Workday, Inc. (NASDAQ:WDAY) Stock Has Average Price Target of $206.34 According to Brokerages

Workday, Inc. (NASDAQ:WDAY) has been assigned a consensus rating of “Hold” from the forty research firms that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, eighteen have issued a hold recommendation and twenty have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $206.34.

WDAY has been the topic of several research reports. Bank of America increased their target price on Workday from $140.00 to $205.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 19th. KeyCorp boosted their price target on Workday from $158.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, August 28th. Wells Fargo & Company upped their price target on Workday from $215.00 to $225.00 and gave the stock an “overweight” rating in a research note on Friday, August 28th. BMO Capital Markets raised their price objective on Workday from $182.00 to $230.00 and gave the stock an “outperform” rating in a report on Friday, August 28th. Finally, Piper Sandler lifted their price objective on Workday from $145.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, August 28th.

Workday Price Performance

WDAY opened at $188.60 on Friday. Workday has a 1 year low of $110.36 and a 1 year high of $249.85. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.91 and a current ratio of 0.91. The company’s 50 day simple moving average is $182.78 and its 200 day simple moving average is $148.29. The stock has a market capitalization of $45.45 billion, a PE ratio of 38.26, a P/E/G ratio of 1.91 and a beta of 1.08.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Thursday, August 27th. The software maker reported $2.75 earnings per share for the quarter, topping analysts’ consensus estimates of $2.61 by $0.14. Workday had a net margin of 12.32% and a return on equity of 20.95%. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.64 billion. During the same quarter last year, the firm posted $2.21 earnings per share. Workday’s revenue was up 12.8% on a year-over-year basis. As a group, sell-side analysts expect that Workday will post 5.3 EPS for the current year.

Insider Buying and Selling at Workday

In related news, CFO Zane Rowe sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $143.70, for a total value of $862,200.00. Following the transaction, the chief financial officer owned 288,460 shares in the company, valued at approximately $41,451,702. This trade represents a 2.04% decrease in their ownership of the stock. The transaction 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 Kazmaier sold 2,728 shares of Workday stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $143.62, for a total transaction of $391,795.36. Following the transaction, the insider directly owned 266,388 shares in the company, valued at approximately $38,258,644.56. This trade represents a 1.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 806,623 shares of company stock worth $142,956,863 in the last quarter. Company insiders own 18.64% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Plato Investment Management Ltd bought a new stake in Workday in the second quarter valued at $1,115,000. Norges Bank acquired a new position in shares of Workday during the fourth quarter valued at $448,804,000. S&CO Inc. bought a new position in shares of Workday during the second quarter worth about $2,284,000. Harvest Fund Management Co. Ltd grew its position in shares of Workday by 40.1% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 55,605 shares of the software maker’s stock worth $11,943,000 after acquiring an additional 15,903 shares during the last quarter. Finally, Sapient Capital LLC acquired a new stake in shares of Workday in the 2nd quarter worth about $13,045,000. Institutional investors and hedge funds own 89.81% of the company’s stock.

Workday Company Profile

Workday, Inc develops cloud-based enterprise software designed to help organizations manage finance, human resources and related business operations. Its platform provides tools for financial management, accounting, procurement, expenses, payroll, workforce management, recruiting, talent management, employee experience and enterprise planning.

The company also offers analytics, reporting and artificial intelligence capabilities that support budgeting, forecasting, workforce planning and business decision-making.