Loop Capital Cuts Workday (NASDAQ:WDAY) Price Target to $242.00

Workday (NASDAQ:WDAY) had its price target cut by Loop Capital from $270.00 to $242.00 in a report issued on Wednesday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

Several other brokerages also recently weighed in on WDAY. Barclays reduced their target price on Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a research note on Wednesday. Scotiabank assumed coverage on shares of Workday in a research report on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 target price on the stock. KeyCorp raised their price target on shares of Workday from $275.00 to $305.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Bank of America cut their price objective on Workday from $310.00 to $285.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Stifel Nicolaus raised their target price on Workday from $250.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $288.14.

Workday Price Performance

Shares of NASDAQ WDAY opened at $249.99 on Wednesday. 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 $66.25 billion, a price-to-earnings ratio of 41.46, a PEG ratio of 5.03 and a beta of 1.35. The firm’s 50 day simple moving average is $248.77 and its 200-day simple moving average is $237.46. Workday has a 12 month low of $199.81 and a 12 month high of $311.28.

Workday (NASDAQ:WDAY) last released its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating the consensus estimate of $1.76 by $0.13. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.21%. The firm’s revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the business earned $0.47 earnings per share. Analysts expect that Workday will post 2.4 EPS for the current year.

Insider Activity

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of Workday stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $255.45, for a total transaction of $1,915,875.00. Following the completion of the sale, the director now directly owns 90,000 shares in the company, valued at $22,990,500. This trade represents a 7.69 % decrease in their ownership of the stock. The sale 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 66,492 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 in the company, valued at approximately $26,902,816.40. This represents a 39.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 359,954 shares of company stock valued at $88,742,132 in the last quarter. Insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new stake in shares of Workday in the third quarter valued at $26,000. SouthState Corp boosted its holdings in Workday by 614.3% during the 2nd quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after acquiring an additional 129 shares during the period. Crewe Advisors LLC grew its position in Workday by 56.6% in the 2nd quarter. Crewe Advisors LLC now owns 155 shares of the software maker’s stock valued at $35,000 after acquiring an additional 56 shares in the last quarter. Goodman Advisory Group LLC purchased a new stake in Workday during the second quarter worth about $35,000. Finally, Meeder Asset Management Inc. lifted its position in shares of Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after purchasing an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

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.