Bank of America Issues Pessimistic Forecast for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its price target lowered by investment analysts at Bank of America from $310.00 to $285.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Bank of America‘s price target suggests a potential upside of 5.48% from the company’s current price.

A number of other equities research analysts have also recently weighed in on WDAY. Canaccord Genuity Group restated a “buy” rating and issued a $300.00 price target on shares of Workday in a report on Friday, September 13th. The Goldman Sachs Group raised their price target on Workday from $300.00 to $305.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Wells Fargo & Company boosted their price objective on shares of Workday from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Needham & Company LLC restated a “buy” rating and set a $300.00 target price on shares of Workday in a report on Monday. Finally, DA Davidson increased their price target on shares of Workday from $255.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $288.04.

Workday Stock Performance

Shares of WDAY opened at $270.19 on Wednesday. The stock has a market capitalization of $71.60 billion, a P/E ratio of 47.07, a P/E/G ratio of 5.31 and a beta of 1.35. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. Workday has a 1 year low of $199.81 and a 1 year high of $311.28. The company’s fifty day moving average is $248.52 and its two-hundred day moving average is $237.21.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.13. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a net margin of 19.59% and a return on equity of 5.34%. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 earnings per share. On average, sell-side analysts predict that Workday will post 2.4 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Wayne A.I. Frederick sold 1,828 shares of the company’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $241.85, for a total value of $442,101.80. Following the completion of the sale, the director now owns 8,674 shares of the company’s stock, valued at $2,097,806.90. This represents a 17.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $242.01, for a total transaction of $13,552,560.00. Following the completion of the sale, the insider now directly owns 281,000 shares of the company’s stock, valued at $68,004,810. This trade represents a 16.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 359,954 shares of company stock valued at $88,742,132. 20.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Workday

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WDAY. Meeder Asset Management Inc. grew its holdings in Workday by 42.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after acquiring an additional 43 shares in the last quarter. Kingsview Wealth Management LLC grew its stake in Workday by 0.9% in the third quarter. Kingsview Wealth Management LLC now owns 5,085 shares of the software maker’s stock worth $1,243,000 after purchasing an additional 43 shares in the last quarter. Diversified Trust Co increased its holdings in Workday by 1.0% in the second quarter. Diversified Trust Co now owns 4,830 shares of the software maker’s stock valued at $1,080,000 after buying an additional 47 shares during the last quarter. Opal Wealth Advisors LLC raised its stake in Workday by 5.2% during the third quarter. Opal Wealth Advisors LLC now owns 946 shares of the software maker’s stock valued at $231,000 after buying an additional 47 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. lifted its holdings in Workday by 3.4% during the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 1,451 shares of the software maker’s stock worth $324,000 after buying an additional 48 shares during the last quarter. Hedge funds and other institutional investors 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.