Workday (NASDAQ:WDAY) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Workday (NASDAQ:WDAY) from a hold rating to a buy rating in a research report sent to investors on Monday morning.

WDAY has been the subject of a number of other research reports. Oppenheimer restated an “outperform” rating and set a $300.00 price objective on shares of Workday in a research report on Tuesday, December 3rd. Barclays lowered their price target on shares of Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a research report on Wednesday, November 27th. BMO Capital Markets reiterated an “outperform” rating and issued a $300.00 price objective on shares of Workday in a research report on Wednesday, September 18th. Needham & Company LLC restated a “buy” rating and issued a $300.00 target price on shares of Workday in a research report on Monday, November 25th. Finally, Wells Fargo & Company lifted their price target on Workday from $300.00 to $330.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Seven investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat, Workday has a consensus rating of “Moderate Buy” and an average target price of $292.25.

Workday Trading Up 2.0 %

WDAY opened at $254.69 on Monday. The stock has a market capitalization of $67.75 billion, a PE ratio of 42.24, a P/E/G ratio of 5.04 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. Workday has a 12-month low of $199.81 and a 12-month high of $311.28. The firm’s fifty day moving average price is $261.93 and its 200 day moving average price is $245.44.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. Workday had a return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period last year, the firm earned $0.47 earnings per share. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, research analysts expect that Workday will post 2.58 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Wayne A.I. Frederick sold 1,828 shares of Workday stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $241.85, for a total transaction of $442,101.80. Following the transaction, the director now owns 8,674 shares of the company’s stock, valued at $2,097,806.90. This trade represents a 17.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $242.01, for a total transaction of $13,552,560.00. Following the transaction, the insider now owns 281,000 shares of the company’s stock, valued at approximately $68,004,810. This represents a 16.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 370,085 shares of company stock valued at $95,380,557. 20.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Workday

Large investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its holdings in Workday by 79.1% during the second quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock worth $514,637,000 after acquiring an additional 1,016,394 shares in the last quarter. Two Sigma Advisers LP raised its holdings in Workday by 1,094.2% during the 3rd quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker’s stock worth $150,019,000 after buying an additional 562,400 shares during the period. Janus Henderson Group PLC increased its position in shares of Workday by 10.7% during the third quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock worth $1,218,415,000 after acquiring an additional 480,459 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in Workday in the 3rd quarter valued at $78,003,000. Finally, D1 Capital Partners L.P. raised its stake in shares of Workday by 152.1% in the 2nd quarter. D1 Capital Partners L.P. now owns 518,000 shares of the software maker’s stock valued at $115,804,000 after purchasing an additional 312,500 shares during the period. Institutional investors own 89.81% of the company’s stock.

About Workday

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.