Workday (NASDAQ:WDAY) Stock Rating Reaffirmed as “Buy” by Needham & Company LLC

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a report released on Monday, Marketbeat reports. They currently have a $230.00 target price on the software maker’s stock. Needham & Company LLC’s price target would indicate a potential upside of 23.37% from the company’s current price.

A number of other equities research analysts also recently issued reports on WDAY. Weiss Ratings raised Workday from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 18th. DA Davidson boosted their price target on Workday from $135.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, August 28th. Morgan Stanley boosted their price target on Workday from $145.00 to $180.00 and gave the company an “underweight” rating in a research report on Friday, August 28th. Royal Bank Of Canada boosted their price target on Workday from $220.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, August 28th. Finally, Wells Fargo & Company boosted their price target on Workday from $215.00 to $225.00 and gave the company an “overweight” rating in a research report on Friday, August 28th. Twenty analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Workday currently has a consensus rating of “Hold” and an average price target of $206.34.

Workday Trading Down 0.1%

Shares of NASDAQ:WDAY traded down $0.13 during midday trading on Monday, reaching $186.43. The company’s stock had a trading volume of 529,529 shares, compared to its average volume of 4,750,572. The firm has a market cap of $44.93 billion, a price-to-earnings ratio of 37.83, a price-to-earnings-growth ratio of 1.89 and a beta of 1.07. 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 has a 1 year low of $110.36 and a 1 year high of $247.40. The business has a 50 day moving average price of $188.46 and a 200 day moving average price of $150.56.

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

Insider Transactions at Workday

In other Workday news, CAO Mark S. Garfield sold 918 shares of the business’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $142.19, for a total transaction of $130,530.42. Following the transaction, the chief accounting officer owned 73,718 shares in the company, valued at $10,481,962.42. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 owned 105,049 shares in the company, valued at approximately $14,364,400.26. This represents a 50.58% 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. In the last 90 days, insiders have sold 882,438 shares of company stock worth $163,516,891. 18.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Baker Tilly Wealth Management LLC grew its stake in Workday by 5.5% during the third quarter. Baker Tilly Wealth Management LLC now owns 1,791 shares of the software maker’s stock valued at $341,000 after acquiring an additional 93 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in Workday by 10.6% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,004 shares of the software maker’s stock valued at $123,000 after acquiring an additional 96 shares in the last quarter. 180 Wealth Advisors LLC grew its stake in Workday by 5.6% during the second quarter. 180 Wealth Advisors LLC now owns 1,960 shares of the software maker’s stock valued at $240,000 after acquiring an additional 104 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in Workday by 26.3% during the second quarter. Parkside Financial Bank & Trust now owns 591 shares of the software maker’s stock valued at $72,000 after acquiring an additional 123 shares in the last quarter. Finally, Ashton Thomas Securities LLC grew its stake in Workday by 6.2% during the first quarter. Ashton Thomas Securities LLC now owns 2,206 shares of the software maker’s stock valued at $287,000 after acquiring an additional 128 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

About Workday

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.