Workday (NASDAQ:WDAY) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of Workday (NASDAQ:WDAY) in a research report released on Friday morning, Benzinga reports. They currently have a $300.00 target price on the software maker’s stock.

Several other brokerages also recently commented on WDAY. Stifel Nicolaus boosted their target price on Workday from $250.00 to $270.00 and gave the stock a hold rating in a research note on Friday, August 23rd. Morgan Stanley lowered their target price on Workday from $325.00 to $315.00 and set an overweight rating for the company in a research note on Friday, August 23rd. Wells Fargo & Company upped their price objective on Workday from $260.00 to $300.00 and gave the company an overweight rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. lowered their price objective on Workday from $300.00 to $285.00 and set an overweight rating for the company in a research note on Friday, May 24th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $350.00 price objective on shares of Workday in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $288.15.

Workday Trading Down 0.3 %

Shares of Workday stock opened at $249.21 on Friday. Workday has a 52-week low of $199.81 and a 52-week high of $311.28. The firm has a 50-day moving average of $235.70 and a 200-day moving average of $242.70. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. The stock has a market cap of $66.04 billion, a PE ratio of 44.90, a PEG ratio of 5.40 and a beta of 1.35.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The business had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.07 billion. During the same quarter in the prior year, the business posted $0.40 earnings per share. Workday’s revenue was up 16.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Workday will post 2.27 EPS for the current year.

Insider Activity

In related news, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $218.58, for a total value of $12,240,480.00. Following the completion of the sale, the insider now owns 730,000 shares of the company’s stock, valued at approximately $159,563,400. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Workday news, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $218.58, for a total value of $12,240,480.00. Following the completion of the transaction, the insider now owns 730,000 shares in the company, valued at approximately $159,563,400. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder David A. Duffield sold 78,279 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $223.89, for a total value of $17,525,885.31. Following the completion of the transaction, the insider now owns 102,997 shares of the company’s stock, valued at approximately $23,059,998.33. The disclosure for this sale can be found here. Insiders sold a total of 466,402 shares of company stock valued at $107,992,034 in the last ninety days. 20.00% of the stock is currently owned by insiders.

Institutional Trading of Workday

Several institutional investors and hedge funds have recently made changes to their positions in WDAY. Dimensional Fund Advisors LP boosted its holdings in shares of Workday by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 199,304 shares of the software maker’s stock worth $55,020,000 after purchasing an additional 3,231 shares in the last quarter. Avantax Advisory Services Inc. boosted its stake in Workday by 28.7% in the fourth quarter. Avantax Advisory Services Inc. now owns 2,890 shares of the software maker’s stock worth $798,000 after buying an additional 644 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Workday by 13.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 20,703 shares of the software maker’s stock valued at $5,715,000 after acquiring an additional 2,527 shares during the last quarter. Foundations Investment Advisors LLC purchased a new position in shares of Workday during the fourth quarter worth approximately $229,000. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Workday by 28.0% in the 4th quarter. Quadrant Capital Group LLC now owns 604 shares of the software maker’s stock worth $167,000 after acquiring an additional 132 shares during the last quarter. Hedge funds and other 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.