Analysts Set Workday, Inc. (NASDAQ:WDAY) Price Target at $206.34

Workday, Inc. (NASDAQ:WDAY) has earned an average recommendation of “Hold” from the thirty-nine brokerages that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twenty have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $206.3421.

WDAY has been the topic of a number of recent research reports. Summit Redstone set a $275.00 price target on shares of Workday in a research report on Wednesday, May 27th. Robert W. Baird increased their price objective on shares of Workday from $190.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Royal Bank Of Canada raised their target price on shares of Workday from $220.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, August 28th. Piper Sandler boosted their target price on Workday from $145.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, August 28th. Finally, Stifel Nicolaus upped their price target on Workday from $115.00 to $160.00 and gave the company a “hold” rating in a research report on Friday, August 28th.

Workday Stock Performance

Shares of WDAY stock opened at $195.79 on Tuesday. The stock’s fifty day moving average is $167.46 and its two-hundred day moving average is $142.97. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market capitalization of $47.19 billion, a P/E ratio of 39.71, a PEG ratio of 1.98 and a beta of 1.08. Workday has a fifty-two week low of $110.36 and a fifty-two week high of $249.85.

Workday (NASDAQ:WDAY) last released its earnings results on Thursday, August 27th. The software maker reported $2.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.14. The business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.64 billion. Workday had a net margin of 12.32% and a return on equity of 20.95%. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.21 earnings per share. Research analysts expect that Workday will post 5.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder David A. Duffield sold 94,961 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $199.29, for a total value of $18,924,777.69. Following the completion of the sale, the insider owned 105,049 shares of the company’s stock, valued at approximately $20,935,215.21. This represents a 47.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Enslin sold 5,374 shares of the firm’s stock in a transaction dated Sunday, July 5th. The stock was sold at an average price of $134.90, for a total transaction of $724,952.60. Following the sale, the insider owned 239,469 shares of the company’s stock, valued at approximately $32,304,368.10. The trade was a 2.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 754,981 shares of company stock worth $101,916,181. 18.64% of the stock is currently owned by company insiders.

Institutional Trading of Workday

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in Workday by 11,770.8% during the second quarter. California State Teachers Retirement System now owns 36,907,426 shares of the software maker’s stock worth $4,518,207,000 after acquiring an additional 36,596,516 shares during the last quarter. Auto Owners Insurance Co lifted its stake in shares of Workday by 25,412.8% in the 4th quarter. Auto Owners Insurance Co now owns 10,230,616 shares of the software maker’s stock valued at $2,197,332,000 after purchasing an additional 10,190,516 shares during the last quarter. State Street Corp grew its holdings in shares of Workday by 1.0% during the 4th quarter. State Street Corp now owns 9,770,707 shares of the software maker’s stock worth $2,098,552,000 after purchasing an additional 96,139 shares during the period. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Workday by 47.5% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker’s stock worth $1,406,463,000 after purchasing an additional 1,882,391 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Workday by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 5,091,926 shares of the software maker’s stock worth $1,089,970,000 after purchasing an additional 75,922 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

About Workday

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.