Workday (WDAY) Sets New 52-Week High on Better-Than-Expected Earnings
Workday Inc (NASDAQ:WDAY) hit a new 52-week high on Tuesday following a stronger than expected earnings report. The company traded as high as $155.99 and last traded at $155.22, with a volume of 74319 shares changing hands. The stock had previously closed at $154.51.
The software maker reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.05. Workday had a negative net margin of 14.53% and a negative return on equity of 14.60%. The business had revenue of $671.70 million during the quarter, compared to analysts’ expectations of $663.38 million. During the same period in the previous year, the company earned $0.24 earnings per share. Workday’s revenue for the quarter was up 27.9% on a year-over-year basis.
WDAY has been the subject of a number of analyst reports. BidaskClub cut shares of Workday from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 24th. Monness Crespi & Hardt boosted their price objective on shares of Workday from $156.00 to $158.00 and gave the stock a “buy” rating in a research note on Friday, June 1st. ValuEngine upgraded shares of Workday from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd. Guggenheim assumed coverage on shares of Workday in a research note on Monday, August 20th. They set a “buy” rating and a $175.00 target price for the company. Finally, Needham & Company LLC upped their target price on shares of Workday from $150.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, August 22nd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $134.10.
Hedge funds have recently made changes to their positions in the company. Twin Tree Management LP grew its holdings in shares of Workday by 112.5% in the 1st quarter. Twin Tree Management LP now owns 957 shares of the software maker’s stock worth $122,000 after purchasing an additional 8,609 shares during the last quarter. Northstar Capital Management LLC bought a new stake in shares of Workday in the 1st quarter worth about $133,000. Nisa Investment Advisors LLC grew its holdings in shares of Workday by 55.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,400 shares of the software maker’s stock worth $170,000 after purchasing an additional 500 shares during the last quarter. Cerebellum GP LLC bought a new stake in shares of Workday in the 2nd quarter worth about $183,000. Finally, Bailard Inc. bought a new stake in shares of Workday in the 1st quarter worth about $206,000. Institutional investors own 67.96% of the company’s stock.
The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.77 and a current ratio of 1.77. The firm has a market capitalization of $33.38 billion, a price-to-earnings ratio of -123.38 and a beta of 2.02.
Workday Company Profile (NASDAQ:WDAY)
Workday, Inc provides enterprise cloud applications for finance and human resources worldwide. It provides applications for customers to manage critical business functions to optimize their financial and human capital resources. The company offers Workday Financial Management application that provides functions of general ledger, accounting, accounts payable and receivable, cash and asset management, employee expense and revenue management, projects, procurement, inventory, and grants management.
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