Workday (NASDAQ:WDAY) Price Target Cut to $300.00

Workday (NASDAQ:WDAY) had its price target cut by equities researchers at The Goldman Sachs Group from $310.00 to $300.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 14.99% from the stock’s current price.

A number of other equities analysts have also recently issued reports on WDAY. Barclays reduced their target price on Workday from $326.00 to $316.00 and set an “overweight” rating on the stock in a report on Tuesday, February 27th. Mizuho reduced their target price on Workday from $325.00 to $280.00 and set a “buy” rating on the stock in a report on Friday. StockNews.com cut Workday from a “strong-buy” rating to a “buy” rating in a report on Monday, April 8th. Canaccord Genuity Group reduced their target price on Workday from $305.00 to $270.00 and set a “buy” rating on the stock in a report on Friday. Finally, Evercore ISI raised their target price on Workday from $310.00 to $350.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $286.71.

Workday Price Performance

Shares of WDAY stock opened at $260.90 on Friday. The stock has a 50-day moving average price of $260.89 and a 200 day moving average price of $268.88. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.37. The firm has a market cap of $68.88 billion, a price-to-earnings ratio of 50.66, a PEG ratio of 7.75 and a beta of 1.33. Workday has a 12 month low of $191.04 and a 12 month high of $311.28.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Thursday, May 23rd. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.20. The firm had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.97 billion. Workday had a return on equity of 4.87% and a net margin of 19.02%. The company’s revenue was up 18.1% on a year-over-year basis. During the same period last year, the company earned $0.16 earnings per share. Research analysts expect that Workday will post 1.76 EPS for the current year.

Insider Activity at Workday

In related news, insider Douglas A. Robinson sold 3,121 shares of Workday stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $293.79, for a total value of $916,918.59. Following the sale, the insider now owns 165,932 shares of the company’s stock, valued at approximately $48,749,162.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Workday news, insider Douglas A. Robinson sold 3,121 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $293.79, for a total transaction of $916,918.59. Following the transaction, the insider now owns 165,932 shares of the company’s stock, valued at approximately $48,749,162.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $264.89, for a total value of $14,833,840.00. Following the transaction, the insider now directly owns 843,000 shares in the company, valued at approximately $223,302,270. The disclosure for this sale can be found here. In the last quarter, insiders have sold 435,691 shares of company stock valued at $117,731,569. 20.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in WDAY. Beacon Capital Management LLC increased its position in shares of Workday by 333.3% during the 4th quarter. Beacon Capital Management LLC now owns 91 shares of the software maker’s stock worth $25,000 after purchasing an additional 70 shares during the last quarter. VisionPoint Advisory Group LLC increased its holdings in shares of Workday by 215.4% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 123 shares of the software maker’s stock worth $26,000 after acquiring an additional 84 shares during the last quarter. Crewe Advisors LLC acquired a new position in shares of Workday during the 1st quarter worth approximately $27,000. Clear Street Markets LLC acquired a new position in shares of Workday during the 3rd quarter worth approximately $29,000. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Workday by 1,750.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 111 shares of the software maker’s stock worth $31,000 after acquiring an additional 105 shares during 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.