Canaccord Genuity Group Raises Workday (NASDAQ:WDAY) Price Target to $300.00

Workday (NASDAQ:WDAY) had its price objective increased by stock analysts at Canaccord Genuity Group from $270.00 to $300.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 29.83% from the stock’s previous close.

A number of other research firms also recently weighed in on WDAY. Guggenheim reaffirmed a “sell” rating and set a $190.00 price target on shares of Workday in a research note on Tuesday, June 25th. Stifel Nicolaus increased their price target on shares of Workday from $250.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday. Mizuho cut their target price on Workday from $325.00 to $280.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Wells Fargo & Company decreased their price target on Workday from $275.00 to $260.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Workday from $265.00 to $275.00 and gave the stock a “hold” rating in a report on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $285.44.

Workday Price Performance

Shares of WDAY opened at $231.08 on Friday. The business’s 50-day moving average is $222.71 and its 200-day moving average is $248.45. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.00 and a quick ratio of 2.00. The company has a market capitalization of $61.24 billion, a price-to-earnings ratio of 41.64, a P/E/G ratio of 5.84 and a beta of 1.35. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $311.28.

Workday (NASDAQ:WDAY) last released its earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.10. The company had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.07 billion. Workday had a net margin of 19.66% and a return on equity of 5.78%. The company’s revenue was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.40 EPS. Equities research analysts expect that Workday will post 2.12 EPS for the current fiscal year.

Insider Transactions at Workday

In related news, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $229.32, for a total transaction of $12,841,920.00. Following the completion of the transaction, the insider now directly owns 562,000 shares of the company’s stock, valued at approximately $128,877,840. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Douglas A. Robinson sold 3,121 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $214.44, for a total transaction of $669,267.24. Following the sale, the insider now directly owns 204,066 shares of the company’s stock, valued at $43,759,913.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $229.32, for a total transaction of $12,841,920.00. Following the completion of the transaction, the insider now owns 562,000 shares of the company’s stock, valued at approximately $128,877,840. The disclosure for this sale can be found here. In the last quarter, insiders have sold 524,672 shares of company stock valued at $115,938,834. 20.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Workday

A number of institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC raised its holdings in Workday by 48.1% during the 4th quarter. CWM LLC now owns 5,467 shares of the software maker’s stock worth $1,509,000 after purchasing an additional 1,776 shares during the last quarter. GAMMA Investing LLC acquired a new position in Workday in the fourth quarter valued at approximately $134,000. Yousif Capital Management LLC grew its holdings in Workday by 3.4% during the 4th quarter. Yousif Capital Management LLC now owns 2,343 shares of the software maker’s stock worth $647,000 after acquiring an additional 77 shares during the period. Atria Wealth Solutions Inc. raised its position in shares of Workday by 7.3% during the 4th quarter. Atria Wealth Solutions Inc. now owns 9,710 shares of the software maker’s stock valued at $2,681,000 after acquiring an additional 657 shares during the last quarter. Finally, Bailard Inc. acquired a new position in shares of Workday in the 4th quarter valued at $208,000. Institutional investors own 89.81% of the company’s stock.

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.