Oppenheimer Raises Workday (NASDAQ:WDAY) Price Target to $320.00

Workday (NASDAQ:WDAY) had its price objective increased by Oppenheimer from $300.00 to $320.00 in a research note published on Wednesday,Benzinga reports. Oppenheimer currently has an outperform rating on the software maker’s stock.

Other equities analysts have also issued research reports about the company. Citigroup lowered their target price on Workday from $287.00 to $270.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. The Goldman Sachs Group raised their target price on Workday from $300.00 to $310.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Morgan Stanley lowered shares of Workday from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $330.00 to $275.00 in a report on Wednesday, February 19th. StockNews.com cut Workday from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. Finally, Piper Sandler increased their price target on Workday from $270.00 to $290.00 and gave the company a “neutral” rating in a research report on Wednesday. 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $301.11.

Workday Price Performance

NASDAQ WDAY opened at $271.09 on Wednesday. The business has a 50 day simple moving average of $260.01 and a 200 day simple moving average of $254.24. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. Workday has a 52-week low of $199.81 and a 52-week high of $298.50. The stock has a market cap of $72.11 billion, a price-to-earnings ratio of 44.96, a PEG ratio of 3.55 and a beta of 1.35.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing the consensus estimate of $1.75 by ($1.27). The firm had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. Analysts anticipate that Workday will post 2.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Workday news, insider Sayan Chakraborty sold 5,498 shares of Workday stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $250.78, for a total transaction of $1,378,788.44. Following the completion of the sale, the insider now owns 121,100 shares of the company’s stock, valued at approximately $30,369,458. The trade was a 4.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 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 of the company’s stock, valued at $14,785,200. This represents a 48.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock worth $113,142,592 in the last three months. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Workday by 28.9% during the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock worth $5,197,447,000 after acquiring an additional 4,517,272 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of Workday in the fourth quarter valued at approximately $658,735,000. Norges Bank acquired a new stake in shares of Workday in the fourth quarter worth approximately $645,710,000. Parnassus Investments LLC grew its holdings in shares of Workday by 562.2% during the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker’s stock worth $631,589,000 after buying an additional 2,078,097 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Workday by 61.9% in the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock valued at $1,193,105,000 after buying an additional 1,772,223 shares during the last quarter. 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.