Citigroup Cuts Workday (NASDAQ:WDAY) Price Target to $270.00

Workday (NASDAQ:WDAY) had its target price decreased by investment analysts at Citigroup from $287.00 to $270.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Citigroup’s target price indicates a potential upside of 7.51% from the stock’s current price.

Other analysts have also issued research reports about the company. StockNews.com lowered Workday from a “buy” rating to a “hold” rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised Workday from a “hold” rating to a “buy” rating and raised their price target for the stock from $265.00 to $300.00 in a report on Wednesday, January 8th. Bank of America cut their price objective on shares of Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Piper Sandler reiterated a “neutral” rating and issued a $270.00 target price (down from $285.00) on shares of Workday in a research note on Wednesday, November 27th. Finally, Royal Bank of Canada upped their price target on shares of Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research note on Wednesday, December 18th. Eight investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $292.25.

Workday Stock Up 1.0 %

NASDAQ WDAY traded up $2.57 during midday trading on Thursday, hitting $251.14. 819,926 shares of the company traded hands, compared to its average volume of 2,030,556. The company has a market cap of $66.80 billion, a PE ratio of 41.68, a price-to-earnings-growth ratio of 4.51 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. Workday has a 52 week low of $199.81 and a 52 week high of $311.28. The company’s 50-day simple moving average is $262.75 and its 200-day simple moving average is $246.44.

Workday (NASDAQ:WDAY) last announced its earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. Workday had a net margin of 19.86% and a return on equity of 6.13%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the company posted $0.47 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. As a group, equities research analysts forecast that Workday will post 2.64 earnings per share for the current year.

Insider Buying and Selling at Workday

In other news, insider Sayan Chakraborty sold 5,498 shares of the company’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $250.78, for a total transaction of $1,378,788.44. Following the completion of the sale, the insider now owns 121,100 shares of the company’s stock, valued at $30,369,458. This represents a 4.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 70,003 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $251.20, for a total transaction of $17,584,753.60. Following the transaction, the insider now owns 102,997 shares in the company, valued at $25,872,846.40. The trade was a 40.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock valued at $113,142,592 over the last ninety days. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of WDAY. Sanctuary Advisors LLC grew its holdings in Workday by 7.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 29,633 shares of the software maker’s stock valued at $7,934,000 after buying an additional 1,978 shares in the last quarter. Grafton Street Partners Fund LP acquired a new position in shares of Workday during the 3rd quarter valued at about $4,424,000. ICICI Prudential Asset Management Co Ltd grew its holdings in shares of Workday by 32.4% in the third 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 period. Nordea Investment Management AB increased its position in Workday by 20.5% during the fourth 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 last quarter. Finally, Legal & General Group Plc raised its stake in Workday by 7.4% during the second quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock worth $384,518,000 after purchasing an additional 118,180 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.