Workday’s (WDAY) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Workday (NASDAQ:WDAY) in a research report released on Friday morning, Benzinga reports. The brokerage currently has a $350.00 price objective on the software maker’s stock.

WDAY has been the subject of several other research reports. Oppenheimer dropped their price target on Workday from $320.00 to $300.00 and set an outperform rating for the company in a research report on Friday. TheStreet upgraded Workday from a c rating to a b- rating in a report on Monday, February 26th. JMP Securities restated a market outperform rating and set a $315.00 price target on shares of Workday in a report on Tuesday, February 27th. UBS Group dropped their price objective on shares of Workday from $315.00 to $300.00 and set a neutral rating for the company in a research note on Tuesday, February 27th. Finally, Barclays reduced their target price on shares of Workday from $326.00 to $316.00 and set an overweight rating on the stock in a research note on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $283.96.

Workday Trading Down 15.3 %

WDAY stock opened at $220.91 on Friday. The firm has a fifty day moving average price of $259.94 and a 200 day moving average price of $269.56. Workday has a fifty-two week low of $192.68 and a fifty-two week high of $311.28. The firm has a market cap of $58.32 billion, a PE ratio of 39.80, a price-to-earnings-growth ratio of 6.59 and a beta of 1.33. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.97 and a current ratio of 1.97.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Thursday, May 23rd. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.31 by $0.20. Workday had a net margin of 19.66% and a return on equity of 6.02%. The business had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter last year, the business earned $0.16 earnings per share. Workday’s quarterly revenue was up 18.1% compared to the same quarter last year. Sell-side analysts anticipate that Workday will post 2.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $264.89, for a total value of $14,833,840.00. Following the completion of the transaction, the insider now directly owns 843,000 shares of the company’s stock, valued at approximately $223,302,270. 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 64,329 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $268.85, for a total transaction of $17,294,851.65. Following the completion of the transaction, the insider now owns 102,997 shares in the company, valued at approximately $27,690,743.45. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $264.89, for a total transaction of $14,833,840.00. Following the completion of the sale, the insider now owns 843,000 shares of the company’s stock, valued at $223,302,270. The disclosure for this sale can be found here. Insiders sold a total of 435,691 shares of company stock worth $117,731,569 over the last 90 days. Company insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

Several hedge funds and other institutional investors have recently made changes to their positions in WDAY. Beacon Capital Management LLC increased its position in Workday by 333.3% during the 4th 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. Crewe Advisors LLC purchased a new stake in shares of Workday during the first quarter worth about $27,000. Exchange Traded Concepts LLC increased its holdings 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 valued at $31,000 after acquiring an additional 105 shares in the last quarter. Sound Income Strategies LLC raised its position in shares of Workday by 74.2% in the 1st quarter. Sound Income Strategies LLC now owns 115 shares of the software maker’s stock valued at $31,000 after purchasing an additional 49 shares during the last quarter. Finally, CVA Family Office LLC acquired a new stake in Workday in the 4th quarter worth approximately $33,000. 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.