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

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a note issued to investors on Monday, Marketbeat Ratings reports. They currently have a $230.00 price objective on the software maker’s stock. Needham & Company LLC’s price target would suggest a potential upside of 23.23% from the company’s current price.

WDAY has been the topic of several other research reports. Royal Bank Of Canada upped their target price on Workday from $220.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, August 28th. Piper Sandler upped their target price on Workday from $145.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, August 28th. BTIG Research downgraded Workday from a “buy” rating to a “neutral” rating in a report on Monday, August 17th. TD Cowen cut their price objective on Workday from $220.00 to $210.00 and set a “hold” rating for the company in a report on Friday, August 28th. Finally, DA Davidson boosted their price objective on shares of Workday from $135.00 to $190.00 and gave the stock a “neutral” rating in a research note on Friday, August 28th. Twenty investment analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $206.34.

Workday Trading Up 0.1%

NASDAQ WDAY traded up $0.09 on Monday, hitting $186.64. The company’s stock had a trading volume of 270,729 shares, compared to its average volume of 4,749,234. The firm has a market cap of $44.98 billion, a PE ratio of 37.88, a PEG ratio of 1.89 and a beta of 1.07. Workday has a 1-year low of $110.36 and a 1-year high of $247.40. The company’s 50-day moving average is $188.46 and its 200 day moving average is $150.56. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.31.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, August 27th. The software maker reported $2.75 earnings per share for the quarter, beating analysts’ consensus estimates of $2.61 by $0.14. The business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.64 billion. Workday had a return on equity of 20.95% and a net margin of 12.32%.The company’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.21 EPS. As a group, analysts predict that Workday will post 5.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 918 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $142.19, for a total transaction of $130,530.42. Following the completion of the sale, the chief accounting officer owned 73,718 shares in the company, valued at approximately $10,481,962.42. This represents a 1.23% decrease in their position. The sale was disclosed in a legal 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. Also, major shareholder David A. Duffield sold 107,500 shares of the business’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $136.74, for a total value of $14,699,550.00. Following the transaction, the insider directly owned 105,049 shares of the company’s stock, valued at $14,364,400.26. This represents a 50.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 882,438 shares of company stock worth $163,516,891. Corporate insiders own 18.64% of the company’s stock.

Institutional Investors Weigh In On Workday

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Lakehouse Capital Pty Ltd boosted its stake in Workday by 77.9% during the 3rd quarter. Lakehouse Capital Pty Ltd now owns 43,773 shares of the software maker’s stock worth $8,337,000 after purchasing an additional 19,174 shares during the last quarter. Plato Investment Management Ltd acquired a new position in Workday during the 2nd quarter worth $1,115,000. S&CO Inc. purchased a new stake in shares of Workday during the 2nd quarter worth about $2,284,000. Sapient Capital LLC acquired a new stake in shares of Workday in the 2nd quarter valued at $13,045,000. Finally, Aurora Investment Counsel bought a new position in shares of Workday during the fourth quarter worth $2,357,000. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Workday Company Profile

Workday, Inc develops cloud-based enterprise software for managing an organization’s people, finances and operations. Its platform is primarily used by businesses, government agencies and educational institutions to support human resources, finance, planning, analytics and related administrative processes.

The company’s offerings include Workday Human Capital Management, Financial Management, Adaptive Planning, Spend Management, payroll, recruiting, talent management, learning and workforce analytics.