Piper Sandler Forecasts Strong Price Appreciation for Workday (NASDAQ:WDAY) Stock

Workday (NASDAQ:WDAY) had its target price lifted by Piper Sandler from $270.00 to $290.00 in a research note published on Wednesday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the software maker’s stock.

WDAY has been the subject of a number of other research reports. Redburn Atlantic initiated coverage on shares of Workday in a report on Wednesday, February 19th. They set a “neutral” rating for the company. StockNews.com cut Workday from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Guggenheim raised Workday from a “sell” rating to a “neutral” rating in a research note on Monday, January 6th. Barclays reduced their target price on Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a report on Wednesday, November 27th. Finally, Royal Bank of Canada upped their price target on Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Ten equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $301.11.

Workday Trading Up 6.2 %

WDAY stock opened at $271.09 on Wednesday. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. Workday has a twelve month low of $199.81 and a twelve month high of $298.50. The company has a market cap of $72.11 billion, a P/E ratio of 44.96, a PEG ratio of 3.55 and a beta of 1.35. The business has a fifty day moving average of $260.01 and a 200-day moving average of $254.24.

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

Insider Activity

In related news, CAO Mark S. Garfield sold 472 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the completion of the transaction, the chief accounting officer now directly owns 35,408 shares of the company’s stock, valued at approximately $8,789,681.92. This represents a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Wayne A.I. Frederick sold 1,829 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $253.09, for a total value of $462,901.61. Following the transaction, the director now directly owns 6,845 shares in the company, valued at $1,732,401.05. This trade represents a 21.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 438,819 shares of company stock worth $113,142,592 in the last quarter. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Crews Bank & Trust acquired a new stake in Workday in the 4th quarter valued at about $26,000. Roxbury Financial LLC bought a new stake in Workday in the fourth quarter valued at approximately $25,000. Avion Wealth lifted its position in shares of Workday by 452.6% in the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock valued at $27,000 after buying an additional 86 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Workday during the 3rd quarter worth approximately $26,000. Finally, TCTC Holdings LLC acquired a new position in shares of Workday during the 4th quarter worth approximately $35,000. 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.