Scotiabank Issues Positive Forecast for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its price target lifted by Scotiabank from $340.00 to $355.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a sector outperform rating on the software maker’s stock.

WDAY has been the subject of several other reports. Loop Capital boosted their target price on shares of Workday from $242.00 to $260.00 and gave the company a “hold” rating in a research report on Wednesday, February 19th. Bank of America decreased their price target on shares of Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Barclays decreased their price target on shares of Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a report on Wednesday, November 27th. Guggenheim reaffirmed a “neutral” rating on shares of Workday in a report on Wednesday. Finally, UBS Group lifted their price target on shares of Workday from $255.00 to $285.00 and gave the company a “neutral” rating in a report on Wednesday. Ten research 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $302.14.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $260.57 on Thursday. The firm has a 50 day moving average of $259.89 and a 200-day moving average of $254.28. The stock has a market capitalization of $69.31 billion, a PE ratio of 43.21, a PEG ratio of 3.55 and a beta of 1.35. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. Workday has a 12 month low of $199.81 and a 12 month high of $298.50.

Workday (NASDAQ:WDAY) last issued 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). The firm had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. On average, equities research analysts predict that Workday will post 2.63 EPS for the current fiscal year.

Insider Activity

In related news, CAO Mark S. Garfield sold 472 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $248.24, for a total transaction of $117,169.28. Following the transaction, the chief accounting officer now owns 35,408 shares in the company, valued at $8,789,681.92. The trade was a 1.32 % decrease in their position. 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 70,090 shares of the business’s 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 transaction, the insider now owns 102,997 shares in the company, valued at $26,215,826.41. The trade was a 40.49 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 433,321 shares of company stock valued at $111,763,803. 20.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of WDAY. Vanguard Group Inc. lifted its position in shares of 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 acquiring an additional 4,517,272 shares during the period. T. Rowe Price Investment Management Inc. acquired a new position in shares of Workday during the 4th quarter valued at $658,735,000. Norges Bank acquired a new position in Workday during the fourth quarter worth $645,710,000. Parnassus Investments LLC raised its holdings in 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 last quarter. Finally, Geode Capital Management LLC raised its holdings 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. 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.