Workday (NASDAQ:WDAY) Stock Rating Reaffirmed by Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Workday (NASDAQ:WDAY) in a report released on Wednesday, Benzinga reports. Piper Sandler currently has a $285.00 target price on the software maker’s stock.

A number of other brokerages have also issued reports on WDAY. Canaccord Genuity Group restated a buy rating and issued a $300.00 target price on shares of Workday in a research note on Friday, September 13th. DA Davidson increased their target price on Workday from $255.00 to $270.00 and gave the stock a neutral rating in a report on Friday, August 23rd. Robert W. Baird decreased their target price on Workday from $316.00 to $265.00 and set an outperform rating for the company in a research report on Friday, May 24th. Sanford C. Bernstein dropped their price target on Workday from $321.00 to $301.00 and set an outperform rating on the stock in a research report on Friday, May 24th. Finally, Needham & Company LLC reduced their price objective on Workday from $350.00 to $300.00 and set a buy rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $286.48.

Workday Stock Performance

Shares of WDAY opened at $248.29 on Wednesday. The firm has a market cap of $65.80 billion, a price-to-earnings ratio of 44.74, a PEG ratio of 5.07 and a beta of 1.35. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. The business’s 50 day moving average is $237.48 and its two-hundred day moving average is $242.12. Workday has a 52-week low of $199.81 and a 52-week high of $311.28.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The firm had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.07 billion. During the same period in the prior year, the company posted $0.40 earnings per share. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. Analysts forecast that Workday will post 2.39 EPS for the current fiscal year.

Insider Buying and Selling at Workday

In related news, major shareholder David A. Duffield sold 78,279 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $223.89, for a total value of $17,525,885.31. Following the completion of the sale, the insider now owns 102,997 shares of the company’s stock, valued at $23,059,998.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Workday news, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $260.32, for a total transaction of $1,952,400.00. Following the completion of the transaction, the director now directly owns 97,500 shares of the company’s stock, valued at approximately $25,381,200. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder David A. Duffield sold 78,279 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $223.89, for a total value of $17,525,885.31. Following the completion of the sale, the insider now directly owns 102,997 shares in the company, valued at approximately $23,059,998.33. The disclosure for this sale can be found here. Insiders have sold 467,402 shares of company stock valued at $109,864,184 in the last quarter. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Crewe Advisors LLC acquired a new stake in Workday in the 1st quarter valued at about $27,000. Sound Income Strategies LLC lifted its stake in Workday by 74.2% during the first quarter. Sound Income Strategies LLC now owns 115 shares of the software maker’s stock valued at $31,000 after purchasing an additional 49 shares during the last quarter. SouthState Corp lifted its stake in Workday by 614.3% during the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after purchasing an additional 129 shares during the last quarter. Goodman Advisory Group LLC bought a new stake in Workday during the second quarter worth approximately $35,000. Finally, Asset Dedication LLC acquired a new position in Workday in the second quarter worth approximately $36,000. Institutional investors own 89.81% of the company’s stock.

Workday Company Profile

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.