issues Positive Forecast for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its target price upped by analysts at BMO Capital Markets from $300.00 to $314.00 in a research note issued on Thursday,Briefing.com Automated Import reports. The firm currently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ price target suggests a potential upside of 15.83% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Scotiabank began coverage on Workday in a research note on Monday, November 18th. They set a “sector outperform” rating and a $340.00 target price for the company. UBS Group increased their price target on Workday from $255.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday. Royal Bank of Canada boosted their price target on shares of Workday from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Wednesday. StockNews.com downgraded Workday from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. Finally, Redburn Atlantic assumed coverage on shares of Workday in a report on Wednesday, February 19th. They set a “neutral” rating for the company. Ten investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $301.61.

Workday Stock Performance

NASDAQ:WDAY opened at $271.09 on Thursday. Workday has a 1 year low of $199.81 and a 1 year high of $298.50. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average of $260.01 and a 200-day moving average of $254.24. The stock has a market capitalization of $72.11 billion, a P/E ratio of 44.96, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35.

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

Insider Transactions at Workday

In other news, major shareholder David A. Duffield sold 70,090 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $254.53, for a total transaction of $17,840,007.70. Following the completion of the sale, the insider now owns 102,997 shares of the company’s stock, valued at $26,215,826.41. This represents a 40.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 472 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $248.24, for a total value of $117,169.28. Following the completion of the transaction, the chief accounting officer now owns 35,408 shares of the company’s stock, valued at $8,789,681.92. The trade was a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 438,819 shares of company stock valued at $113,142,592. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in WDAY. Vanguard Group Inc. increased its stake in shares of Workday by 28.9% in the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock valued at $5,197,447,000 after acquiring an additional 4,517,272 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Workday by 10.7% during the 3rd quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock valued at $1,218,415,000 after buying an additional 480,459 shares during the last quarter. State Street Corp boosted its holdings in Workday by 1.4% in the 3rd quarter. State Street Corp now owns 4,842,729 shares of the software maker’s stock worth $1,183,611,000 after buying an additional 67,380 shares during the period. Geode Capital Management LLC grew its holdings in Workday by 61.9% during 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. Finally, The Manufacturers Life Insurance Company boosted its stake in Workday by 60.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker’s stock valued at $960,454,000 after buying an additional 1,406,088 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.