Workday (NASDAQ:WDAY) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Workday (NASDAQ:WDAY) in a report released on Wednesday,Benzinga reports. They currently have a $300.00 price objective on the software maker’s stock.

A number of other brokerages have also recently issued reports on WDAY. Scotiabank lowered their price objective on Workday from $355.00 to $305.00 and set a “sector outperform” rating for the company in a research note on Monday, March 17th. Oppenheimer lifted their price objective on Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. boosted their price target on Workday from $285.00 to $310.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Citigroup cut Workday from a “neutral” rating to a “mixed” rating in a research note on Friday, May 16th. Finally, Guggenheim restated a “neutral” rating on shares of Workday in a research note on Wednesday, February 26th. Nine research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $293.62.

Workday Stock Down 1.9%

Shares of NASDAQ:WDAY opened at $268.54 on Wednesday. The stock has a fifty day simple moving average of $242.42 and a two-hundred day simple moving average of $254.01. The stock has a market capitalization of $71.43 billion, a price-to-earnings ratio of 44.53, a PEG ratio of 3.55 and a beta of 1.30. Workday has a 12-month low of $199.81 and a 12-month high of $294.00. 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 (NASDAQ:WDAY) last announced its quarterly earnings data 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 company had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. On average, research analysts anticipate that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Activity at Workday

In related news, insider Sayan Chakraborty sold 6,056 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $265.50, for a total transaction of $1,607,868.00. Following the completion of the transaction, the insider now directly owns 111,324 shares in the company, valued at approximately $29,556,522. The trade was a 5.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 497 shares of the business’s stock in a transaction that occurred on Thursday, April 10th. The shares were sold at an average price of $226.55, for a total value of $112,595.35. Following the transaction, the chief accounting officer now owns 34,385 shares of the company’s stock, valued at approximately $7,789,921.75. This trade represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 321,724 shares of company stock worth $77,976,126. 19.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On Workday

Hedge funds have recently made changes to their positions in the business. Roxbury Financial LLC bought a new position in shares of Workday in the fourth quarter worth about $25,000. Crews Bank & Trust bought a new position in shares of Workday in the fourth quarter worth about $26,000. Avion Wealth boosted its stake in shares of Workday by 452.6% in the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock worth $27,000 after acquiring an additional 86 shares during the period. Cornerstone Planning Group LLC boosted its stake in shares of Workday by 76.1% in the first quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker’s stock worth $28,000 after acquiring an additional 54 shares during the period. Finally, Dagco Inc. bought a new position in shares of Workday in the first quarter worth about $31,000. 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.