Piper Sandler Cuts Workday (NASDAQ:WDAY) Price Target to $280.00

Workday (NASDAQ:WDAY) had its target price decreased by analysts at Piper Sandler from $330.00 to $280.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Piper Sandler’s price target would indicate a potential upside of 7.32% from the company’s previous close.

WDAY has been the subject of several other reports. Wells Fargo & Company raised their target price on shares of Workday from $300.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, February 20th. Evercore ISI upped their price objective on Workday from $310.00 to $350.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. BMO Capital Markets lifted their target price on Workday from $290.00 to $338.00 and gave the stock an “outperform” rating in a report on Tuesday, February 13th. Bank of America lowered their target price on shares of Workday from $330.00 to $310.00 and set a “buy” rating for the company in a report on Thursday, May 16th. Finally, Oppenheimer cut their target price on Workday from $320.00 to $300.00 and set an “outperform” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $289.39.

Workday Trading Up 0.4 %

Shares of WDAY opened at $260.90 on Friday. 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 has a fifty-two week low of $191.04 and a fifty-two week high of $311.28. The firm has a 50 day moving average price of $260.89 and a 200-day moving average price of $268.88. The firm has a market cap of $68.88 billion, a price-to-earnings ratio of 50.66, a PEG ratio of 7.75 and a beta of 1.33.

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

Insider Activity at Workday

In other news, major shareholder David A. Duffield sold 64,329 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $268.85, for a total value of $17,294,851.65. Following the transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at $27,690,743.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $264.89, for a total transaction of $14,833,840.00. Following the completion of the transaction, the insider now directly owns 843,000 shares in the company, valued at approximately $223,302,270. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 64,329 shares of the company’s stock in a transaction on 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 directly owns 102,997 shares in the company, valued at approximately $27,690,743.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 435,691 shares of company stock valued at $117,731,569. 20.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Workday by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker’s stock worth $4,029,244,000 after buying an additional 324,540 shares during the period. Norges Bank purchased a new position in shares of Workday during the 4th quarter worth approximately $1,491,149,000. Wellington Management Group LLP lifted its holdings in Workday by 37.4% in the third quarter. Wellington Management Group LLP now owns 5,163,362 shares of the software maker’s stock valued at $1,109,348,000 after acquiring an additional 1,406,153 shares during the period. Polen Capital Management LLC boosted its holdings in Workday by 2.0% during the third quarter. Polen Capital Management LLC now owns 3,950,320 shares of the software maker’s stock worth $848,726,000 after buying an additional 78,352 shares in the last quarter. Finally, Sustainable Growth Advisers LP boosted its stake in shares of Workday by 9.7% during the 1st quarter. Sustainable Growth Advisers LP now owns 3,402,374 shares of the software maker’s stock worth $927,998,000 after acquiring an additional 301,463 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.