The Goldman Sachs Group Lowers Workday (NASDAQ:WDAY) Price Target to $151.00

Workday (NASDAQ:WDAY) had its price target lowered by investment analysts at The Goldman Sachs Group from $206.00 to $151.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 17.84% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald reduced their price objective on shares of Workday from $200.00 to $160.00 and set an “overweight” rating for the company in a research note on Wednesday, May 20th. KeyCorp increased their price objective on shares of Workday from $155.00 to $158.00 and gave the stock an “overweight” rating in a research note on Friday. Mizuho reduced their price objective on shares of Workday from $275.00 to $210.00 and set an “outperform” rating for the company in a research note on Wednesday, February 25th. Robert W. Baird set a $195.00 price objective on shares of Workday in a research note on Tuesday, February 24th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Workday from $265.00 to $190.00 and set a “buy” rating for the company in a research note on Wednesday, February 18th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Workday currently has a consensus rating of “Moderate Buy” and a consensus price target of $187.71.

Workday Price Performance

Shares of NASDAQ WDAY opened at $128.14 on Tuesday. The firm has a market cap of $32.93 billion, a PE ratio of 40.04, a PEG ratio of 1.24 and a beta of 1.04. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.38. Workday has a 1-year low of $110.36 and a 1-year high of $257.09. The company has a fifty day moving average price of $125.79 and a 200 day moving average price of $168.05.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Thursday, May 21st. The software maker reported $2.66 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.15. Workday had a net margin of 8.60% and a return on equity of 13.92%. The company had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the prior year, the business posted $2.23 EPS. The company’s quarterly revenue was up 13.5% on a year-over-year basis. Research analysts predict that Workday will post 5.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Robert Enslin sold 5,373 shares of the firm’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $129.41, for a total value of $695,319.93. Following the completion of the sale, the insider directly owned 165,414 shares in the company, valued at approximately $21,406,225.74. This trade represents a 3.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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. Also, CAO Mark S. Garfield sold 1,585 shares of the firm’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $113.05, for a total transaction of $179,184.25. Following the completion of the sale, the chief accounting officer owned 31,467 shares of the company’s stock, valued at $3,557,344.35. This trade represents a 4.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 989,814 shares of company stock worth $131,576,291 in the last three months. Insiders own 18.64% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of WDAY. Brighton Jones LLC raised its holdings in Workday by 230.2% in the 4th quarter. Brighton Jones LLC now owns 4,005 shares of the software maker’s stock valued at $1,033,000 after acquiring an additional 2,792 shares during the period. Empowered Funds LLC raised its holdings in Workday by 12.1% in the 1st quarter. Empowered Funds LLC now owns 11,142 shares of the software maker’s stock valued at $2,602,000 after acquiring an additional 1,206 shares during the period. Geneos Wealth Management Inc. raised its holdings in Workday by 211.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker’s stock valued at $44,000 after acquiring an additional 127 shares during the period. Sivia Capital Partners LLC bought a new position in Workday in the 2nd quarter valued at about $281,000. Finally, NewEdge Advisors LLC raised its holdings in Workday by 32.0% in the 2nd quarter. NewEdge Advisors LLC now owns 6,597 shares of the software maker’s stock valued at $1,583,000 after acquiring an additional 1,600 shares during the period. 89.81% of the stock is owned by institutional investors.

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.