Workday (NASDAQ:WDAY) Given New $300.00 Price Target at Royal Bank of Canada

Workday (NASDAQ:WDAY) had its price objective cut by equities research analysts at Royal Bank of Canada from $310.00 to $300.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s target price indicates a potential upside of 33.30% from the company’s previous close.

Other equities analysts have also issued research reports about the company. StockNews.com lowered Workday from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 8th. The Goldman Sachs Group decreased their price target on Workday from $310.00 to $300.00 and set a “buy” rating on the stock in a research note on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $350.00 target price on shares of Workday in a research report on Friday. Robert W. Baird reduced their target price on shares of Workday from $316.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday. Finally, TheStreet upgraded shares of Workday from a “c” rating to a “b-” rating in a research report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat.com, Workday has an average rating of “Moderate Buy” and a consensus target price of $281.61.

Workday Stock Performance

Shares of NASDAQ WDAY traded down $35.85 during trading on Friday, reaching $225.05. 8,670,863 shares of the company traded hands, compared to its average volume of 1,941,976. The firm’s fifty day simple moving average is $260.89 and its 200 day simple moving average is $268.88. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.37. The stock has a market cap of $59.41 billion, a P/E ratio of 43.67, a PEG ratio of 7.75 and a beta of 1.33. Workday has a 12-month low of $192.68 and a 12-month high of $311.28.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Thursday, May 23rd. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.20. Workday had a net margin of 19.02% and a return on equity of 4.87%. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the company earned $0.16 EPS. The business’s revenue was up 18.1% on a year-over-year basis. As a group, research analysts anticipate that Workday will post 1.76 earnings per share for the current fiscal year.

Insider Transactions at Workday

In other news, major shareholder David A. Duffield sold 65,221 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $268.29, for a total transaction of $17,498,142.09. Following the completion of the transaction, the insider now owns 102,997 shares of the company’s stock, valued at approximately $27,633,065.13. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, major shareholder David A. Duffield sold 65,221 shares of Workday stock in a transaction on Monday, April 8th. The stock was sold at an average price of $268.29, for a total value of $17,498,142.09. Following the transaction, the insider now owns 102,997 shares in the company, valued at $27,633,065.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 64,329 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $268.85, for a total value of $17,294,851.65. Following the sale, the insider now owns 102,997 shares of the company’s stock, valued at $27,690,743.45. The disclosure for this sale can be found here. Insiders have sold 435,691 shares of company stock worth $117,731,569 over the last quarter. 20.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Beacon Capital Management LLC grew its stake in shares of Workday by 333.3% in the fourth quarter. Beacon Capital Management LLC now owns 91 shares of the software maker’s stock valued at $25,000 after buying an additional 70 shares in the last quarter. VisionPoint Advisory Group LLC boosted its holdings in Workday by 215.4% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 123 shares of the software maker’s stock worth $26,000 after acquiring an additional 84 shares during the period. Crewe Advisors LLC acquired a new stake in Workday in the first quarter valued at approximately $27,000. Clear Street Markets LLC purchased a new stake in shares of Workday during the third quarter valued at approximately $29,000. Finally, Exchange Traded Concepts LLC lifted its position in shares of Workday by 1,750.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 111 shares of the software maker’s stock worth $31,000 after purchasing an additional 105 shares in the last quarter. 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.