Workday (NASDAQ:WDAY) Given New $305.00 Price Target at Scotiabank

Workday (NASDAQ:WDAY) had its price target reduced by analysts at Scotiabank from $355.00 to $305.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “sector outperform” rating on the software maker’s stock. Scotiabank’s price objective points to a potential upside of 23.85% from the company’s current price.

A number of other analysts have also recently issued reports on WDAY. BMO Capital Markets increased their target price on shares of Workday from $300.00 to $314.00 and gave the stock an “outperform” rating in a research report on Thursday, February 27th. Canaccord Genuity Group increased their price objective on shares of Workday from $300.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Morgan Stanley cut shares of Workday from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $330.00 to $275.00 in a research report on Wednesday, February 19th. Barclays cut their price objective on Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 27th. Finally, Stifel Nicolaus raised their target price on Workday from $270.00 to $310.00 and gave the company a “hold” rating in a report on Wednesday, February 26th. Ten analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Workday presently has a consensus rating of “Moderate Buy” and a consensus price target of $300.36.

Workday Price Performance

Workday stock traded up $2.09 during mid-day trading on Monday, hitting $246.26. 320,339 shares of the company were exchanged, compared to its average volume of 2,413,299. Workday has a 12-month low of $199.81 and a 12-month high of $294.00. The company has a market capitalization of $65.51 billion, a P/E ratio of 40.90, a PEG ratio of 3.55 and a beta of 1.38. The business’s 50 day simple moving average is $256.91 and its two-hundred day simple moving average is $255.46. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05.

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

Insider Activity

In related news, CEO Carl M. Eschenbach sold 6,250 shares of Workday stock in a transaction on Monday, January 6th. The shares were sold at an average price of $253.86, for a total value of $1,586,625.00. Following the transaction, the chief executive officer now owns 13,972 shares in the company, valued at $3,546,931.92. This trade represents a 30.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder David A. Duffield sold 66,455 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $259.52, for a total transaction of $17,246,401.60. Following the transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at approximately $26,729,781.44. This represents a 39.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 435,829 shares of company stock worth $113,033,319. 20.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Workday

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Workday by 28.9% in the fourth quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock valued at $5,197,447,000 after purchasing an additional 4,517,272 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in shares of Workday in the 4th quarter valued at $658,735,000. Norges Bank bought a new position in shares of Workday during the 4th quarter worth about $645,710,000. Parnassus Investments LLC increased its stake in Workday by 562.2% in the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker’s stock valued at $631,589,000 after acquiring an additional 2,078,097 shares during the period. Finally, Geode Capital Management LLC raised its position in Workday by 61.9% in the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock worth $1,193,105,000 after purchasing an additional 1,772,223 shares in the last quarter. 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.