Workday (NASDAQ:WDAY) Earns Buy Rating from BTIG Research

Workday (NASDAQ:WDAY)‘s stock had its “buy” rating reissued by equities research analysts at BTIG Research in a report issued on Monday,Benzinga reports. They presently have a $175.00 price target on the software maker’s stock. BTIG Research’s target price suggests a potential upside of 39.99% from the company’s current price.

Other research analysts also recently issued reports about the company. Robert W. Baird set a $195.00 price target on Workday in a report on Tuesday, February 24th. Sanford C. Bernstein cut their price objective on shares of Workday from $298.00 to $214.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of Workday in a research report on Monday, February 23rd. Mizuho cut their price objective on shares of Workday from $275.00 to $210.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 25th. Finally, Barclays cut their price objective on shares of Workday from $230.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th. Nineteen investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.71.

Workday Stock Performance

NASDAQ WDAY opened at $125.01 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market capitalization of $32.13 billion, a price-to-earnings ratio of 48.45, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The company’s 50-day simple moving average is $127.74 and its two-hundred day simple moving average is $172.62. Workday has a one year low of $110.36 and a one year high of $274.65.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Tuesday, February 24th. The software maker reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.15. Workday had a return on equity of 13.37% and a net margin of 7.26%.The business had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same period last year, the business posted $1.92 EPS. The business’s revenue was up 14.5% compared to the same quarter last year. Equities analysts forecast that Workday will post 5.11 EPS for the current fiscal year.

Insider Activity at Workday

In other Workday news, CFO Zane Rowe sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $128.22, for a total transaction of $769,320.00. Following the sale, the chief financial officer owned 217,930 shares of the company’s stock, valued at approximately $27,942,984.60. The trade was a 2.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 1,585 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $113.05, for a total transaction of $179,184.25. Following the sale, the chief accounting officer directly owned 31,467 shares in the company, valued at approximately $3,557,344.35. This represents a 4.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 989,814 shares of company stock worth $131,576,291 in the last 90 days. 18.64% of the stock is owned by insiders.

Institutional Trading of Workday

Several large investors have recently added to or reduced their stakes in WDAY. Brighton Jones LLC grew its stake in Workday by 230.2% during the 4th quarter. Brighton Jones LLC now owns 4,005 shares of the software maker’s stock valued at $1,033,000 after purchasing an additional 2,792 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Workday by 12.1% in the 1st quarter. Empowered Funds LLC now owns 11,142 shares of the software maker’s stock valued at $2,602,000 after acquiring an additional 1,206 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Workday by 211.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker’s stock valued at $44,000 after acquiring an additional 127 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Workday in the 2nd quarter valued at $281,000. Finally, NewEdge Advisors LLC boosted its holdings in shares of Workday by 32.0% in the 2nd quarter. NewEdge Advisors LLC now owns 6,597 shares of the software maker’s stock valued at $1,583,000 after acquiring an additional 1,600 shares during 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.