Piper Sandler Reaffirms “Overweight” Rating for Workday (NASDAQ:WDAY)

Piper Sandler reaffirmed their overweight rating on shares of Workday (NASDAQ:WDAY) in a research report released on Wednesday, Benzinga reports. The firm currently has a $285.00 target price on the software maker’s stock.

A number of other equities analysts have also issued reports on the company. Needham & Company LLC decreased their price objective on Workday from $350.00 to $300.00 and set a buy rating for the company in a report on Wednesday. Sanford C. Bernstein lowered their price target on Workday from $321.00 to $301.00 and set an outperform rating on the stock in a report on Friday, May 24th. KeyCorp lifted their price objective on shares of Workday from $275.00 to $305.00 and gave the company an overweight rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. decreased their target price on shares of Workday from $300.00 to $285.00 and set an overweight rating for the company in a research report on Friday, May 24th. Finally, Evercore ISI dropped their price target on shares of Workday from $300.00 to $290.00 and set an outperform rating on the stock in a research report on Tuesday, August 20th. One 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $286.48.

Workday Stock Performance

WDAY stock opened at $248.29 on Wednesday. Workday has a 1 year low of $199.81 and a 1 year high of $311.28. The stock has a market capitalization of $65.80 billion, a price-to-earnings ratio of 44.74, a PEG ratio of 5.07 and a beta of 1.35. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. The stock’s fifty day moving average is $237.48 and its two-hundred day moving average is $242.30.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The firm had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same period last year, the firm posted $0.40 EPS. Workday’s quarterly revenue was up 16.5% compared to the same quarter last year. On average, research analysts predict that Workday will post 2.39 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder David A. Duffield sold 78,279 shares of Workday stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $223.89, for a total value of $17,525,885.31. Following the transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at $23,059,998.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder David A. Duffield sold 78,279 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $223.89, for a total transaction of $17,525,885.31. Following the transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at $23,059,998.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $223.80, for a total value of $12,532,800.00. Following the sale, the insider now owns 674,000 shares of the company’s stock, valued at $150,841,200. The disclosure for this sale can be found here. In the last quarter, insiders have sold 467,402 shares of company stock worth $109,864,184. Company insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Crewe Advisors LLC acquired a new stake in shares of Workday during the 1st quarter valued at $27,000. Sound Income Strategies LLC boosted its position in Workday by 74.2% during the first 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. SouthState Corp grew its stake in Workday by 614.3% in the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after purchasing an additional 129 shares in the last quarter. Goodman Advisory Group LLC acquired a new position in Workday in the 2nd quarter worth about $35,000. Finally, Asset Dedication LLC purchased a new stake in shares of Workday during the 2nd quarter worth about $36,000. Institutional investors and hedge funds 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.