Workday (NASDAQ:WDAY) Stock Rating Lowered by Morgan Stanley

Morgan Stanley downgraded shares of Workday (NASDAQ:WDAY) from an overweight rating to an equal weight rating in a research note released on Wednesday morning, MarketBeat.com reports. The firm currently has $275.00 price objective on the software maker’s stock, down from their prior price objective of $330.00.

A number of other brokerages have also recently commented on WDAY. Piper Sandler restated a “neutral” rating and set a $270.00 target price (down from $285.00) on shares of Workday in a report on Wednesday, November 27th. Citigroup reduced their price target on Workday from $287.00 to $270.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Barclays reduced their price target on Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 27th. BNP Paribas raised Workday to a “strong-buy” rating in a research report on Friday, February 14th. Finally, The Goldman Sachs Group raised their target price on Workday from $300.00 to $310.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Ten analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Workday currently has a consensus rating of “Moderate Buy” and an average target price of $291.11.

Workday Stock Performance

NASDAQ WDAY opened at $256.39 on Wednesday. The stock has a market cap of $68.20 billion, a PE ratio of 42.52, a P/E/G ratio of 3.56 and a beta of 1.35. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. Workday has a twelve month low of $199.81 and a twelve month high of $311.28. The stock has a fifty day simple moving average of $260.75 and a 200-day simple moving average of $252.87.

Workday (NASDAQ:WDAY) last announced its earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating 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 company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same period last year, the business posted $0.47 EPS. Workday’s revenue for the quarter was up 15.8% on a year-over-year basis. Equities analysts anticipate that Workday will post 2.63 earnings per share for the current year.

Insider Buying and Selling at Workday

In other Workday news, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $246.42, for a total value of $13,799,520.00. Following the transaction, the insider now directly owns 60,000 shares in the company, valued at approximately $14,785,200. This trade represents a 48.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 472 shares of Workday stock in a transaction that occurred on 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 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 worth $113,142,592. 20.00% of the stock is currently owned by insiders.

Institutional Trading of Workday

A number of institutional investors have recently modified their holdings of the business. Ascent Group LLC boosted its stake in shares of Workday by 2.3% in the fourth quarter. Ascent Group LLC now owns 3,448 shares of the software maker’s stock valued at $890,000 after buying an additional 78 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Workday by 78.5% in the fourth quarter. Mackenzie Financial Corp now owns 241,808 shares of the software maker’s stock valued at $62,394,000 after buying an additional 106,364 shares in the last quarter. Forum Financial Management LP purchased a new stake in shares of Workday in the fourth quarter valued at approximately $287,000. Toronto Dominion Bank boosted its stake in shares of Workday by 274.3% in the fourth quarter. Toronto Dominion Bank now owns 113,761 shares of the software maker’s stock valued at $29,354,000 after buying an additional 83,371 shares in the last quarter. Finally, Cache Advisors LLC purchased a new stake in shares of Workday in the fourth quarter valued at approximately $1,039,000. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

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.