JPMorgan Chase & Co. Issues Positive Forecast for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its price target increased by JPMorgan Chase & Co. from $285.00 to $310.00 in a research report sent to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the software maker’s stock.

A number of other research analysts have also recently issued reports on WDAY. Deutsche Bank Aktiengesellschaft raised shares of Workday from a “hold” rating to a “buy” rating and raised their price target for the stock from $265.00 to $300.00 in a report on Wednesday, January 8th. Stifel Nicolaus raised their price target on shares of Workday from $270.00 to $310.00 and gave the stock a “hold” rating in a report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and issued a $315.00 price target on shares of Workday in a report on Thursday, February 6th. StockNews.com cut shares of Workday from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Finally, Scotiabank started coverage on shares of Workday in a report on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price target for the company. Ten analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $301.11.

Workday Price Performance

Shares of WDAY opened at $271.09 on Wednesday. The company has a market cap of $72.11 billion, a price-to-earnings ratio of 44.96, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35. Workday has a twelve month low of $199.81 and a twelve month high of $298.50. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The company has a 50 day moving average of $260.01 and a two-hundred day moving average of $254.24.

Workday (NASDAQ:WDAY) last announced its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($1.27). The firm had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. As a group, analysts predict that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Carl M. Eschenbach sold 6,250 shares of Workday stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $253.86, for a total value of $1,586,625.00. Following the sale, the chief executive officer now owns 13,972 shares in the company, valued at $3,546,931.92. This trade represents a 30.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sayan Chakraborty sold 5,498 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $250.78, for a total transaction of $1,378,788.44. Following the transaction, the insider now owns 121,100 shares in the company, valued at $30,369,458. The trade was a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock worth $113,142,592 over the last 90 days. 20.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Workday

A number of institutional investors and hedge funds have recently bought and sold shares of WDAY. Hennion & Walsh Asset Management Inc. boosted its position in Workday by 28.4% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 1,479 shares of the software maker’s stock worth $361,000 after acquiring an additional 327 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Workday by 1,265.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 44,081 shares of the software maker’s stock worth $10,774,000 after acquiring an additional 40,853 shares during the last quarter. Pallas Capital Advisors LLC boosted its position in Workday by 20.8% during the third quarter. Pallas Capital Advisors LLC now owns 4,560 shares of the software maker’s stock worth $1,080,000 after acquiring an additional 786 shares during the last quarter. abrdn plc boosted its position in Workday by 16.3% during the third quarter. abrdn plc now owns 279,856 shares of the software maker’s stock worth $68,400,000 after acquiring an additional 39,289 shares during the last quarter. Finally, Fortitude Family Office LLC boosted its position in Workday by 713.6% during the third quarter. Fortitude Family Office LLC now owns 179 shares of the software maker’s stock worth $44,000 after acquiring an additional 157 shares during the last quarter. 89.81% of the stock is currently 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.