Wedbush Reiterates Neutral Rating for Workday, Inc. (WDAY)
Workday, Inc. (NYSE:WDAY)‘s stock had its “neutral” rating reissued by equities researchers at Wedbush in a research report issued on Thursday. They presently have a $104.00 target price on the software maker’s stock. Wedbush’s price target indicates a potential downside of 4.45% from the company’s previous close.
A number of other equities analysts have also recently weighed in on the company. Canaccord Genuity reissued a “buy” rating and set a $115.00 price objective on shares of Workday in a report on Friday, July 7th. JMP Securities reissued an “overweight” rating and set a $90.00 price objective on shares of Workday in a report on Thursday, June 1st. Citigroup Inc. reissued a “sell” rating on shares of Workday in a report on Tuesday, May 30th. Bank of America Corporation reissued a “buy” rating and set a $114.00 price objective (up from $96.00) on shares of Workday in a report on Friday, June 2nd. Finally, Drexel Hamilton reissued a “buy” rating and set a $114.00 price objective on shares of Workday in a report on Wednesday, May 31st. Four research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $98.61.
Workday (WDAY) opened at 108.84 on Thursday. The stock has a 50 day moving average price of $103.09 and a 200 day moving average price of $94.12. Workday has a 1-year low of $65.79 and a 1-year high of $111.45. The firm’s market cap is $22.53 billion. Workday also saw some unusual options trading on Wednesday. Investors acquired 8,430 put options on the company. This is an increase of 615% compared to the typical daily volume of 1,179 put options.
Workday (NYSE:WDAY) last announced its quarterly earnings data on Wednesday, August 30th. The software maker reported $0.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.09. The company had revenue of $525.30 million for the quarter, compared to analysts’ expectations of $507.44 million. Workday had a negative return on equity of 24.88% and a negative net margin of 19.78%. Workday’s revenue for the quarter was up 40.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.04) EPS. On average, analysts anticipate that Workday will post $0.81 EPS for the current year.
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In other news, CEO Aneel Bhusri sold 8,816 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $101.65, for a total transaction of $896,146.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director George J. Still, Jr. sold 10,000 shares of the company’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $96.94, for a total value of $969,400.00. Following the transaction, the director now directly owns 21,943 shares in the company, valued at $2,127,154.42. The disclosure for this sale can be found here. Insiders sold 1,285,592 shares of company stock worth $128,237,888 over the last three months. Corporate insiders own 37.71% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC acquired a new position in shares of Workday during the second quarter worth about $117,209,000. Janus Henderson Group PLC increased its position in shares of Workday by 6,210.6% in the second quarter. Janus Henderson Group PLC now owns 1,038,153 shares of the software maker’s stock worth $100,701,000 after buying an additional 1,021,702 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Workday by 8.5% in the second quarter. Vanguard Group Inc. now owns 10,782,861 shares of the software maker’s stock worth $1,045,937,000 after buying an additional 846,809 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Workday by 2,792.9% in the first quarter. Nomura Asset Management Co. Ltd. now owns 391,700 shares of the software maker’s stock worth $32,621,000 after buying an additional 378,160 shares during the last quarter. Finally, Balyasny Asset Management LLC increased its position in shares of Workday by 492.8% in the second quarter. Balyasny Asset Management LLC now owns 383,164 shares of the software maker’s stock worth $37,167,000 after buying an additional 318,523 shares during the last quarter.
Workday, Inc is a provider of enterprise cloud applications for finance and human resources. The Company delivers financial management, human capital management and analytics applications designed for various companies, educational institutions and government agencies. As part of its applications, the Company provides embedded analytics that capture the content and context of everyday business events, facilitating informed decision-making from wherever users are working.
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