Workday (NASDAQ:WDAY) Lowered to Hold Rating by StockNews.com

StockNews.com lowered shares of Workday (NASDAQ:WDAY) from a buy rating to a hold rating in a report published on Thursday.

Several other research firms have also recently commented on WDAY. Loop Capital dropped their target price on shares of Workday from $270.00 to $242.00 and set a “hold” rating on the stock in a research report on Wednesday. Bank of America lowered their price target on shares of Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a report on Wednesday. DA Davidson lifted their price target on shares of Workday from $255.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. The Goldman Sachs Group lifted their price target on shares of Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Morgan Stanley lifted their price objective on shares of Workday from $315.00 to $330.00 and gave the company an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, Workday presently has a consensus rating of “Moderate Buy” and a consensus target price of $288.14.

Workday Price Performance

Workday stock opened at $253.40 on Thursday. Workday has a 52 week low of $199.81 and a 52 week high of $311.28. The company’s 50 day moving average price is $248.74 and its two-hundred day moving average price is $237.44. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. The stock has a market cap of $67.15 billion, a P/E ratio of 42.02, a P/E/G ratio of 5.03 and a beta of 1.35.

Workday (NASDAQ:WDAY) last posted its earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping the consensus estimate of $1.76 by $0.13. Workday had a net margin of 19.86% and a return on equity of 6.21%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the firm earned $0.47 EPS. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. On average, equities analysts predict that Workday will post 2.4 earnings per share for the current year.

Insiders Place Their Bets

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $255.45, for a total value of $1,915,875.00. Following the completion of the sale, the director now directly owns 90,000 shares of the company’s stock, valued at $22,990,500. The trade was a 7.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Wayne A.I. Frederick sold 1,828 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $241.85, for a total transaction of $442,101.80. Following the transaction, the director now directly owns 8,674 shares of the company’s stock, valued at approximately $2,097,806.90. This trade represents a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 359,954 shares of company stock valued at $88,742,132 over the last three months. Insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Hedge funds and other institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in shares of Workday during the third quarter valued at about $26,000. SouthState Corp raised its stake in shares of Workday by 614.3% during the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after acquiring an additional 129 shares during the last quarter. Crewe Advisors LLC increased its position in shares of Workday by 56.6% during the second quarter. Crewe Advisors LLC now owns 155 shares of the software maker’s stock valued at $35,000 after buying an additional 56 shares during the period. Goodman Advisory Group LLC purchased a new position in shares of Workday during the second quarter valued at about $35,000. Finally, Meeder Asset Management Inc. increased its position in shares of Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after buying an additional 43 shares during the period. 89.81% of the stock is owned by institutional investors.

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.