Workday (NASDAQ:WDAY) Stock Price Expected to Rise, Loop Capital Analyst Says

Workday (NASDAQ:WDAY) had its target price lifted by research analysts at Loop Capital from $255.00 to $270.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the software maker’s stock. Loop Capital’s price target would suggest a potential upside of 4.08% from the stock’s current price.

Several other brokerages have also weighed in on WDAY. The Goldman Sachs Group increased their target price on Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Citigroup cut their price objective on shares of Workday from $274.00 to $270.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 25th. DA Davidson upped their target price on shares of Workday from $255.00 to $270.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Deutsche Bank Aktiengesellschaft lifted their price target on Workday from $265.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Finally, Piper Sandler restated an “overweight” rating and issued a $285.00 target price on shares of Workday in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, Workday presently has a consensus rating of “Moderate Buy” and a consensus price target of $287.59.

Workday Price Performance

Shares of NASDAQ WDAY opened at $259.41 on Thursday. The business has a 50 day simple moving average of $246.64 and a 200-day simple moving average of $236.52. Workday has a twelve month low of $199.81 and a twelve month high of $311.28. The company has a market capitalization of $68.74 billion, a price-to-earnings ratio of 45.19, a price-to-earnings-growth ratio of 5.39 and a beta of 1.35. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, beating the consensus estimate of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The business had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same period in the previous year, the business posted $0.40 EPS. The company’s quarterly revenue was up 16.5% on a year-over-year basis. As a group, equities research analysts expect that Workday will post 2.4 earnings per share for the current year.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 66,492 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the completion of the transaction, the insider now owns 102,997 shares of the company’s stock, valued at approximately $26,902,816.40. The trade was a 39.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director George J. Still, Jr. sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $260.32, for a total value of $1,952,400.00. Following the completion of the sale, the director now directly owns 97,500 shares in the company, valued at $25,381,200. This trade represents a 7.14 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 370,575 shares of company stock valued at $91,506,897. 20.00% of the stock is owned by corporate insiders.

Institutional Trading of Workday

Several hedge funds and other institutional investors have recently bought and sold shares of WDAY. Brophy Wealth Management LLC bought a new position in Workday during the third quarter valued at about $581,000. M&T Bank Corp grew its holdings in shares of Workday by 3.6% during the 3rd quarter. M&T Bank Corp now owns 16,914 shares of the software maker’s stock worth $4,134,000 after purchasing an additional 583 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Workday by 23.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 78,156 shares of the software maker’s stock valued at $19,102,000 after purchasing an additional 14,861 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of Workday in the third quarter valued at $6,020,000. Finally, Zurich Insurance Group Ltd FI bought a new position in Workday in the third quarter worth $78,003,000. 89.81% of the stock is currently owned by institutional investors and hedge funds.

About Workday

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.