Workday (NASDAQ:WDAY) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Workday (NASDAQ:WDAY) from a hold rating to a buy rating in a research report released on Saturday morning,Wall Street Zen reports.

A number of other research analysts have also recently issued reports on WDAY. Capital One Financial set a $219.00 price objective on Workday and gave the company an “equal weight” rating in a report on Friday, August 28th. Summit Redstone set a $275.00 target price on shares of Workday in a report on Wednesday, May 27th. Royal Bank Of Canada increased their target price on shares of Workday from $220.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, August 28th. Wolfe Research reissued an “outperform” rating and set a $160.00 price target on shares of Workday in a report on Friday, May 22nd. Finally, Needham & Company LLC boosted their price target on shares of Workday from $180.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, August 28th. Twenty research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Workday has a consensus rating of “Hold” and a consensus target price of $206.34.

Workday Trading Down 5.4%

Shares of WDAY opened at $195.79 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31. The stock has a market cap of $48.36 billion, a PE ratio of 39.71, a PEG ratio of 1.98 and a beta of 1.08. Workday has a 1 year low of $110.36 and a 1 year high of $249.85. The stock has a 50 day simple moving average of $166.01 and a 200-day simple moving average of $142.61.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Thursday, August 27th. The software maker reported $2.75 EPS for the quarter, beating the consensus estimate of $2.61 by $0.14. Workday had a return on equity of 20.95% and a net margin of 12.32%.The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same quarter in the previous year, the firm earned $2.21 EPS. Workday’s quarterly revenue was up 12.8% on a year-over-year basis. On average, sell-side analysts predict that Workday will post 5.3 EPS for the current fiscal year.

Insider Activity at Workday

In related news, insider Robert Enslin sold 5,374 shares of the company’s stock in a transaction dated Sunday, July 5th. The shares were sold at an average price of $134.90, for a total transaction of $724,952.60. Following the transaction, the insider owned 239,469 shares in the company, valued at $32,304,368.10. This represents a 2.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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. Also, insider Gerrit S. Kazmaier sold 2,728 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $143.62, for a total transaction of $391,795.36. Following the sale, the insider directly owned 266,388 shares in the company, valued at approximately $38,258,644.56. This represents a 1.01% decrease in their position. 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. In the last ninety days, insiders have sold 862,481 shares of company stock valued at $116,785,581. 18.64% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Workday

Institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its stake in shares of Workday by 11,770.8% during the second quarter. California State Teachers Retirement System now owns 36,907,426 shares of the software maker’s stock valued at $4,518,207,000 after purchasing an additional 36,596,516 shares during the last quarter. Auto Owners Insurance Co raised its position in Workday by 25,412.8% in the 4th quarter. Auto Owners Insurance Co now owns 10,230,616 shares of the software maker’s stock worth $2,197,332,000 after purchasing an additional 10,190,516 shares during the last quarter. State Street Corp raised its position in Workday by 1.0% in the 4th quarter. State Street Corp now owns 9,770,707 shares of the software maker’s stock worth $2,098,552,000 after purchasing an additional 96,139 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in Workday by 47.5% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker’s stock worth $1,406,463,000 after buying an additional 1,882,391 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Workday by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 5,091,926 shares of the software maker’s stock worth $1,089,970,000 after buying an additional 75,922 shares in the last quarter. 89.81% of the stock is owned by institutional investors.

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.