Workday (NASDAQ:WDAY) Coverage Initiated at BTIG Research

Analysts at BTIG Research began coverage on shares of Workday (NASDAQ:WDAY) in a research report issued on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $285.00 price target on the software maker’s stock. BTIG Research’s target price suggests a potential upside of 31.94% from the company’s previous close.

Several other analysts have also commented on WDAY. Morgan Stanley lifted their price objective on Workday from $255.00 to $280.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 26th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Workday from $330.00 to $280.00 and set a “buy” rating on the stock in a research note on Friday, August 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Workday in a research report on Wednesday, October 8th. UBS Group set a $260.00 price target on shares of Workday in a research report on Wednesday, November 26th. Finally, Citigroup dropped their price target on shares of Workday from $261.00 to $247.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $282.22.

Workday Stock Performance

Shares of NASDAQ WDAY opened at $216.00 on Tuesday. The firm’s 50-day moving average price is $227.76 and its 200-day moving average price is $232.15. Workday has a 52-week low of $205.33 and a 52-week high of $283.68. The company has a market cap of $56.81 billion, a PE ratio of 90.76, a PEG ratio of 2.46 and a beta of 1.15. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.34.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Tuesday, November 25th. The software maker reported $2.32 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.15. Workday had a net margin of 6.95% and a return on equity of 10.50%. The company had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.42 billion. During the same quarter in the prior year, the firm earned $1.89 earnings per share. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, analysts anticipate that Workday will post 2.63 EPS for the current year.

Insider Buying and Selling

In other news, Director Michael M. Mcnamara sold 5,393 shares of the stock in a transaction that occurred on Friday, October 10th. The stock was sold at an average price of $235.16, for a total transaction of $1,268,217.88. Following the completion of the transaction, the director directly owned 24,078 shares in the company, valued at approximately $5,662,182.48. This represents a 18.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Zane Rowe sold 6,000 shares of the firm’s stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $232.62, for a total transaction of $1,395,720.00. Following the completion of the transaction, the chief financial officer directly owned 168,468 shares of the company’s stock, valued at approximately $39,189,026.16. This trade represents a 3.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 251,074 shares of company stock valued at $57,717,721 in the last ninety days. Company insiders own 19.31% of the company’s stock.

Institutional Trading of Workday

Several hedge funds have recently made changes to their positions in WDAY. Vanguard Group Inc. grew its position in Workday by 3.2% in the third quarter. Vanguard Group Inc. now owns 21,799,056 shares of the software maker’s stock worth $5,247,687,000 after acquiring an additional 684,872 shares in the last quarter. State Street Corp boosted its holdings in shares of Workday by 0.8% in the 3rd quarter. State Street Corp now owns 9,674,568 shares of the software maker’s stock worth $2,328,959,000 after purchasing an additional 74,052 shares during the period. Hotchkis & Wiley Capital Management LLC raised 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 valued at $1,406,463,000 after buying an additional 1,882,391 shares during the period. Geode Capital Management LLC lifted its position in Workday by 2.9% in the second quarter. Geode Capital Management LLC now owns 4,952,938 shares of the software maker’s stock worth $1,183,112,000 after buying an additional 140,042 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Workday by 41.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,761,599 shares of the software maker’s stock worth $905,530,000 after buying an additional 1,103,421 shares during the period. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Workday Company Profile

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.