Workday (NASDAQ:WDAY) Price Target Raised to $330.00 at Canaccord Genuity Group

Workday (NASDAQ:WDAY) had its price objective lifted by Canaccord Genuity Group from $300.00 to $330.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 22.34% from the stock’s previous close.

WDAY has been the topic of a number of other reports. StockNews.com downgraded shares of Workday from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price target on shares of Workday in a research report on Wednesday. Redburn Atlantic began coverage on Workday in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Citigroup decreased their target price on Workday from $287.00 to $270.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded Workday from a “hold” rating to a “buy” rating and raised their target price for the company from $265.00 to $300.00 in a report on Wednesday, January 8th. Ten analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $300.04.

Workday Stock Performance

WDAY traded up $14.52 during trading on Wednesday, hitting $269.74. 3,819,515 shares of the stock were exchanged, compared to its average volume of 2,255,765. The stock has a fifty day moving average price of $259.97 and a two-hundred day moving average price of $254.12. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $71.75 billion, a P/E ratio of 44.74, a PEG ratio of 3.55 and a beta of 1.35. Workday has a 1-year low of $199.81 and a 1-year high of $304.79.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. As a group, sell-side analysts predict that Workday will post 2.63 earnings per share for the current year.

Insider Buying and Selling at Workday

In related news, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $246.42, for a total value of $13,799,520.00. Following the transaction, the insider now directly owns 60,000 shares in the company, valued at $14,785,200. This represents a 48.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Wayne A.I. Frederick sold 1,829 shares of Workday stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $253.09, for a total value of $462,901.61. Following the transaction, the director now owns 6,845 shares in the company, valued at approximately $1,732,401.05. This represents a 21.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 438,819 shares of company stock worth $113,142,592 over the last ninety days. Company insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bristlecone Advisors LLC lifted its stake in Workday by 49.6% in the fourth quarter. Bristlecone Advisors LLC now owns 2,921 shares of the software maker’s stock valued at $754,000 after acquiring an additional 968 shares during the last quarter. Sanctuary Advisors LLC grew its stake in Workday by 7.2% during the third quarter. Sanctuary Advisors LLC now owns 29,633 shares of the software maker’s stock worth $7,934,000 after buying an additional 1,978 shares in the last quarter. Grafton Street Partners Fund LP acquired a new stake in shares of Workday in the 3rd quarter valued at $4,424,000. ICICI Prudential Asset Management Co Ltd lifted its stake in shares of Workday by 32.4% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock valued at $7,791,000 after acquiring an additional 7,802 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Workday by 20.5% in the fourth quarter. Nordea Investment Management AB now owns 702,990 shares of the software maker’s stock worth $182,753,000 after purchasing an additional 119,769 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

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.