Workday (NASDAQ:WDAY) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Workday (NASDAQ:WDAY) in a research report sent to investors on Friday, Benzinga reports. They currently have a $300.00 price target on the software maker’s stock.

Other analysts have also issued reports about the stock. Piper Sandler increased their target price on shares of Workday from $262.00 to $285.00 and gave the stock an overweight rating in a report on Friday, August 23rd. Guggenheim reiterated a sell rating and issued a $190.00 price objective on shares of Workday in a report on Tuesday, June 25th. JMP Securities reissued a market outperform rating and set a $315.00 target price on shares of Workday in a research note on Friday, May 24th. DA Davidson raised their price target on Workday from $255.00 to $270.00 and gave the stock a neutral rating in a research note on Friday, August 23rd. Finally, BMO Capital Markets cut their price target on shares of Workday from $338.00 to $300.00 and set an outperform rating on the stock in a report on Friday, May 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $288.15.

Workday Price Performance

Shares of Workday stock opened at $249.21 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 2.04. Workday has a one year low of $199.81 and a one year high of $311.28. The business’s 50 day simple moving average is $235.70 and its two-hundred day simple moving average is $242.70. The stock has a market capitalization of $66.04 billion, a P/E ratio of 44.90, a price-to-earnings-growth ratio of 5.40 and a beta of 1.35.

Workday (NASDAQ:WDAY) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, topping the consensus estimate of $1.65 by $0.10. The company had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.07 billion. Workday had a net margin of 19.59% and a return on equity of 5.34%. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.40 earnings per share. Analysts forecast that Workday will post 2.27 EPS for the current year.

Insiders Place Their Bets

In related news, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $255.45, for a total transaction of $1,915,875.00. Following the sale, the director now directly owns 90,000 shares of the company’s stock, valued at approximately $22,990,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Workday news, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction on Friday, June 21st. The stock was sold at an average price of $218.58, for a total value of $12,240,480.00. Following the completion of the sale, the insider now owns 730,000 shares of the company’s stock, valued at approximately $159,563,400. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director George J. Still, Jr. sold 7,500 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $255.45, for a total value of $1,915,875.00. Following the transaction, the director now directly owns 90,000 shares in the company, valued at $22,990,500. The disclosure for this sale can be found here. Over the last three months, insiders have sold 466,402 shares of company stock valued at $107,992,034. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Workday

A number of hedge funds have recently bought and sold shares of the business. Crewe Advisors LLC purchased a new stake in Workday in the first quarter worth approximately $27,000. Sound Income Strategies LLC lifted its holdings 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 during the period. SouthState Corp lifted its holdings 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 during the period. Goodman Advisory Group LLC purchased a new position in Workday in the second quarter worth about $35,000. Finally, Asset Dedication LLC bought a new stake in shares of Workday during the 2nd quarter valued at about $36,000. Hedge funds and other 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.