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

Workday (NASDAQ:WDAY) had its target price boosted by Royal Bank of Canada from $320.00 to $340.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

Several other analysts also recently commented on the stock. Loop Capital increased their price objective on shares of Workday from $242.00 to $260.00 and gave the company a “hold” rating in a research report on Wednesday, February 19th. Barclays cut their price objective on shares of Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 27th. Stifel Nicolaus increased their price objective on shares of Workday from $270.00 to $310.00 and gave the company a “hold” rating in a research report on Wednesday. Morgan Stanley downgraded shares of Workday from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $330.00 to $275.00 in a research report on Wednesday, February 19th. Finally, JMP Securities reissued a “market outperform” rating and set a $315.00 price objective on shares of Workday in a research report on Thursday, February 6th. Ten research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $301.11.

Workday Stock Up 6.2 %

NASDAQ:WDAY opened at $271.09 on Wednesday. The firm’s 50-day moving average price is $260.01 and its 200-day moving average price is $254.24. The company has a market capitalization of $72.11 billion, a PE ratio of 44.96, a P/E/G ratio of 3.55 and a beta of 1.35. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. Workday has a 1-year low of $199.81 and a 1-year high of $298.50.

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

Insiders Place Their Bets

In other Workday news, CEO Carl M. Eschenbach sold 6,250 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $253.86, for a total transaction of $1,586,625.00. Following the completion of the sale, the chief executive officer now directly owns 13,972 shares of the company’s stock, valued at $3,546,931.92. This trade represents a 30.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 60,000 shares of the company’s stock, valued at approximately $14,785,200. This trade represents a 48.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 438,819 shares of company stock worth $113,142,592. Company insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Workday

A number of institutional investors have recently added to or reduced their stakes in the stock. Simplicity Wealth LLC grew its holdings in Workday by 3.0% during the 4th quarter. Simplicity Wealth LLC now owns 1,277 shares of the software maker’s stock valued at $330,000 after buying an additional 37 shares in the last quarter. Marcum Wealth LLC grew its holdings in Workday by 4.4% during the 4th quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock valued at $249,000 after buying an additional 41 shares in the last quarter. Custom Index Systems LLC grew its holdings in shares of Workday by 3.0% in the fourth quarter. Custom Index Systems LLC now owns 1,412 shares of the software maker’s stock valued at $364,000 after purchasing an additional 41 shares in the last quarter. AllSquare Wealth Management LLC grew its holdings in shares of Workday by 19.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 252 shares of the software maker’s stock valued at $65,000 after purchasing an additional 41 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in shares of Workday by 42.2% in the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after purchasing an additional 43 shares in the last quarter. 89.81% of the stock is 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.