Citigroup Issues Pessimistic Forecast for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its target price reduced by equities researchers at Citigroup from $287.00 to $270.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Citigroup’s price objective points to a potential upside of 7.51% from the company’s previous close.

Other equities analysts have also issued research reports about the company. JMP Securities reissued a “market outperform” rating and set a $315.00 target price on shares of Workday in a research note on Thursday, September 19th. Royal Bank of Canada raised their price objective on shares of Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Loop Capital cut their target price on shares of Workday from $270.00 to $242.00 and set a “hold” rating on the stock in a research note on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft raised shares of Workday from a “hold” rating to a “buy” rating and raised their price target for the company from $265.00 to $300.00 in a research report on Wednesday, January 8th. Finally, StockNews.com lowered Workday from a “buy” rating to a “hold” rating in a research report on Monday. Eight analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, Workday has an average rating of “Moderate Buy” and an average price target of $292.25.

Workday Trading Up 1.0 %

WDAY traded up $2.57 on Thursday, hitting $251.14. The company had a trading volume of 819,926 shares, compared to its average volume of 2,030,556. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The firm has a market cap of $66.80 billion, a P/E ratio of 41.68, a PEG ratio of 4.51 and a beta of 1.34. The company’s fifty day moving average price is $262.75 and its 200 day moving average price is $246.44. Workday has a 1 year low of $199.81 and a 1 year high of $311.28.

Workday (NASDAQ:WDAY) last posted its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.13. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.47 EPS. As a group, equities analysts expect that Workday will post 2.64 earnings per share for the current year.

Insider Activity

In related news, major shareholder David A. Duffield sold 70,090 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $254.53, for a total transaction of $17,840,007.70. Following the completion of the sale, the insider now directly owns 102,997 shares of the company’s stock, valued at $26,215,826.41. This trade represents a 40.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 472 shares of Workday stock in a transaction on Monday, January 13th. The shares were sold at an average price of $248.24, for a total transaction of $117,169.28. Following the completion of the transaction, the chief accounting officer now owns 35,408 shares in the company, valued at approximately $8,789,681.92. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 438,819 shares of company stock valued at $113,142,592. 20.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its stake in shares of Workday by 65.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 273 shares of the software maker’s stock worth $70,000 after buying an additional 108 shares in the last quarter. UMB Bank n.a. raised its position in Workday by 10.9% in the fourth quarter. UMB Bank n.a. now owns 1,060 shares of the software maker’s stock worth $274,000 after acquiring an additional 104 shares in the last quarter. Diversify Advisory Services LLC lifted its holdings in Workday by 17.9% in the fourth quarter. Diversify Advisory Services LLC now owns 11,263 shares of the software maker’s stock valued at $2,812,000 after acquiring an additional 1,713 shares during the period. Evanson Asset Management LLC boosted its position in shares of Workday by 45.0% during the 4th quarter. Evanson Asset Management LLC now owns 2,992 shares of the software maker’s stock worth $772,000 after purchasing an additional 929 shares in the last quarter. Finally, Grove Bank & Trust grew its stake in shares of Workday by 3.0% during the 4th quarter. Grove Bank & Trust now owns 7,791 shares of the software maker’s stock worth $2,010,000 after purchasing an additional 227 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

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.