Workday (NASDAQ:WDAY) Now Covered by Analysts at Bank of America

Equities research analysts at Bank of America assumed coverage on shares of Workday (NASDAQ:WDAY) in a report issued on Wednesday. The firm set a “neutral” rating and a $140.00 price target on the software maker’s stock. Bank of America‘s price target indicates a potential upside of 9.98% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler increased their target price on shares of Workday from $135.00 to $145.00 and gave the stock a “neutral” rating in a research report on Friday, May 22nd. Needham & Company LLC dropped their price objective on shares of Workday from $300.00 to $180.00 and set a “buy” rating for the company in a report on Friday, May 22nd. Citizens Jmp cut shares of Workday from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 18th. Citigroup reissued a “market perform” rating on shares of Workday in a report on Friday, May 22nd. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Workday in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.03.

Workday Price Performance

Shares of WDAY stock traded up $3.28 during mid-day trading on Wednesday, reaching $127.30. The company’s stock had a trading volume of 453,321 shares, compared to its average volume of 5,085,999. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.01. The firm’s 50-day moving average is $125.61 and its two-hundred day moving average is $167.29. Workday has a 1-year low of $110.36 and a 1-year high of $257.09. The company has a market cap of $32.72 billion, a P/E ratio of 39.77, a PEG ratio of 1.24 and a beta of 1.04.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share for the quarter, beating analysts’ consensus estimates of $2.51 by $0.15. The business had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.52 billion. Workday had a net margin of 8.60% and a return on equity of 14.75%. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.23 earnings per share. On average, research analysts predict that Workday will post 5.12 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $128.22, for a total value of $769,320.00. Following the completion of the sale, the chief financial officer directly owned 217,930 shares of the company’s stock, valued at approximately $27,942,984.60. This trade represents a 2.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Gerrit S. Kazmaier sold 9,356 shares of the company’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $128.39, for a total value of $1,201,216.84. Following the transaction, the insider directly owned 165,074 shares in the company, valued at $21,193,850.86. This trade represents a 5.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 989,814 shares of company stock worth $131,576,291. 18.64% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Workday

Several institutional investors have recently modified their holdings of the business. Rakuten Securities Inc. acquired a new position in Workday in the second quarter valued at approximately $25,000. Measured Wealth Private Client Group LLC acquired a new stake in Workday during the 3rd quarter worth $26,000. JPL Wealth Management LLC acquired a new stake in Workday during the 3rd quarter worth $30,000. DT Investment Partners LLC bought a new stake in shares of Workday during the 4th quarter valued at $27,000. Finally, LRI Investments LLC acquired a new position in shares of Workday in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 89.81% of the company’s stock.

Workday Company Profile

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.