Workday (NASDAQ:WDAY) Given New $270.00 Price Target at Loop Capital

Workday (NASDAQ:WDAY) had its target price increased by Loop Capital from $255.00 to $270.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a hold rating on the software maker’s stock.

Other equities analysts have also issued research reports about the stock. Stifel Nicolaus lifted their price target on shares of Workday from $250.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. The Goldman Sachs Group lifted their price target on shares of Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. BMO Capital Markets reissued an “outperform” rating and set a $300.00 target price on shares of Workday in a research note on Wednesday, September 18th. Piper Sandler reissued an “overweight” rating and set a $285.00 target price on shares of Workday in a research note on Wednesday, September 18th. Finally, Citigroup decreased their price target on shares of Workday from $274.00 to $270.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, six have given 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 a consensus price target of $287.59.

Workday Stock Down 3.9 %

Shares of Workday stock traded down $10.66 during trading hours on Thursday, reaching $260.83. 722,167 shares of the company’s stock were exchanged, compared to its average volume of 2,097,711. The company has a 50 day moving average of $246.64 and a two-hundred day moving average of $236.52. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $311.28. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. The stock has a market cap of $69.12 billion, a P/E ratio of 46.07, a P/E/G ratio of 5.49 and a beta of 1.35.

Workday (NASDAQ:WDAY) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The firm 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 firm earned $0.40 EPS. The business’s revenue was up 16.5% on a year-over-year basis. On average, sell-side analysts forecast that Workday will post 2.4 EPS for the current fiscal year.

Insider Buying and Selling

In other Workday news, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $242.01, for a total transaction of $13,552,560.00. Following the completion of the sale, the insider now directly owns 281,000 shares in the company, valued at approximately $68,004,810. This trade represents a 16.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Wayne A.I. Frederick sold 1,828 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $241.85, for a total value of $442,101.80. Following the completion of the sale, the director now owns 8,674 shares of the company’s stock, valued at approximately $2,097,806.90. This trade represents a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 370,575 shares of company stock valued at $91,506,897. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Workday

Large investors have recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new stake in shares of Workday in the third quarter worth about $26,000. Crewe Advisors LLC acquired a new stake in Workday during the 1st quarter worth approximately $27,000. SouthState Corp lifted its holdings 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 purchasing an additional 129 shares during the last quarter. Goodman Advisory Group LLC bought a new position in Workday during the 2nd quarter worth $35,000. Finally, Meeder Asset Management Inc. increased its stake 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 valued at $35,000 after purchasing an additional 43 shares during the last quarter. 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.