Workday’s (WDAY) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Workday (NASDAQ:WDAY) in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a $350.00 target price on the software maker’s stock.

Several other research analysts also recently weighed in on WDAY. Barclays lowered their target price on Workday from $326.00 to $316.00 and set an overweight rating on the stock in a research note on Tuesday, February 27th. BMO Capital Markets raised their target price on Workday from $290.00 to $338.00 and gave the company an outperform rating in a report on Tuesday, February 13th. Piper Sandler reiterated an overweight rating and issued a $330.00 price target on shares of Workday in a report on Monday, February 26th. UBS Group decreased their price objective on shares of Workday from $315.00 to $300.00 and set a neutral rating on the stock in a report on Tuesday, February 27th. Finally, The Goldman Sachs Group increased their target price on shares of Workday from $270.00 to $310.00 and gave the company a buy rating in a report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $283.96.

Workday Stock Down 15.3 %

Shares of NASDAQ:WDAY traded down $39.99 during trading hours on Friday, reaching $220.91. The stock had a trading volume of 15,622,846 shares, compared to its average volume of 2,392,779. Workday has a 1 year low of $192.68 and a 1 year high of $311.28. The firm’s 50 day moving average is $259.94 and its 200-day moving average is $268.90. The stock has a market capitalization of $58.32 billion, a price-to-earnings ratio of 39.80, a P/E/G ratio of 7.78 and a beta of 1.33. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.97 and a current ratio of 1.97.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Thursday, May 23rd. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.20. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.97 billion. Workday had a net margin of 19.66% and a return on equity of 6.02%. The company’s revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.16 EPS. Research analysts predict that Workday will post 1.76 earnings per share for the current fiscal year.

Insider Transactions at Workday

In related news, major shareholder David A. Duffield sold 64,329 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $268.85, for a total value of $17,294,851.65. Following the completion of the transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at approximately $27,690,743.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder David A. Duffield sold 65,221 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $268.29, for a total transaction of $17,498,142.09. Following the sale, the insider now owns 102,997 shares of the company’s stock, valued at $27,633,065.13. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder David A. Duffield sold 64,329 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $268.85, for a total value of $17,294,851.65. Following the completion of the sale, the insider now owns 102,997 shares of the company’s stock, valued at approximately $27,690,743.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 435,691 shares of company stock worth $117,731,569. 20.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Yousif Capital Management LLC raised its holdings in Workday by 4.9% during the 3rd quarter. Yousif Capital Management LLC now owns 2,266 shares of the software maker’s stock worth $487,000 after buying an additional 105 shares during the period. Private Advisor Group LLC increased its position in shares of Workday by 1.2% in the third quarter. Private Advisor Group LLC now owns 9,548 shares of the software maker’s stock worth $2,051,000 after acquiring an additional 112 shares in the last quarter. MGO One Seven LLC lifted its position in shares of Workday by 17.4% in the 3rd quarter. MGO One Seven LLC now owns 1,713 shares of the software maker’s stock valued at $368,000 after acquiring an additional 254 shares in the last quarter. Corient Private Wealth LLC boosted its stake in Workday by 10.6% in the 3rd quarter. Corient Private Wealth LLC now owns 33,330 shares of the software maker’s stock worth $7,254,000 after purchasing an additional 3,188 shares during the period. Finally, Signaturefd LLC grew its position in Workday by 9.4% during the 3rd quarter. Signaturefd LLC now owns 3,380 shares of the software maker’s stock worth $726,000 after purchasing an additional 291 shares in the last quarter. 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.