Wells Fargo & Company Forecasts Strong Price Appreciation for Workday (NASDAQ:WDAY) Stock

Workday (NASDAQ:WDAY) had its price target raised by equities research analysts at Wells Fargo & Company from $330.00 to $360.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 30.69% from the stock’s current price.

Several other analysts have also recently commented on the company. Scotiabank started coverage on Workday in a research report on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price target for the company. Piper Sandler upped their target price on shares of Workday from $270.00 to $290.00 and gave the stock a “neutral” rating in a report on Wednesday. Citigroup decreased their price target on shares of Workday from $287.00 to $270.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. BNP Paribas raised shares of Workday to a “strong-buy” rating in a research note on Friday, February 14th. Finally, Royal Bank of Canada raised their target price on shares of Workday from $300.00 to $320.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 18th. Ten equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Workday presently has an average rating of “Moderate Buy” and an average price target of $296.11.

Workday Stock Performance

WDAY opened at $275.46 on Wednesday. The firm’s fifty day simple moving average is $259.97 and its two-hundred day simple moving average is $254.12. Workday has a 52-week low of $199.81 and a 52-week high of $304.79. The company has a market cap of $73.27 billion, a price-to-earnings ratio of 45.68, a PEG ratio of 3.55 and a beta of 1.35. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35.

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

Insider Activity

In related news, major shareholder David A. Duffield sold 70,003 shares of Workday stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $251.20, for a total value of $17,584,753.60. Following the completion of the transaction, the insider now directly owns 102,997 shares in the company, valued at approximately $25,872,846.40. This trade represents a 40.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sayan Chakraborty sold 5,498 shares of the company’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $250.78, for a total value of $1,378,788.44. Following the sale, the insider now owns 121,100 shares in the company, valued at approximately $30,369,458. This trade represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 438,819 shares of company stock valued at $113,142,592. 20.00% of the stock is currently owned by company insiders.

Institutional Trading of Workday

A number of institutional investors have recently bought and sold shares of the business. Bristlecone Advisors LLC grew its stake in Workday by 49.6% during the 4th quarter. Bristlecone Advisors LLC now owns 2,921 shares of the software maker’s stock worth $754,000 after buying an additional 968 shares during the last quarter. Sanctuary Advisors LLC grew its position in shares of Workday by 7.2% during the third quarter. Sanctuary Advisors LLC now owns 29,633 shares of the software maker’s stock worth $7,934,000 after acquiring an additional 1,978 shares during the last quarter. Grafton Street Partners Fund LP acquired a new position in shares of Workday in the 3rd quarter valued at $4,424,000. ICICI Prudential Asset Management Co Ltd raised its position in Workday by 32.4% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock valued at $7,791,000 after purchasing an additional 7,802 shares during the last quarter. Finally, Nordea Investment Management AB boosted its stake in Workday by 20.5% during the 4th quarter. Nordea Investment Management AB now owns 702,990 shares of the software maker’s stock worth $182,753,000 after purchasing an additional 119,769 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

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.