Evercore ISI Trims Workday (NASDAQ:WDAY) Target Price to $300.00

Workday (NASDAQ:WDAY) had its target price cut by Evercore ISI from $350.00 to $300.00 in a report released on Friday morning, Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Other research analysts have also issued research reports about the stock. StockNews.com lowered shares of Workday from a strong-buy rating to a buy rating in a research note on Monday, April 8th. Citigroup lifted their price target on shares of Workday from $270.00 to $293.00 and gave the company a neutral rating in a research note on Tuesday, February 27th. KeyCorp cut their price target on shares of Workday from $330.00 to $275.00 and set an overweight rating on the stock in a research note on Friday. Needham & Company LLC reissued a buy rating and issued a $350.00 price objective on shares of Workday in a research report on Friday. Finally, Piper Sandler cut their price objective on shares of Workday from $330.00 to $280.00 and set an overweight rating on the stock in a research report on Friday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, Workday has a consensus rating of Moderate Buy and an average target price of $283.96.

Workday Stock Down 15.3 %

Shares of NASDAQ WDAY opened at $220.91 on Friday. The stock has a market cap of $58.32 billion, a P/E ratio of 39.80, a P/E/G ratio of 6.59 and a beta of 1.33. The firm has a 50 day moving average price of $259.94 and a 200 day moving average price of $269.56. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.97 and a current ratio of 1.97. Workday has a 52-week low of $192.68 and a 52-week high of $311.28.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Thursday, May 23rd. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.20. Workday had a net margin of 19.66% and a return on equity of 6.02%. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The business’s revenue was up 18.1% on a year-over-year basis. Analysts expect that Workday will post 2.5 EPS for the current year.

Insiders Place Their Bets

In other Workday news, insider Richard Harry Sauer sold 8,447 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $268.21, for a total value of $2,265,569.87. Following the transaction, the insider now directly owns 66,356 shares in the company, valued at $17,797,342.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Workday news, insider Douglas A. Robinson sold 3,121 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $293.79, for a total value of $916,918.59. Following the transaction, the insider now directly owns 165,932 shares in the company, valued at $48,749,162.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Richard Harry Sauer sold 8,447 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $268.21, for a total transaction of $2,265,569.87. Following the completion of the transaction, the insider now owns 66,356 shares in the company, valued at $17,797,342.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 435,691 shares of company stock valued at $117,731,569. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Workday

Several institutional investors and hedge funds have recently modified their holdings of the business. Cetera Advisors LLC grew its stake in shares of Workday by 378.3% in the first quarter. Cetera Advisors LLC now owns 16,582 shares of the software maker’s stock valued at $4,523,000 after acquiring an additional 13,115 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Workday by 83.5% in the first quarter. Cetera Investment Advisers now owns 49,132 shares of the software maker’s stock valued at $13,401,000 after acquiring an additional 22,351 shares in the last quarter. Beck Bode LLC grew its stake in shares of Workday by 53.7% in the first quarter. Beck Bode LLC now owns 30,318 shares of the software maker’s stock valued at $8,269,000 after acquiring an additional 10,589 shares in the last quarter. Atria Investments Inc grew its stake in shares of Workday by 1.2% in the first quarter. Atria Investments Inc now owns 38,296 shares of the software maker’s stock valued at $10,445,000 after acquiring an additional 452 shares in the last quarter. Finally, Swedbank AB acquired a new position in shares of Workday in the first quarter valued at about $21,906,000. 89.81% of the stock is currently owned by institutional investors and hedge funds.

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.