Workday (NASDAQ:WDAY) Price Target Cut to $300.00 by Analysts at Royal Bank Of Canada

Workday (NASDAQ:WDAY) had its price target decreased by analysts at Royal Bank Of Canada from $320.00 to $300.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 44.90% from the company’s current price.

WDAY has been the topic of a number of other reports. Rosenblatt Securities started coverage on Workday in a research report on Tuesday, December 2nd. They set a “neutral” rating and a $235.00 target price on the stock. Evercore ISI raised their target price on shares of Workday from $275.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, September 17th. Barclays dropped their target price on shares of Workday from $288.00 to $280.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 26th. Oppenheimer restated an “outperform” rating on shares of Workday in a research report on Wednesday, November 26th. Finally, UBS Group set a $260.00 price objective on shares of Workday in a research report on Wednesday, November 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Workday has a consensus rating of “Moderate Buy” and a consensus price target of $281.59.

Workday Price Performance

Shares of WDAY stock opened at $207.04 on Monday. The firm has a fifty day simple moving average of $222.50 and a 200-day simple moving average of $229.32. Workday has a twelve month low of $202.22 and a twelve month high of $283.68. The company has a market capitalization of $54.45 billion, a PE ratio of 86.60, a price-to-earnings-growth ratio of 2.32 and a beta of 1.14. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.34.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 25th. The software maker reported $2.32 earnings per share for the quarter, beating the consensus estimate of $2.17 by $0.15. Workday had a net margin of 6.95% and a return on equity of 10.50%. The firm had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.42 billion. During the same quarter in the previous year, the firm earned $1.89 earnings per share. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. Equities research analysts anticipate that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Workday

In related news, CFO Zane Rowe sold 6,000 shares of the company’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $232.62, for a total value of $1,395,720.00. Following the completion of the sale, the chief financial officer directly owned 168,468 shares of the company’s stock, valued at $39,189,026.16. This represents a 3.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael M. Mcnamara sold 5,393 shares of Workday stock in a transaction that occurred on Friday, October 10th. The stock was sold at an average price of $235.16, for a total value of $1,268,217.88. Following the transaction, the director directly owned 24,078 shares in the company, valued at approximately $5,662,182.48. This trade represents a 18.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 340,966 shares of company stock worth $75,095,274. Corporate insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rakuten Securities Inc. acquired a new stake in Workday in the second quarter valued at about $25,000. Measured Wealth Private Client Group LLC purchased a new position in Workday in the third quarter worth $26,000. JPL Wealth Management LLC purchased a new stake in shares of Workday during the 3rd quarter worth $30,000. Berbice Capital Management LLC grew its stake in shares of Workday by 136.4% during the 2nd quarter. Berbice Capital Management LLC now owns 130 shares of the software maker’s stock worth $31,000 after purchasing an additional 75 shares during the period. Finally, Golden State Wealth Management LLC increased its holdings in shares of Workday by 2,216.7% in the 2nd quarter. Golden State Wealth Management LLC now owns 139 shares of the software maker’s stock valued at $33,000 after purchasing an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

About Workday

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.