Workday (NASDAQ:WDAY) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Workday (NASDAQ:WDAY) in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a $300.00 price objective on the software maker’s stock.

Several other analysts have also recently commented on WDAY. Oppenheimer reiterated an “outperform” rating and issued a $300.00 price objective on shares of Workday in a research note on Tuesday, December 3rd. Royal Bank of Canada boosted their price target on Workday from $300.00 to $320.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 18th. Morgan Stanley lifted their price objective on Workday from $315.00 to $330.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Citigroup decreased their target price on Workday from $287.00 to $270.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Finally, Piper Sandler restated a “neutral” rating and issued a $270.00 price target (down previously from $285.00) on shares of Workday in a research report on Wednesday, November 27th. Eight analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $292.43.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $277.82 on Thursday. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average price of $261.15 and a 200 day moving average price of $249.72. Workday has a 52 week low of $199.81 and a 52 week high of $311.28. The company has a market cap of $73.90 billion, a P/E ratio of 46.07, a PEG ratio of 4.73 and a beta of 1.35.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 earnings per share 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 firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the company posted $0.47 earnings per share. Workday’s quarterly revenue was up 15.8% on a year-over-year basis. Research analysts predict that Workday will post 2.63 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction on Monday, January 13th. The shares were sold at an average price of $246.42, for a total transaction of $13,799,520.00. Following the transaction, the insider now owns 60,000 shares in the company, valued at approximately $14,785,200. The trade was a 48.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 472 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $248.24, for a total value of $117,169.28. Following the completion of the transaction, the chief accounting officer now directly owns 35,408 shares in the company, valued at $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. In the last ninety days, insiders have sold 438,819 shares of company stock valued at $113,142,592. 20.00% of the stock is currently owned by company insiders.

Institutional Trading of Workday

Several large investors have recently bought and sold shares of WDAY. Roxbury Financial LLC purchased a new position in shares of Workday in the fourth quarter valued at $25,000. Capital Performance Advisors LLP acquired a new position in Workday in the 3rd quarter worth $26,000. Crews Bank & Trust purchased a new position in Workday in the 4th quarter valued at about $26,000. Avion Wealth grew its stake in shares of Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock valued at $27,000 after acquiring an additional 86 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in shares of Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after acquiring an additional 43 shares during the last quarter. Institutional investors and hedge funds 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.