Needham & Company LLC Reiterates “Buy” Rating for Workday (NASDAQ:WDAY)

Workday (NASDAQ:WDAYGet Free Report)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $350.00 price target on the software maker’s stock. Needham & Company LLC’s price target suggests a potential upside of 34.15% from the stock’s previous close.

Several other brokerages also recently commented on WDAY. Evercore ISI lifted their target price on shares of Workday from $310.00 to $350.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. JPMorgan Chase & Co. boosted their price objective on shares of Workday from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, February 22nd. KeyCorp dropped their price objective on shares of Workday from $330.00 to $275.00 and set an “overweight” rating on the stock in a report on Friday. Morgan Stanley dropped their price objective on shares of Workday from $335.00 to $330.00 and set an “overweight” rating on the stock in a report on Tuesday, February 27th. Finally, StockNews.com downgraded shares of Workday from a “strong-buy” rating to a “buy” rating in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, Workday presently has an average rating of “Moderate Buy” and an average price target of $289.39.

View Our Latest Report on WDAY

Workday Stock Performance

Shares of WDAY opened at $260.90 on Friday. The company has a market capitalization of $68.88 billion, a PE ratio of 50.66, a price-to-earnings-growth ratio of 7.75 and a beta of 1.33. Workday has a one year low of $191.04 and a one year high of $311.28. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.97 and a quick ratio of 1.97. The company’s fifty day moving average price is $260.89 and its 200 day moving average price is $268.88.

Workday (NASDAQ:WDAYGet Free Report) last announced its earnings results on Thursday, May 23rd. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.31 by $0.20. The firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.97 billion. Workday had a net margin of 19.02% and a return on equity of 4.87%. The business’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.16 EPS. As a group, analysts expect that Workday will post 1.76 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Richard Harry Sauer sold 8,447 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 66,356 shares of the company’s stock, valued at $17,797,342.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Workday news, major shareholder David A. Duffield sold 65,221 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $268.29, for a total value of $17,498,142.09. Following the completion of the sale, the insider now owns 102,997 shares of the company’s stock, valued at $27,633,065.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard Harry Sauer sold 8,447 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 66,356 shares of the company’s stock, valued at approximately $17,797,342.76. The disclosure for this sale can be found here. Insiders sold a total of 435,691 shares of company stock valued at $117,731,569 over the last ninety days. Insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Workday

Several large investors have recently made changes to their positions in the stock. Vontobel Holding Ltd. boosted its holdings in Workday by 5.1% during the fourth quarter. Vontobel Holding Ltd. now owns 67,077 shares of the software maker’s stock worth $18,517,000 after purchasing an additional 3,260 shares during the last quarter. Morgan Stanley boosted its holdings in Workday by 47.0% during the third quarter. Morgan Stanley now owns 2,727,580 shares of the software maker’s stock worth $586,021,000 after purchasing an additional 872,288 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Workday by 3.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 744,482 shares of the software maker’s stock worth $205,522,000 after purchasing an additional 26,307 shares during the last quarter. QRG Capital Management Inc. acquired a new stake in Workday in the third quarter valued at $345,000. Finally, Assenagon Asset Management S.A. lifted its stake in Workday by 58.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 278,569 shares of the software maker’s stock valued at $76,902,000 after acquiring an additional 103,171 shares during the last quarter. Institutional investors own 89.81% of the company’s stock.

About Workday

(Get Free Report)

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.

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Analyst Recommendations for Workday (NASDAQ:WDAY)

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