Workday (NASDAQ:WDAY) Given New $250.00 Price Target at Morgan Stanley

Workday (NASDAQ:WDAY) had its target price lowered by Morgan Stanley from $275.00 to $250.00 in a report issued on Wednesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the software maker’s stock.

WDAY has been the topic of a number of other research reports. UBS Group increased their target price on Workday from $255.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Piper Sandler boosted their target price on shares of Workday from $270.00 to $290.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Stifel Nicolaus boosted their price objective on shares of Workday from $270.00 to $310.00 and gave the company a “hold” rating in a report on Wednesday, February 26th. Canaccord Genuity Group raised their target price on shares of Workday from $300.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, February 26th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price target on shares of Workday in a research report on Monday, March 24th. Ten equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $296.25.

Workday Stock Performance

Shares of NASDAQ WDAY opened at $227.71 on Wednesday. Workday has a 12 month low of $199.81 and a 12 month high of $294.00. The stock has a 50 day moving average of $245.82 and a 200-day moving average of $252.48. 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 company has a market capitalization of $60.57 billion, a P/E ratio of 37.76, a P/E/G ratio of 3.55 and a beta of 1.32.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($1.27). The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. As a group, equities research analysts predict that Workday will post 2.63 EPS for the current year.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 81,275 shares of the 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 sale, the insider now directly owns 102,997 shares in the company, valued at $22,111,395.96. This represents a 44.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 497 shares of Workday stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $226.55, for a total value of $112,595.35. Following the transaction, the chief accounting officer now directly owns 34,385 shares in the company, valued at $7,789,921.75. The trade was a 1.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 321,724 shares of company stock worth $77,976,126 in the last quarter. 20.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Workday

A number of hedge funds have recently made changes to their positions in WDAY. Vanguard Group Inc. increased its position in Workday by 28.9% during 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 purchasing an additional 4,517,272 shares during the period. T. Rowe Price Investment Management Inc. bought a new stake in shares of Workday in the 4th quarter valued at $658,735,000. Norges Bank acquired a new stake in shares of Workday during the fourth quarter worth $645,710,000. Parnassus Investments LLC increased its position in shares of Workday by 562.2% during the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker’s stock worth $631,589,000 after buying an additional 2,078,097 shares during the period. Finally, Geode Capital Management LLC raised its stake in Workday by 61.9% during the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock worth $1,193,105,000 after buying an additional 1,772,223 shares during 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.