Piper Sandler Issues Pessimistic Forecast for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its target price reduced by equities researchers at Piper Sandler from $290.00 to $230.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s target price suggests a potential downside of 2.90% from the stock’s current price.

A number of other analysts have also weighed in on WDAY. JMP Securities restated a “market outperform” rating and issued a $315.00 target price on shares of Workday in a research note on Thursday, February 6th. JPMorgan Chase & Co. boosted their target price on shares of Workday from $285.00 to $310.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Citigroup reduced their target price on shares of Workday from $287.00 to $270.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Morgan Stanley lowered their price target on shares of Workday from $275.00 to $250.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Finally, KeyCorp lifted their price objective on Workday from $305.00 to $335.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Ten analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $292.86.

Workday Stock Performance

Shares of NASDAQ:WDAY opened at $236.87 on Wednesday. The stock has a market capitalization of $63.01 billion, a price-to-earnings ratio of 39.28, a price-to-earnings-growth ratio of 3.55 and a beta of 1.32. The business’s fifty day moving average price is $241.26 and its two-hundred day moving average price is $251.77. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $294.00. 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 (NASDAQ:WDAY) last posted its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). The firm 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, analysts predict that Workday will post 2.63 EPS for the current fiscal year.

Insider Transactions at Workday

In related news, insider Sayan Chakraborty sold 6,056 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $265.50, for a total transaction of $1,607,868.00. Following the sale, the insider now directly owns 111,324 shares in the company, valued at $29,556,522. This trade represents a 5.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 497 shares of the company’s stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $226.55, for a total transaction of $112,595.35. Following the completion of the transaction, the chief accounting officer now directly owns 34,385 shares of the company’s stock, valued at approximately $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 have sold a total of 321,724 shares of company stock valued at $77,976,126 over the last 90 days. 20.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Workday

Large investors have recently bought and sold shares of the company. Simplicity Wealth LLC raised its position in shares of Workday by 3.0% during the fourth quarter. Simplicity Wealth LLC now owns 1,277 shares of the software maker’s stock worth $330,000 after acquiring an additional 37 shares during the last quarter. Marcum Wealth LLC raised its holdings in Workday by 4.4% during the 4th quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock worth $249,000 after purchasing an additional 41 shares during the last quarter. Custom Index Systems LLC raised its holdings in Workday by 3.0% during the 4th quarter. Custom Index Systems LLC now owns 1,412 shares of the software maker’s stock worth $364,000 after purchasing an additional 41 shares during the last quarter. AllSquare Wealth Management LLC lifted its position in shares of Workday by 19.4% in the 4th quarter. AllSquare Wealth Management LLC now owns 252 shares of the software maker’s stock worth $65,000 after purchasing an additional 41 shares during the period. Finally, CreativeOne Wealth LLC boosted its stake in shares of Workday by 1.5% in the 4th quarter. CreativeOne Wealth LLC now owns 2,889 shares of the software maker’s stock valued at $745,000 after purchasing an additional 43 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.