The Goldman Sachs Group Issues Positive Forecast for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its price target upped by The Goldman Sachs Group from $300.00 to $310.00 in a report released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

A number of other analysts have also recently commented on the stock. Wells Fargo & Company increased their price target on shares of Workday from $300.00 to $330.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Scotiabank initiated coverage on Workday in a report on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price target for the company. Morgan Stanley boosted their price target on Workday from $315.00 to $330.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Guggenheim raised Workday from a “sell” rating to a “neutral” rating in a research report on Monday, January 6th. Finally, StockNews.com lowered Workday from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Eight analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $292.43.

Workday Price Performance

NASDAQ:WDAY opened at $277.82 on Thursday. The stock’s 50-day simple moving average is $261.15 and its 200 day simple moving average is $249.72. Workday has a 52-week low of $199.81 and a 52-week high of $311.28. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. The company has a market cap of $73.90 billion, a P/E ratio of 46.07, a P/E/G ratio of 4.73 and a beta of 1.35.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. The business’s revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.47 EPS. As a group, sell-side analysts forecast that Workday will post 2.63 EPS for the current fiscal year.

Insider Activity

In other news, insider Sayan Chakraborty sold 5,498 shares of Workday stock in a transaction on Friday, November 29th. The stock was sold at an average price of $250.78, for a total value of $1,378,788.44. Following the transaction, the insider now owns 121,100 shares in the company, valued at approximately $30,369,458. This trade represents a 4.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 56,000 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $246.42, for a total value of $13,799,520.00. Following the sale, the insider now owns 60,000 shares of the company’s stock, valued at approximately $14,785,200. This represents a 48.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 438,819 shares of company stock worth $113,142,592. 20.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of WDAY. GAMMA Investing LLC increased its position in Workday by 47.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,021 shares of the software maker’s stock worth $250,000 after purchasing an additional 327 shares in the last quarter. CWM LLC grew its stake in shares of Workday by 24.8% during the third quarter. CWM LLC now owns 7,800 shares of the software maker’s stock worth $1,907,000 after buying an additional 1,549 shares during the last quarter. Marcum Wealth LLC acquired a new position in shares of Workday during the third quarter worth $226,000. Wedmont Private Capital lifted its stake in shares of Workday by 5.4% in the 3rd quarter. Wedmont Private Capital now owns 1,171 shares of the software maker’s stock valued at $276,000 after acquiring an additional 60 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in shares of Workday by 6.0% during the 3rd quarter. UMB Bank n.a. now owns 956 shares of the software maker’s stock valued at $234,000 after acquiring an additional 54 shares in the last quarter. Institutional investors and hedge funds 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.