Canaccord Genuity Group Increases Workday (NASDAQ:WDAY) Price Target to $225.00

Workday (NASDAQ:WDAY) had its target price hoisted by Canaccord Genuity Group from $200.00 to $225.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 12.98% from the stock’s previous close.

A number of other equities research analysts also recently commented on WDAY. HC Wainwright set a $140.00 price objective on shares of Workday in a research report on Wednesday, May 27th. Needham & Company LLC reiterated a “buy” rating on shares of Workday in a research note on Friday, August 14th. TD Cowen reissued a “hold” rating on shares of Workday in a report on Thursday. Bank of America increased their target price on Workday from $140.00 to $205.00 and gave the company a “neutral” rating in a report on Wednesday, August 19th. Finally, BTIG Research downgraded Workday from a “buy” rating to a “neutral” rating in a report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $189.86.

Workday Stock Performance

Shares of WDAY stock opened at $199.15 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. Workday has a 52 week low of $110.36 and a 52 week high of $249.85. The stock has a market capitalization of $49.19 billion, a PE ratio of 62.23, a P/E/G ratio of 2.13 and a beta of 1.08. The firm has a 50 day moving average of $151.69 and a two-hundred day moving average of $139.74.

Insider Activity at Workday

In other news, CFO Zane Rowe sold 6,000 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $143.70, for a total transaction of $862,200.00. Following the completion of the transaction, the chief financial officer directly owned 288,460 shares of the company’s stock, valued at approximately $41,451,702. This represents a 2.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Mark S. Garfield sold 918 shares of the firm’s stock in a transaction on Friday, July 10th. The shares were sold at an average price of $142.19, for a total value of $130,530.42. Following the completion of the sale, the chief accounting officer directly owned 73,718 shares of the company’s stock, valued at approximately $10,481,962.42. This trade represents a 1.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 875,020 shares of company stock worth $113,938,503 in the last ninety days. Company insiders own 18.64% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System raised its position in Workday by 11,770.8% during the second quarter. California State Teachers Retirement System now owns 36,907,426 shares of the software maker’s stock worth $4,518,207,000 after acquiring an additional 36,596,516 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Workday by 14.7% in the fourth quarter. Vanguard Group Inc. now owns 25,009,288 shares of the software maker’s stock valued at $5,371,495,000 after purchasing an additional 3,210,232 shares during the last quarter. Auto Owners Insurance Co increased its stake in shares of Workday by 25,412.8% during the 4th quarter. Auto Owners Insurance Co now owns 10,230,616 shares of the software maker’s stock worth $2,197,332,000 after purchasing an additional 10,190,516 shares in the last quarter. State Street Corp increased its stake in shares of Workday by 1.0% during the 4th quarter. State Street Corp now owns 9,770,707 shares of the software maker’s stock worth $2,098,552,000 after purchasing an additional 96,139 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in shares of Workday by 47.5% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker’s stock worth $1,406,463,000 after purchasing an additional 1,882,391 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

Workday Company Profile

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.