Workday (NASDAQ:WDAY) Stock Price Expected to Rise, Piper Sandler Analyst Says

Workday (NASDAQ:WDAY) had its price target raised by research analysts at Piper Sandler from $270.00 to $290.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price objective suggests a potential upside of 11.29% from the stock’s previous close.

WDAY has been the topic of several other research reports. Scotiabank initiated coverage on Workday in a report on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised Workday from a “hold” rating to a “buy” rating and increased their target price for the stock from $265.00 to $300.00 in a research report on Wednesday, January 8th. Guggenheim raised shares of Workday from a “sell” rating to a “neutral” rating in a report on Monday, January 6th. Morgan Stanley downgraded shares of Workday from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $330.00 to $275.00 in a research report on Wednesday, February 19th. Finally, StockNews.com lowered shares of Workday from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Ten analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Workday presently has a consensus rating of “Moderate Buy” and a consensus target price of $302.14.

Workday Stock Performance

Workday stock opened at $260.57 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. Workday has a 12 month low of $199.81 and a 12 month high of $298.50. The company has a fifty day moving average price of $259.89 and a two-hundred day moving average price of $254.28. The company has a market cap of $69.31 billion, a PE ratio of 43.21, a P/E/G ratio of 3.55 and a beta of 1.35.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). Workday had a net margin of 19.86% and a return on equity of 6.13%. The business had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. Research analysts expect that Workday will post 2.63 earnings per share for the current year.

Insider Buying and Selling at Workday

In other news, CAO Mark S. Garfield sold 472 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the completion of the sale, the chief accounting officer now directly owns 35,408 shares of the company’s stock, valued at $8,789,681.92. This represents a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Carl M. Eschenbach sold 6,250 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $253.86, for a total value of $1,586,625.00. Following the completion of the transaction, the chief executive officer now owns 13,972 shares of the company’s stock, valued at $3,546,931.92. This trade represents a 30.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 433,321 shares of company stock valued at $111,763,803. Corporate insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Workday

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake 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. Janus Henderson Group PLC raised its position in Workday by 10.7% during the third 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 period. State Street Corp lifted its stake 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 acquiring an additional 67,380 shares in the last quarter. Geode Capital Management LLC boosted its position 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 worth $1,193,105,000 after acquiring an additional 1,772,223 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in Workday by 60.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker’s stock valued at $960,454,000 after acquiring an additional 1,406,088 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.