Workday (NASDAQ:WDAY) Given New $290.00 Price Target at TD Cowen

Workday (NASDAQ:WDAY) had its price target cut by TD Cowen from $330.00 to $290.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the software maker’s stock.

Several other equities research analysts also recently weighed in on WDAY. KeyCorp reduced their price objective on shares of Workday from $330.00 to $275.00 and set an overweight rating for the company in a report on Friday. Robert W. Baird reduced their price objective on shares of Workday from $316.00 to $265.00 and set an outperform rating for the company in a report on Friday. Bank of America reduced their price objective on shares of Workday from $330.00 to $310.00 and set a buy rating for the company in a report on Thursday, May 16th. JMP Securities reaffirmed a market outperform rating and issued a $315.00 price objective on shares of Workday in a report on Tuesday, February 27th. Finally, Wells Fargo & Company upped their price objective on shares of Workday from $300.00 to $350.00 and gave the stock an overweight rating in a report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $283.96.

Workday Stock Performance

Shares of WDAY opened at $220.91 on Friday. Workday has a 1 year low of $192.68 and a 1 year high of $311.28. The company has a market cap of $58.32 billion, a price-to-earnings ratio of 39.80, a price-to-earnings-growth ratio of 6.59 and a beta of 1.33. 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 firm has a fifty day moving average of $259.94 and a 200-day moving average of $269.56.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Thursday, May 23rd. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.20. Workday had a net margin of 19.66% and a return on equity of 6.02%. The company had revenue of $1.99 billion during 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. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. As a group, equities analysts anticipate that Workday will post 2.5 earnings per share for the current year.

Insiders Place Their Bets

In other Workday news, insider Douglas A. Robinson sold 3,121 shares of the company’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 completion of the sale, the insider now owns 165,932 shares of the company’s stock, valued at $48,749,162.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder David A. Duffield sold 56,000 shares of the 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 completion of the sale, the insider now directly owns 843,000 shares of the company’s stock, valued at $223,302,270. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Douglas A. Robinson sold 3,121 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $293.79, for a total value of $916,918.59. Following the completion of the sale, the insider now directly owns 165,932 shares of the company’s stock, valued at $48,749,162.28. The disclosure for this sale can be found here. Insiders sold 435,691 shares of company stock valued at $117,731,569 over the last 90 days. 20.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Workday

Several hedge funds have recently modified their holdings of WDAY. Norges Bank bought a new stake in shares of Workday in the fourth quarter valued at approximately $1,491,149,000. Wellington Management Group LLP raised its stake in shares of Workday by 37.4% in the third quarter. Wellington Management Group LLP now owns 5,163,362 shares of the software maker’s stock valued at $1,109,348,000 after purchasing an additional 1,406,153 shares in the last quarter. Winslow Capital Management LLC raised its stake in shares of Workday by 76.4% in the third quarter. Winslow Capital Management LLC now owns 2,310,619 shares of the software maker’s stock valued at $496,436,000 after purchasing an additional 1,000,922 shares in the last quarter. Morgan Stanley raised its stake in shares of Workday by 47.0% in the third quarter. Morgan Stanley now owns 2,727,580 shares of the software maker’s stock valued at $586,021,000 after purchasing an additional 872,288 shares in the last quarter. Finally, Alkeon Capital Management LLC acquired a new position in shares of Workday in the third quarter valued at $107,425,000. 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.