Workday (NASDAQ:WDAY) Price Target Raised to $225.00 at Canaccord Genuity Group

Workday (NASDAQ:WDAY) had its price target hoisted by research analysts at Canaccord Genuity Group from $200.00 to $225.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 12.98% from the company’s previous close.

A number of other brokerages have also weighed in on WDAY. Bank of America boosted their price target on Workday from $140.00 to $205.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 19th. Barclays reaffirmed an “overweight” rating on shares of Workday in a research report on Wednesday, August 19th. Weiss Ratings upgraded shares of Workday from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, August 13th. Robert W. Baird boosted their target price on shares of Workday from $190.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Finally, Jefferies Financial Group upped their price target on shares of Workday from $205.00 to $225.00 and gave the company a “hold” rating in a research note on Sunday. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $189.86.

Workday Stock Performance

Shares of Workday stock opened at $199.15 on Tuesday. The company has a market capitalization of $49.19 billion, a PE ratio of 62.23, a P/E/G ratio of 2.13 and a beta of 1.08. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01. The company has a 50-day simple moving average of $151.69 and a two-hundred day simple moving average of $139.74. Workday has a one year low of $110.36 and a one year high of $249.85.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 107,500 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $122.04, for a total value of $13,119,300.00. Following the transaction, the insider directly owned 105,049 shares of the company’s stock, valued at approximately $12,820,179.96. This trade represents a 50.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $143.70, for a total value of $862,200.00. Following the completion of the sale, the chief financial officer directly owned 288,460 shares in the company, valued at $41,451,702. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 875,020 shares of company stock worth $113,938,503 in the last 90 days. Corporate insiders own 18.64% of the company’s stock.

Institutional Trading of Workday

A number of hedge funds and other institutional investors have recently modified their holdings of WDAY. California State Teachers Retirement System grew its holdings in shares of Workday by 11,770.8% during the 2nd quarter. California State Teachers Retirement System now owns 36,907,426 shares of the software maker’s stock worth $4,518,207,000 after purchasing an additional 36,596,516 shares during the period. Paralel Advisors LLC acquired a new stake in shares of Workday during the second quarter valued at about $2,178,000. Wedmont Private Capital raised its stake in shares of Workday by 25.9% in the 2nd quarter. Wedmont Private Capital now owns 2,751 shares of the software maker’s stock valued at $337,000 after acquiring an additional 566 shares during the period. Kintra Wealth LLC acquired a new position in shares of Workday in the 2nd quarter worth approximately $499,000. Finally, Figure 8 Investment Strategies LLC lifted its holdings in shares of Workday by 84.2% in the 2nd quarter. Figure 8 Investment Strategies LLC now owns 6,571 shares of the software maker’s stock worth $804,000 after acquiring an additional 3,003 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

About Workday

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.