Workday (NASDAQ:WDAY) Price Target Cut to $260.00 by Analysts at KeyCorp

Workday (NASDAQ:WDAY) had its price objective trimmed by KeyCorp from $285.00 to $260.00 in a report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

Other equities analysts have also issued research reports about the stock. TD Cowen cut their target price on shares of Workday from $310.00 to $290.00 and set a “buy” rating for the company in a research report on Wednesday, September 17th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Workday from $330.00 to $280.00 and set a “buy” rating on the stock in a research note on Friday, August 22nd. Citigroup cut their price objective on shares of Workday from $261.00 to $247.00 and set a “neutral” rating for the company in a report on Wednesday. Wells Fargo & Company lowered their target price on shares of Workday from $300.00 to $290.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Royal Bank Of Canada cut their price target on Workday from $340.00 to $320.00 and set an “outperform” rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $282.70.

Workday Stock Performance

NASDAQ:WDAY opened at $215.34 on Wednesday. The company has a market capitalization of $57.50 billion, a P/E ratio of 90.48, a P/E/G ratio of 2.90 and a beta of 1.11. The business has a fifty day simple moving average of $233.95 and a two-hundred day simple moving average of $236.47. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.10 and a quick ratio of 2.10. Workday has a 1 year low of $205.33 and a 1 year high of $294.00.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Tuesday, November 25th. The software maker reported $2.32 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.15. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.42 billion. Workday had a return on equity of 10.45% and a net margin of 6.95%.The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.89 EPS. On average, analysts expect that Workday will post 2.63 earnings per share for the current year.

Insider Transactions at Workday

In related news, major shareholder David A. Duffield sold 78,564 shares of the business’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $220.12, for a total transaction of $17,293,507.68. Following the completion of the transaction, the insider directly owned 102,997 shares in the company, valued at $22,671,699.64. The trade was a 43.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Richard Harry Sauer sold 2,320 shares of the company’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $235.87, for a total value of $547,218.40. Following the completion of the transaction, the insider owned 90,077 shares in the company, valued at $21,246,461.99. This represents a 2.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 264,933 shares of company stock valued at $61,475,760. Corporate insiders own 19.31% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Verdence Capital Advisors LLC raised its stake in Workday by 1.0% in the second quarter. Verdence Capital Advisors LLC now owns 4,381 shares of the software maker’s stock valued at $1,051,000 after purchasing an additional 45 shares in the last quarter. Bristlecone Advisors LLC raised its position in shares of Workday by 1.6% during the 1st quarter. Bristlecone Advisors LLC now owns 2,968 shares of the software maker’s stock valued at $693,000 after buying an additional 47 shares in the last quarter. Perennial Investment Advisors LLC raised its position in shares of Workday by 2.8% during the 2nd quarter. Perennial Investment Advisors LLC now owns 1,741 shares of the software maker’s stock valued at $418,000 after buying an additional 48 shares in the last quarter. Johnson Investment Counsel Inc. lifted its holdings in shares of Workday by 2.3% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 2,201 shares of the software maker’s stock worth $528,000 after acquiring an additional 49 shares during the last quarter. Finally, Bay Harbor Wealth Management LLC grew its position in Workday by 12.0% in the third quarter. Bay Harbor Wealth Management LLC now owns 458 shares of the software maker’s stock worth $110,000 after acquiring an additional 49 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

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.