TD Cowen Lowers Workday (NASDAQ:WDAY) Price Target to $290.00

Workday (NASDAQ:WDAY) had its price target decreased by TD Cowen from $330.00 to $290.00 in a research note released on Friday morning, Benzinga reports. TD Cowen currently has a buy rating on the software maker’s stock.

Other equities analysts also recently issued reports about the stock. Piper Sandler cut their price target on shares of Workday from $330.00 to $280.00 and set an overweight rating for the company in a report on Friday. Jefferies Financial Group cut their price target on shares of Workday from $350.00 to $330.00 and set a buy rating for the company in a report on Friday. Bank of America cut their price target 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. JMP Securities reissued a market outperform rating and set a $315.00 price target on shares of Workday in a report on Tuesday, February 27th. Finally, BMO Capital Markets cut their price target on shares of Workday from $338.00 to $300.00 and set an outperform rating for the company in a report on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, Workday has a consensus rating of Moderate Buy and an average price target of $283.96.

Workday Price Performance

Shares of NASDAQ:WDAY traded down $39.99 during midday trading on Friday, reaching $220.91. 15,622,846 shares of the company’s stock were exchanged, compared to its average volume of 2,392,779. The company’s 50 day simple moving average is $259.94 and its two-hundred day simple moving average is $268.90. The firm has a market capitalization of $58.32 billion, a PE ratio of 39.80, a price-to-earnings-growth ratio of 7.78 and a beta of 1.33. Workday has a 12 month low of $192.68 and a 12 month high of $311.28. 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, topping analysts’ consensus estimates of $0.31 by $0.20. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.97 billion. Workday had a net margin of 19.66% and a return on equity of 6.02%. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period last year, the firm earned $0.16 EPS. Equities research analysts expect that Workday will post 1.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Workday news, insider Richard Harry Sauer sold 8,447 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $268.21, for a total transaction of $2,265,569.87. Following the sale, the insider now directly owns 66,356 shares of the company’s stock, valued at $17,797,342.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Workday news, insider Douglas A. Robinson sold 3,121 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $293.79, for a total value of $916,918.59. Following the transaction, the insider now directly owns 165,932 shares in the company, valued at $48,749,162.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Richard Harry Sauer sold 8,447 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $268.21, for a total transaction of $2,265,569.87. Following the completion of the transaction, the insider now owns 66,356 shares in the company, valued at $17,797,342.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 435,691 shares of company stock valued at $117,731,569. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Workday

Several institutional investors and hedge funds have recently modified their holdings of the stock. Cetera Advisors LLC grew its stake in Workday by 378.3% during the first quarter. Cetera Advisors LLC now owns 16,582 shares of the software maker’s stock worth $4,523,000 after buying an additional 13,115 shares in the last quarter. Cetera Investment Advisers increased its holdings in Workday by 83.5% in the 1st quarter. Cetera Investment Advisers now owns 49,132 shares of the software maker’s stock valued at $13,401,000 after buying an additional 22,351 shares during the period. Beck Bode LLC increased its holdings in Workday by 53.7% in the 1st quarter. Beck Bode LLC now owns 30,318 shares of the software maker’s stock valued at $8,269,000 after buying an additional 10,589 shares during the period. Atria Investments Inc increased its holdings in Workday by 1.2% in the 1st quarter. Atria Investments Inc now owns 38,296 shares of the software maker’s stock valued at $10,445,000 after buying an additional 452 shares during the period. Finally, Swedbank AB acquired a new stake in shares of Workday in the 1st quarter valued at approximately $21,906,000. 89.81% of the stock is currently owned by institutional investors and hedge funds.

About Workday

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.