Workday (NASDAQ:WDAY) PT Lowered to $290.00 at TD Cowen

Workday (NASDAQ:WDAY) had its target price cut by TD Cowen from $330.00 to $290.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the software maker’s stock.

Other equities analysts also recently issued reports about the stock. BMO Capital Markets cut their price target on shares of Workday from $338.00 to $300.00 and set an outperform rating on the stock in a report on Friday. Guggenheim reiterated a sell rating and set a $190.00 price target on shares of Workday in a report on Tuesday, February 27th. Mizuho cut their price target on shares of Workday from $325.00 to $280.00 and set a buy rating on the stock in a report on Friday. Needham & Company LLC restated a buy rating and issued a $350.00 target price on shares of Workday in a research note on Friday. Finally, Evercore ISI dropped their target price on shares of Workday from $350.00 to $300.00 and set an outperform rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $283.96.

Workday Stock Performance

Workday stock opened at $220.91 on Friday. The company’s 50-day moving average price is $259.94 and its 200-day moving average price is $269.56. Workday has a twelve month low of $192.68 and a twelve month high of $311.28. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.37. The company has a market cap of $58.32 billion, a PE ratio of 39.80, a price-to-earnings-growth ratio of 6.59 and a beta of 1.33.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Thursday, May 23rd. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.31 by $0.20. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.97 billion. Workday had a net margin of 19.66% and a return on equity of 6.02%. The firm’s revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.16 EPS. On average, equities research analysts forecast that Workday will post 2.5 EPS for the current fiscal year.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $264.89, for a total transaction of $14,833,840.00. Following the completion of the sale, the insider now owns 843,000 shares of the company’s stock, valued at $223,302,270. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $264.89, for a total transaction of $14,833,840.00. Following the completion of the sale, the insider now owns 843,000 shares of the company’s stock, valued at $223,302,270. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Douglas A. Robinson sold 3,121 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $293.79, for a total transaction of $916,918.59. Following the sale, the insider now directly owns 165,932 shares of the company’s stock, valued at approximately $48,749,162.28. The disclosure for this sale can be found here. Insiders sold 435,691 shares of company stock valued at $117,731,569 over the last 90 days. Insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Beacon Capital Management LLC increased its stake in Workday by 333.3% during the 4th quarter. Beacon Capital Management LLC now owns 91 shares of the software maker’s stock valued at $25,000 after purchasing an additional 70 shares in the last quarter. Crewe Advisors LLC acquired a new position in Workday during the 1st quarter valued at approximately $27,000. Exchange Traded Concepts LLC increased its stake in Workday by 1,750.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 111 shares of the software maker’s stock valued at $31,000 after purchasing an additional 105 shares in the last quarter. Sound Income Strategies LLC increased its stake in Workday by 74.2% during the 1st quarter. Sound Income Strategies LLC now owns 115 shares of the software maker’s stock valued at $31,000 after purchasing an additional 49 shares in the last quarter. Finally, CVA Family Office LLC acquired a new position in Workday during the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 89.81% of the company’s stock.

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.