Workday (NASDAQ:WDAY) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Workday (NASDAQ:WDAY) had its target price boosted by equities research analysts at Canaccord Genuity Group from $300.00 to $330.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 22.34% from the company’s current price.

A number of other brokerages have also recently commented on WDAY. Oppenheimer boosted their target price on shares of Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a report on Wednesday. KeyCorp raised their price objective on shares of Workday from $305.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday. Redburn Atlantic assumed coverage on Workday in a report on Wednesday, February 19th. They set a “neutral” rating for the company. Mizuho upped their price target on shares of Workday from $280.00 to $320.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Scotiabank began coverage on shares of Workday in a research note on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price objective for the company. Ten analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Workday has a consensus rating of “Moderate Buy” and a consensus target price of $300.04.

Workday Stock Performance

WDAY stock traded up $14.52 during mid-day trading on Wednesday, hitting $269.74. The company had a trading volume of 3,819,515 shares, compared to its average volume of 2,255,765. Workday has a 12 month low of $199.81 and a 12 month high of $304.79. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. The stock’s fifty day moving average price is $259.97 and its two-hundred day moving average price is $254.12. The firm has a market cap of $71.75 billion, a PE ratio of 44.74, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing the consensus estimate of $1.75 by ($1.27). Workday had a return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.18 billion. On average, analysts forecast that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Transactions at Workday

In other Workday news, Director Wayne A.I. Frederick sold 1,829 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $253.09, for a total transaction of $462,901.61. Following the transaction, the director now owns 6,845 shares in the company, valued at approximately $1,732,401.05. The trade was a 21.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Sayan Chakraborty sold 5,498 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $250.78, for a total value of $1,378,788.44. Following the completion of the sale, the insider now directly owns 121,100 shares of the company’s stock, valued at $30,369,458. This represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 438,819 shares of company stock worth $113,142,592 over the last 90 days. 20.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Workday

Institutional investors have recently added to or reduced their stakes in the business. Hennion & Walsh Asset Management Inc. grew its stake in shares of Workday by 28.4% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 1,479 shares of the software maker’s stock valued at $361,000 after buying an additional 327 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Workday by 1,265.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 44,081 shares of the software maker’s stock worth $10,774,000 after buying an additional 40,853 shares during the period. Pallas Capital Advisors LLC lifted its stake in shares of Workday by 20.8% in the 3rd quarter. Pallas Capital Advisors LLC now owns 4,560 shares of the software maker’s stock worth $1,080,000 after acquiring an additional 786 shares during the period. abrdn plc boosted its stake in Workday by 16.3% during the third quarter. abrdn plc now owns 279,856 shares of the software maker’s stock valued at $68,400,000 after buying an additional 39,289 shares in the last quarter. Finally, Fortitude Family Office LLC grew its position in Workday by 713.6% in the third quarter. Fortitude Family Office LLC now owns 179 shares of the software maker’s stock worth $44,000 after buying an additional 157 shares during the last quarter. 89.81% of the stock is currently 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.