Needham & Company LLC Reaffirms Buy Rating for Workday (NASDAQ:WDAY)

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $300.00 price objective on the software maker’s stock. Needham & Company LLC’s price objective points to a potential upside of 10.27% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Morgan Stanley cut their price target on Workday from $275.00 to $250.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Oppenheimer increased their target price on Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. BMO Capital Markets increased their price target on Workday from $300.00 to $314.00 and gave the company an “outperform” rating in a report on Thursday, February 27th. BNP Paribas upgraded Workday to a “strong-buy” rating in a research report on Friday, February 14th. Finally, The Goldman Sachs Group lifted their target price on Workday from $310.00 to $345.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Nine analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $293.62.

Workday Price Performance

Shares of WDAY stock opened at $272.07 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $294.00. The firm has a market cap of $72.37 billion, a P/E ratio of 45.12, a P/E/G ratio of 3.55 and a beta of 1.30. The business’s 50 day moving average price is $242.85 and its 200-day moving average price is $254.22.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.22. Workday had a return on equity of 6.13% and a net margin of 19.86%. Workday’s revenue was up 12.6% on a year-over-year basis. During the same period last year, the business earned $1.74 earnings per share. On average, equities research analysts anticipate that Workday will post 2.63 earnings per share for the current year.

Insider Buying and Selling at Workday

In related news, major shareholder David A. Duffield sold 81,275 shares of the business’s stock in a transaction that occurred 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 owns 102,997 shares in the company, valued at approximately $22,111,395.96. The trade was a 44.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Carl M. Eschenbach sold 3,125 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $234.61, for a total value of $733,156.25. Following the completion of the sale, the chief executive officer now owns 10,847 shares of the company’s stock, valued at $2,544,814.67. The trade was a 22.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold 321,724 shares of company stock worth $77,976,126 over the last 90 days. Company insiders own 19.31% of the company’s stock.

Institutional Trading of Workday

A number of large investors have recently modified their holdings of WDAY. Roxbury Financial LLC purchased a new stake in Workday during the fourth quarter worth $25,000. Crews Bank & Trust purchased a new stake in Workday during the fourth quarter worth $26,000. Avion Wealth lifted its holdings in Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock worth $27,000 after buying an additional 86 shares during the period. Cornerstone Planning Group LLC lifted its holdings in Workday by 76.1% during the first quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker’s stock worth $28,000 after buying an additional 54 shares during the period. Finally, Dagco Inc. purchased a new stake in Workday during the first quarter worth $31,000. Hedge funds and other institutional investors 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.