Needham & Company LLC Cuts Workday (NASDAQ:WDAY) Price Target to $300.00

Workday (NASDAQ:WDAY) had its price objective reduced by Needham & Company LLC from $350.00 to $300.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the software maker’s stock.

WDAY has been the subject of a number of other research reports. Jefferies Financial Group decreased their price objective on shares of Workday from $350.00 to $330.00 and set a buy rating for the company in a research report on Friday, May 24th. Bank of America boosted their price target on Workday from $265.00 to $310.00 and gave the stock a buy rating in a research report on Friday, August 23rd. Piper Sandler upped their price objective on Workday from $262.00 to $285.00 and gave the company an overweight rating in a research note on Friday, August 23rd. Wells Fargo & Company lifted their target price on Workday from $260.00 to $300.00 and gave the stock an overweight rating in a research note on Friday, August 23rd. Finally, Citigroup cut their price target on Workday from $293.00 to $255.00 and set a neutral rating for the company in a report on Friday, May 24th. One equities 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, Workday currently has a consensus rating of Moderate Buy and a consensus target price of $286.48.

Workday Stock Performance

Shares of NASDAQ WDAY opened at $248.29 on Wednesday. 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 stock has a 50 day moving average price of $237.48 and a 200 day moving average price of $242.12. The stock has a market capitalization 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. Workday has a 52 week low of $199.81 and a 52 week high of $311.28.

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

Insider Buying and Selling at Workday

In other news, major shareholder David A. Duffield sold 66,492 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction 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 approximately $26,902,816.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Workday news, major shareholder David A. Duffield sold 66,492 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the completion of the transaction, the insider now directly owns 102,997 shares in the company, valued at $26,902,816.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $223.80, for a total value of $12,532,800.00. Following the sale, the insider now owns 674,000 shares of the company’s stock, valued at $150,841,200. The disclosure for this sale can be found here. Insiders have sold a total of 467,402 shares of company stock valued at $109,864,184 in the last ninety days. 20.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Workday by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker’s stock worth $4,029,244,000 after buying an additional 324,540 shares during the last quarter. Sustainable Growth Advisers LP grew its position in Workday by 9.7% during the 1st quarter. Sustainable Growth Advisers LP now owns 3,402,374 shares of the software maker’s stock worth $927,998,000 after acquiring an additional 301,463 shares during the last quarter. Clearbridge Investments LLC increased its holdings in Workday by 12.4% in the 1st quarter. Clearbridge Investments LLC now owns 2,542,189 shares of the software maker’s stock worth $693,382,000 after purchasing an additional 281,207 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Workday by 79.1% in the second quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock valued at $514,637,000 after purchasing an additional 1,016,394 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Workday by 7.4% during the second quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock valued at $384,518,000 after purchasing an additional 118,180 shares in the last quarter. Institutional investors 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.