Workday (NASDAQ:WDAY) Price Target Raised to $345.00 at The Goldman Sachs Group

Workday (NASDAQ:WDAY) had its price objective hoisted by The Goldman Sachs Group from $310.00 to $345.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

WDAY has been the subject of several other reports. Barclays dropped their price objective on Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a report on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft raised Workday from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $265.00 to $300.00 in a report on Wednesday, January 8th. Loop Capital boosted their price objective on Workday from $242.00 to $260.00 and gave the stock a “hold” rating in a report on Wednesday, February 19th. Piper Sandler boosted their price objective on Workday from $270.00 to $290.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Morgan Stanley cut Workday from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $330.00 to $275.00 in a report on Wednesday, February 19th. Ten equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $301.11.

Workday Stock Performance

Workday stock opened at $271.09 on Wednesday. The stock has a 50-day simple moving average of $260.01 and a 200 day simple moving average of $254.24. 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 has a 12-month low of $199.81 and a 12-month high of $298.50. The stock has a market capitalization of $72.11 billion, a price-to-earnings ratio of 44.96, a P/E/G ratio of 3.55 and a beta of 1.35.

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 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 business had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.18 billion. On average, research analysts anticipate that Workday will post 2.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Workday news, CAO Mark S. Garfield sold 472 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the completion of the transaction, the chief accounting officer now owns 35,408 shares of the company’s stock, valued at $8,789,681.92. This represents a 1.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder David A. Duffield sold 70,003 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at approximately $25,872,846.40. This trade represents a 40.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 438,819 shares of company stock valued at $113,142,592 in the last quarter. 20.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Workday

A number of large investors have recently bought and sold shares of the company. Simplicity Wealth LLC raised its stake in shares of Workday by 3.0% during the 4th quarter. Simplicity Wealth LLC now owns 1,277 shares of the software maker’s stock worth $330,000 after purchasing an additional 37 shares in the last quarter. Marcum Wealth LLC raised its stake in shares of Workday by 4.4% during the 4th quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock worth $249,000 after purchasing an additional 41 shares in the last quarter. Custom Index Systems LLC raised its stake in shares of Workday by 3.0% during the 4th quarter. Custom Index Systems LLC now owns 1,412 shares of the software maker’s stock worth $364,000 after purchasing an additional 41 shares in the last quarter. AllSquare Wealth Management LLC raised its stake in shares of Workday by 19.4% during the 4th quarter. AllSquare Wealth Management LLC now owns 252 shares of the software maker’s stock worth $65,000 after purchasing an additional 41 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its stake in shares of Workday by 42.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after purchasing an additional 43 shares in the last quarter. Institutional investors and hedge funds 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.