Workday (NASDAQ:WDAY) Coverage Initiated at Redburn Atlantic

Redburn Atlantic assumed coverage on shares of Workday (NASDAQ:WDAY) in a report issued on Wednesday, Marketbeat Ratings reports. The firm issued a neutral rating on the software maker’s stock.

Several other equities analysts also recently commented on the stock. Barclays cut their price target on shares of Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a report on Wednesday, November 27th. Morgan Stanley cut Workday from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $330.00 to $275.00 in a research note on Wednesday. Oppenheimer restated an “outperform” rating and set a $300.00 price objective on shares of Workday in a report on Tuesday, December 3rd. Royal Bank of Canada upped their price objective on Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Finally, Scotiabank initiated coverage on Workday in a research note on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 target price on the stock. Ten analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $291.11.

Workday Price Performance

NASDAQ:WDAY opened at $261.10 on Wednesday. The firm has a market capitalization of $69.45 billion, a price-to-earnings ratio of 43.30, a PEG ratio of 3.51 and a beta of 1.35. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The business has a 50 day simple moving average of $261.36 and a 200-day simple moving average of $252.47. Workday has a 1 year low of $199.81 and a 1 year high of $311.28.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. Workday had a return on equity of 6.13% and a net margin of 19.86%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period last year, the company earned $0.47 earnings per share. Workday’s revenue was up 15.8% on a year-over-year basis. Equities analysts forecast that Workday will post 2.63 EPS for the current year.

Insider Transactions at Workday

In other Workday news, CAO Mark S. Garfield sold 472 shares of Workday stock in a transaction on Monday, January 13th. The shares were sold at an average price of $248.24, for a total value of $117,169.28. Following the transaction, the chief accounting officer now directly owns 35,408 shares of the company’s stock, valued at approximately $8,789,681.92. The trade was a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wayne A.I. Frederick sold 1,829 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $253.09, for a total value of $462,901.61. Following the transaction, the director now directly owns 6,845 shares in the company, valued at $1,732,401.05. This represents a 21.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock valued at $113,142,592 in the last 90 days. Insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Roxbury Financial LLC acquired a new position in shares of Workday in the 4th quarter valued at $25,000. Capital Performance Advisors LLP purchased a new stake in Workday during the 3rd quarter valued at about $26,000. Crews Bank & Trust acquired a new position in shares of Workday in the fourth quarter valued at about $26,000. Avion Wealth raised its stake in shares of Workday by 452.6% in the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock worth $27,000 after purchasing an additional 86 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after purchasing an additional 43 shares during the period. Hedge funds and other 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.