Bank of America Forecasts Strong Price Appreciation for Workday (NASDAQ:WDAY) Stock

Workday (NASDAQ:WDAY) had its price objective lifted by analysts at Bank of America from $140.00 to $205.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Bank of America‘s target price suggests a potential upside of 3.41% from the stock’s previous close.

Several other research firms have also commented on WDAY. Citigroup reiterated a “market perform” rating on shares of Workday in a research note on Friday, May 22nd. Barclays reaffirmed an “overweight” rating on shares of Workday in a research report on Wednesday. KeyCorp restated an “overweight” rating on shares of Workday in a research note on Friday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Workday in a research note on Wednesday, June 17th. Finally, Oppenheimer restated an “outperform” rating on shares of Workday in a research report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $189.17.

Workday Stock Up 4.0%

NASDAQ WDAY traded up $7.62 on Wednesday, reaching $198.25. The company had a trading volume of 1,778,239 shares, compared to its average volume of 5,111,812. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. The company’s fifty day moving average is $146.36 and its 200 day moving average is $138.97. Workday has a 52-week low of $110.36 and a 52-week high of $249.85. The stock has a market capitalization of $48.97 billion, a P/E ratio of 62.17, a P/E/G ratio of 2.11 and a beta of 1.08.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Thursday, May 21st. The software maker reported $2.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.51 by $0.15. The firm had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.52 billion. Workday had a net margin of 8.60% and a return on equity of 14.75%. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.23 EPS. Sell-side analysts anticipate that Workday will post 5.38 earnings per share for the current fiscal year.

Insider Transactions at Workday

In other Workday news, CFO Zane Rowe sold 6,000 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $143.70, for a total value of $862,200.00. Following the completion of the sale, the chief financial officer owned 288,460 shares in the company, valued at approximately $41,451,702. This represents a 2.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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, insider Gerrit S. Kazmaier sold 2,728 shares of the business’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $143.62, for a total value of $391,795.36. Following the completion of the transaction, the insider owned 266,388 shares in the company, valued at $38,258,644.56. The trade was a 1.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last quarter, insiders sold 875,020 shares of company stock valued at $113,938,503. Company insiders own 18.64% of the company’s stock.

Institutional Investors Weigh In On Workday

Institutional investors and hedge funds have recently modified their holdings of the business. Rakuten Securities Inc. purchased a new position in Workday during the 2nd quarter valued at $25,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Workday during the third quarter worth $26,000. DT Investment Partners LLC purchased a new stake in shares of Workday during the fourth quarter valued at $27,000. LRI Investments LLC bought a new position in shares of Workday in the fourth quarter worth about $29,000. Finally, JPL Wealth Management LLC bought a new position in shares of Workday in the third quarter worth about $30,000. 89.81% of the stock is owned by institutional investors.

Workday Company Profile

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.