Workday (NASDAQ:WDAY) Stock Keeps Buy Rating at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Workday (NASDAQ:WDAY) in a research note issued to investors on Monday morning, MarketBeat reports. The firm currently has a $230.00 price objective on the software maker’s stock.

A number of other research firms also recently issued reports on WDAY. DA Davidson increased their price target on Workday from $135.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, August 28th. Guggenheim restated a “buy” rating and issued a $275.00 price objective on shares of Workday in a report on Friday, August 21st. KeyCorp upped their price objective on shares of Workday from $158.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, August 28th. Lake Street Capital set a $205.00 target price on shares of Workday in a report on Friday, August 14th. Finally, Weiss Ratings raised shares of Workday from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 18th. Twenty investment analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Workday has an average rating of “Hold” and an average price target of $206.34.

Workday Stock Performance

Workday stock opened at $188.96 on Monday. The company has a 50 day moving average price of $187.92 and a 200-day moving average price of $150.17. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.91 and a current ratio of 0.91. Workday has a fifty-two week low of $110.36 and a fifty-two week high of $247.40. The company has a market capitalization of $45.54 billion, a PE ratio of 38.33, a P/E/G ratio of 1.87 and a beta of 1.07.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Thursday, August 27th. The software maker reported $2.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.14. The firm had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.64 billion. Workday had a return on equity of 20.95% and a net margin of 12.32%.Workday’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.21 earnings per share. As a group, equities analysts forecast that Workday will post 5.33 earnings per share for the current year.

Insider Buying and Selling at Workday

In related news, CAO Mark Garfield sold 918 shares of the company’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $142.19, for a total transaction of $130,530.42. Following the completion of the sale, the chief accounting officer directly owned 73,718 shares in the company, valued at $10,481,962.42. This represents a 1.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder David Duffield sold 107,500 shares of the firm’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $136.74, for a total value of $14,699,550.00. Following the sale, the insider directly owned 105,049 shares in the company, valued at approximately $14,364,400.26. The trade was a 50.58% decrease in their position. 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. Over the last three months, insiders sold 882,438 shares of company stock valued at $163,516,891. Corporate insiders own 18.64% of the company’s stock.

Institutional Trading of Workday

A number of institutional investors have recently modified their holdings of the company. Baker Tilly Wealth Management LLC raised its stake in shares of Workday by 5.5% during the 3rd quarter. Baker Tilly Wealth Management LLC now owns 1,791 shares of the software maker’s stock worth $341,000 after acquiring an additional 93 shares in the last quarter. CX Institutional lifted its position in Workday by 5.8% during the third quarter. CX Institutional now owns 3,559 shares of the software maker’s stock valued at $678,000 after acquiring an additional 195 shares during the last quarter. Versant Capital Management Inc boosted its stake in Workday by 34.2% in the third quarter. Versant Capital Management Inc now owns 3,188 shares of the software maker’s stock valued at $607,000 after acquiring an additional 813 shares in the last quarter. QRG Capital Management Inc. boosted its stake in Workday by 4.8% in the second quarter. QRG Capital Management Inc. now owns 10,403 shares of the software maker’s stock valued at $1,274,000 after acquiring an additional 477 shares in the last quarter. Finally, Junto Capital Management LP purchased a new position in Workday in the second quarter worth $45,000,000. 89.81% of the stock is currently owned by institutional investors.

About Workday

Workday, Inc develops cloud-based enterprise software for managing an organization’s people, finances and operations. Its platform is primarily used by businesses, government agencies and educational institutions to support human resources, finance, planning, analytics and related administrative processes.

The company’s offerings include Workday Human Capital Management, Financial Management, Adaptive Planning, Spend Management, payroll, recruiting, talent management, learning and workforce analytics.