Loop Capital Cuts Workday (NASDAQ:WDAY) Price Target to $242.00

Workday (NASDAQ:WDAY) had its price objective lowered by stock analysts at Loop Capital from $270.00 to $242.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the software maker’s stock. Loop Capital’s target price suggests a potential downside of 10.43% from the company’s previous close.

Several other research analysts have also recently weighed in on WDAY. KeyCorp boosted their target price on Workday from $275.00 to $305.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Deutsche Bank Aktiengesellschaft upped their target price on Workday from $265.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Canaccord Genuity Group reissued a “buy” rating and set a $300.00 price target on shares of Workday in a research report on Friday, September 13th. Scotiabank assumed coverage on shares of Workday in a research report on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price objective for the company. Finally, Barclays decreased their target price on shares of Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a report on Wednesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $287.61.

Workday Price Performance

Shares of WDAY traded up $2.50 during trading hours on Wednesday, hitting $270.19. 4,189,936 shares of the stock were exchanged, compared to its average volume of 1,775,521. The stock’s 50-day moving average price is $248.52 and its two-hundred day moving average price is $237.21. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. The company has a market cap of $71.60 billion, a price-to-earnings ratio of 47.07, a price-to-earnings-growth ratio of 5.31 and a beta of 1.35. Workday has a 12-month low of $199.81 and a 12-month high of $311.28.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.13 billion. Workday had a net margin of 19.59% and a return on equity of 5.34%. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.47 earnings per share. Research analysts expect that Workday will post 2.4 earnings per share for the current year.

Insider Activity

In other news, major shareholder David A. Duffield sold 66,492 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $261.20, for a total value of $17,367,710.40. Following the completion of the sale, the insider now owns 102,997 shares of the company’s stock, valued at $26,902,816.40. This represents a 39.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Wayne A.I. Frederick sold 1,828 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $241.85, for a total value of $442,101.80. Following the sale, the director now owns 8,674 shares in the company, valued at approximately $2,097,806.90. The trade was a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 359,954 shares of company stock valued at $88,742,132 in the last three months. Corporate insiders own 20.00% of the company’s stock.

Institutional Trading of Workday

Institutional investors and hedge funds have recently modified their holdings of the business. Capital Performance Advisors LLP bought a new position in Workday in the third quarter worth about $26,000. Meeder Asset Management Inc. lifted its holdings in shares of Workday by 42.2% in 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 during the last quarter. True Wealth Design LLC lifted its holdings in shares of Workday by 4,766.7% in the 3rd quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock worth $36,000 after purchasing an additional 143 shares during the last quarter. New Millennium Group LLC boosted its position in Workday by 177.4% during the 3rd quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock valued at $36,000 after purchasing an additional 94 shares during the period. Finally, SouthState Corp grew its stake in Workday by 614.3% during the 2nd quarter. SouthState Corp now owns 150 shares of the software maker’s stock worth $34,000 after buying an additional 129 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

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.