Needham & Company LLC Reaffirms “Buy” Rating for Workday (NASDAQ:WDAY)

Needham & Company LLC reaffirmed their buy rating on shares of Workday (NASDAQ:WDAY) in a research report report published on Friday morning, Benzinga reports. Needham & Company LLC currently has a $350.00 price target on the software maker’s stock.

WDAY has been the topic of several other research reports. DA Davidson reiterated a neutral rating and issued a $300.00 price objective on shares of Workday in a research note on Tuesday, February 27th. Morgan Stanley reduced their price objective on Workday from $335.00 to $330.00 and set an overweight rating for the company in a research report on Tuesday, February 27th. JMP Securities reaffirmed a market outperform rating and issued a $315.00 target price on shares of Workday in a research report on Tuesday, February 27th. Oppenheimer reduced their price target on Workday from $320.00 to $300.00 and set an outperform rating for the company in a report on Friday. Finally, Piper Sandler restated an overweight rating and issued a $330.00 price objective on shares of Workday in a report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $283.96.

Workday Trading Down 15.3 %

Shares of NASDAQ:WDAY traded down $39.99 during mid-day trading on Friday, hitting $220.91. The stock had a trading volume of 15,622,846 shares, compared to its average volume of 2,392,779. Workday has a 12-month low of $192.68 and a 12-month high of $311.28. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.97 and a current ratio of 1.97. The company has a market cap of $58.32 billion, a PE ratio of 39.80, a P/E/G ratio of 7.78 and a beta of 1.33. The company’s 50 day moving average is $259.94 and its 200-day moving average is $268.90.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Thursday, May 23rd. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.20. Workday had a return on equity of 6.02% and a net margin of 19.66%. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the company posted $0.16 earnings per share. Workday’s revenue for the quarter was up 18.1% compared to the same quarter last year. On average, sell-side analysts predict that Workday will post 1.76 EPS for the current year.

Insiders Place Their Bets

In other news, insider Douglas A. Robinson sold 411 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $266.90, for a total transaction of $109,695.90. Following the sale, the insider now directly owns 165,521 shares in the company, valued at $44,177,554.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction 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 sale, the insider now owns 843,000 shares of the company’s stock, valued at approximately $223,302,270. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Douglas A. Robinson sold 411 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $266.90, for a total transaction of $109,695.90. Following the completion of the sale, the insider now owns 165,521 shares in the company, valued at approximately $44,177,554.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 435,691 shares of company stock worth $117,731,569. 20.00% of the stock is currently owned by company insiders.

Institutional Trading of Workday

Large investors have recently added to or reduced their stakes in the company. Yousif Capital Management LLC boosted its holdings in shares of Workday by 4.9% in the 3rd quarter. Yousif Capital Management LLC now owns 2,266 shares of the software maker’s stock worth $487,000 after acquiring an additional 105 shares in the last quarter. Private Advisor Group LLC boosted its stake in Workday by 1.2% in the third quarter. Private Advisor Group LLC now owns 9,548 shares of the software maker’s stock worth $2,051,000 after purchasing an additional 112 shares in the last quarter. MGO One Seven LLC grew its holdings in shares of Workday by 17.4% during the third quarter. MGO One Seven LLC now owns 1,713 shares of the software maker’s stock worth $368,000 after purchasing an additional 254 shares during the last quarter. Corient Private Wealth LLC increased its stake in shares of Workday by 10.6% in the third quarter. Corient Private Wealth LLC now owns 33,330 shares of the software maker’s stock valued at $7,254,000 after buying an additional 3,188 shares in the last quarter. Finally, Signaturefd LLC lifted its position in Workday by 9.4% during the 3rd quarter. Signaturefd LLC now owns 3,380 shares of the software maker’s stock worth $726,000 after buying an additional 291 shares in the last quarter. 89.81% of the stock is owned by institutional investors.

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.