JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Workday (NASDAQ:WDAY) Stock

Workday (NASDAQ:WDAY) had its price target increased by JPMorgan Chase & Co. from $285.00 to $310.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

A number of other research firms also recently issued reports on WDAY. Deutsche Bank Aktiengesellschaft raised shares of Workday from a “hold” rating to a “buy” rating and boosted their price target for the company from $265.00 to $300.00 in a research note on Wednesday, January 8th. StockNews.com downgraded shares of Workday from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Redburn Atlantic initiated coverage on shares of Workday in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Scotiabank initiated coverage on shares of Workday in a research note on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price target on the stock. Finally, The Goldman Sachs Group boosted their price target on shares of Workday from $300.00 to $310.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Ten 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $301.11.

Workday Price Performance

Shares of WDAY stock opened at $271.09 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The firm’s 50-day moving average is $260.01 and its two-hundred day moving average is $254.24. Workday has a 12 month low of $199.81 and a 12 month high of $298.50. The company has a market capitalization of $72.11 billion, a PE ratio of 44.96, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35.

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

Insider Activity

In other news, major shareholder David A. Duffield sold 56,000 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $246.42, for a total value of $13,799,520.00. Following the completion of the transaction, the insider now owns 60,000 shares in the company, valued at approximately $14,785,200. This represents a 48.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Carl M. Eschenbach sold 6,250 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $253.86, for a total transaction of $1,586,625.00. Following the completion of the transaction, the chief executive officer now owns 13,972 shares of the company’s stock, valued at approximately $3,546,931.92. The trade was a 30.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 438,819 shares of company stock worth $113,142,592. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of WDAY. Roxbury Financial LLC acquired a new position in shares of Workday in the 4th quarter valued at $25,000. Capital Performance Advisors LLP purchased a new stake in Workday in the 3rd quarter valued at $26,000. Crews Bank & Trust purchased a new stake in Workday in the 4th quarter valued at $26,000. Avion Wealth raised its position in Workday by 452.6% in the 4th quarter. Avion Wealth now owns 105 shares of the software maker’s stock valued at $27,000 after purchasing an additional 86 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its position in Workday by 42.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after purchasing an additional 43 shares during 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.