Oppenheimer Reaffirms “Outperform” Rating for Workday (NASDAQ:WDAY)

Workday (NASDAQ:WDAY)‘s stock had its “outperform” rating reiterated by equities researchers at Oppenheimer in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $300.00 price target on the software maker’s stock. Oppenheimer’s price objective would suggest a potential upside of 17.68% from the stock’s current price.

Several other brokerages also recently weighed in on WDAY. Wells Fargo & Company boosted their price target on Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Evercore ISI dropped their target price on Workday from $300.00 to $290.00 and set an “outperform” rating for the company in a research note on Tuesday, August 20th. BMO Capital Markets reissued an “outperform” rating and issued a $300.00 price target on shares of Workday in a research note on Wednesday, September 18th. The Goldman Sachs Group upped their price objective on shares of Workday from $300.00 to $305.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $300.00 target price on shares of Workday in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $288.14.

Workday Price Performance

Shares of NASDAQ:WDAY traded up $3.47 on Tuesday, hitting $254.93. The company had a trading volume of 341,154 shares, compared to its average volume of 2,153,986. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. The company has a market cap of $67.56 billion, a PE ratio of 41.63, a PEG ratio of 4.96 and a beta of 1.34. Workday has a 52-week low of $199.81 and a 52-week high of $311.28. The business has a 50 day moving average of $248.77 and a 200 day moving average of $237.30.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.13. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.21%. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 EPS. As a group, equities analysts anticipate that Workday will post 2.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director George J. Still, Jr. sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $255.45, for a total value of $1,915,875.00. Following the sale, the director now owns 90,000 shares in the company, valued at approximately $22,990,500. This represents a 7.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Wayne A.I. Frederick sold 1,828 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $241.85, for a total value of $442,101.80. Following the completion of the sale, the director now directly owns 8,674 shares of the company’s stock, valued at approximately $2,097,806.90. This represents a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 293,462 shares of company stock valued at $71,374,421 in the last quarter. Company insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Workday

Several institutional investors and hedge funds have recently made changes to their positions in WDAY. The Manufacturers Life Insurance Company raised its holdings in shares of Workday by 79.1% during the second quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock worth $514,637,000 after purchasing an additional 1,016,394 shares during the period. Van ECK Associates Corp lifted its holdings in Workday by 17,345.2% in the second quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock worth $208,068,000 after acquiring an additional 925,366 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of Workday by 1,094.2% during the third quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker’s stock valued at $150,019,000 after purchasing an additional 562,400 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Workday by 10.7% during the 3rd quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock worth $1,218,415,000 after purchasing an additional 480,459 shares during the period. Finally, Zurich Insurance Group Ltd FI bought a new stake in shares of Workday in the 3rd quarter worth approximately $78,003,000. 89.81% of the stock is owned by institutional investors and hedge funds.

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.