Workday’s (WDAY) Buy Rating Reiterated at Needham & Company LLC

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They currently have a $300.00 price objective on the software maker’s stock. Needham & Company LLC’s price objective points to a potential upside of 8.63% from the stock’s previous close.

WDAY has been the subject of several other research reports. Loop Capital reduced their price objective on shares of Workday from $270.00 to $242.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. StockNews.com lowered Workday from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. Guggenheim upgraded Workday from a “sell” rating to a “neutral” rating in a report on Monday, January 6th. Scotiabank initiated coverage on shares of Workday in a research note on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 target price for the company. Finally, Morgan Stanley raised their target price on Workday from $315.00 to $330.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, Workday presently has a consensus rating of “Moderate Buy” and a consensus price target of $292.43.

Workday Stock Performance

NASDAQ:WDAY opened at $276.17 on Thursday. 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 $311.28. The firm has a 50-day moving average of $261.15 and a two-hundred day moving average of $249.72. The stock has a market cap of $73.46 billion, a P/E ratio of 45.80, a PEG ratio of 4.73 and a beta of 1.35.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating the consensus estimate of $1.76 by $0.13. Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the company earned $0.47 EPS. Workday’s quarterly revenue was up 15.8% on a year-over-year basis. On average, research analysts expect that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 472 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $248.24, for a total transaction of $117,169.28. Following the sale, the chief accounting officer now owns 35,408 shares of the company’s stock, valued at approximately $8,789,681.92. This represents a 1.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 70,003 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was 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 owns 102,997 shares of the company’s stock, valued at $25,872,846.40. The trade was a 40.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock valued at $113,142,592 over the last ninety days. 20.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of WDAY. Crews Bank & Trust purchased a new position in shares of Workday in the fourth quarter worth $26,000. Roxbury Financial LLC bought a new stake in Workday during the 4th quarter worth approximately $25,000. Avion Wealth boosted its stake in shares of Workday by 452.6% in the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock worth $27,000 after acquiring an additional 86 shares during the period. Capital Performance Advisors LLP bought a new stake in Workday in the 3rd quarter valued at $26,000. Finally, Meeder Asset Management Inc. boosted its stake in Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after buying an additional 43 shares during 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.