Royal Bank of Canada Issues Positive Forecast for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its target price raised by analysts at Royal Bank of Canada from $300.00 to $320.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 15.07% from the company’s previous close.

A number of other analysts also recently issued reports on the company. Citigroup cut their target price on Workday from $274.00 to $270.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. Evercore ISI dropped their price target on shares of Workday from $300.00 to $290.00 and set an “outperform” rating for the company in a research note on Tuesday, August 20th. Piper Sandler restated a “neutral” rating and issued a $270.00 target price (down previously from $285.00) on shares of Workday in a research report on Wednesday, November 27th. BMO Capital Markets restated an “outperform” rating and issued a $300.00 price objective on shares of Workday in a report on Wednesday, September 18th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Workday from $265.00 to $275.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $291.36.

Workday Price Performance

WDAY stock traded up $0.09 during midday trading on Wednesday, reaching $278.10. The stock had a trading volume of 400,432 shares, compared to its average volume of 2,247,462. The company’s fifty day simple moving average is $255.37 and its 200 day simple moving average is $240.06. The company has a market cap of $73.97 billion, a price-to-earnings ratio of 46.12, a price-to-earnings-growth ratio of 5.04 and a beta of 1.34. 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 52-week low of $199.81 and a 52-week high of $311.28.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.13. The company 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%. Workday’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 EPS. As a group, sell-side analysts predict that Workday will post 2.58 earnings per share for the current fiscal year.

Insider Transactions at Workday

In other news, insider Sayan Chakraborty sold 5,498 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 121,100 shares of the company’s stock, valued at $30,369,458. The trade was a 4.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 70,003 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $251.20, for a total value of $17,584,753.60. Following the completion of the sale, the insider now directly owns 102,997 shares in the company, valued at $25,872,846.40. This trade represents a 40.46 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 304,463 shares of company stock worth $74,309,458. Corporate insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

Several institutional investors and hedge funds have recently modified their holdings of the business. Grafton Street Partners Fund LP purchased a new stake in Workday in the 3rd quarter valued at approximately $4,424,000. Sanctuary Advisors LLC raised its stake in Workday by 7.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 29,633 shares of the software maker’s stock valued at $7,934,000 after purchasing an additional 1,978 shares during the last quarter. ICICI Prudential Asset Management Co Ltd lifted its holdings in Workday by 32.4% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock valued at $7,791,000 after purchasing an additional 7,802 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Workday by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock worth $384,518,000 after purchasing an additional 118,180 shares during the last quarter. Finally, Atria Investments Inc grew its holdings in shares of Workday by 19.3% during the third quarter. Atria Investments Inc now owns 44,324 shares of the software maker’s stock worth $10,833,000 after buying an additional 7,175 shares in the last quarter. Hedge funds and other 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.