Workday (NASDAQ:WDAY) Receives “Outperform” Rating from BMO Capital Markets

BMO Capital Markets reaffirmed their outperform rating on shares of Workday (NASDAQ:WDAY) in a research note published on Wednesday, Benzinga reports. The firm currently has a $300.00 price target on the software maker’s stock.

A number of other research firms have also recently weighed in on WDAY. Guggenheim reaffirmed a sell rating and set a $190.00 price target on shares of Workday in a research note on Tuesday, June 25th. Citigroup lowered their price objective on shares of Workday from $293.00 to $255.00 and set a neutral rating on the stock in a research note on Friday, May 24th. Bank of America increased their price objective on shares of Workday from $265.00 to $310.00 and gave the company a buy rating in a research note on Friday, August 23rd. KeyCorp increased their price objective on shares of Workday from $275.00 to $305.00 and gave the company an overweight rating in a research note on Friday, August 23rd. Finally, TD Cowen lowered their price objective on shares of Workday from $330.00 to $290.00 and set a buy rating on the stock in a research note on Friday, May 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $286.48.

Workday Stock Performance

NASDAQ:WDAY opened at $248.29 on Wednesday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $311.28. The stock has a market cap of $65.80 billion, a PE ratio of 44.74, a price-to-earnings-growth ratio of 5.07 and a beta of 1.35. The firm’s fifty day simple moving average is $237.48 and its 200-day simple moving average is $242.12.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The business had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.07 billion. During the same period in the prior year, the company posted $0.40 EPS. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. Analysts expect that Workday will post 2.39 earnings per share for the current fiscal year.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 57,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $247.59, for a total value of $14,112,630.00. Following the transaction, the insider now owns 505,000 shares in the company, valued at $125,032,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder David A. Duffield sold 57,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $247.59, for a total value of $14,112,630.00. Following the transaction, the insider now owns 505,000 shares in the company, valued at $125,032,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $223.80, for a total transaction of $12,532,800.00. Following the completion of the sale, the insider now directly owns 674,000 shares of the company’s stock, valued at approximately $150,841,200. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 467,402 shares of company stock worth $109,864,184. Company insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

Large investors have recently bought and sold shares of the company. Crewe Advisors LLC acquired a new stake in Workday in the first quarter valued at approximately $27,000. Sound Income Strategies LLC grew its position in Workday by 74.2% in the first quarter. Sound Income Strategies LLC now owns 115 shares of the software maker’s stock valued at $31,000 after acquiring an additional 49 shares in the last quarter. SouthState Corp grew its position in Workday by 614.3% in 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 in the last quarter. Goodman Advisory Group LLC acquired a new stake in shares of Workday during the second quarter worth approximately $35,000. Finally, Asset Dedication LLC acquired a new stake in shares of Workday during the second quarter worth approximately $36,000. 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.