Workday (NASDAQ:WDAY) Price Target Raised to $225.00 at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group raised Workday’s price target to $225 from $200 and maintained a “buy” rating, implying 12.98% upside from the prior close.
• Analyst sentiment remains favorable, with Workday carrying a “Moderate Buy” consensus rating and an average price target of $189.86; recent target increases came from Bank of America, Robert W. Baird and Jefferies.
• Workday shares opened at $199.15, while institutional investors own 89.81% of the stock. Insiders sold 875,020 shares worth approximately $113.9 million over the past 90 days.

Workday (NASDAQ:WDAY - Get Free Report) had its price target hoisted by research analysts at Canaccord Genuity Group from $200.00 to $225.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the software maker's stock. Canaccord Genuity Group's target price suggests a potential upside of 12.98% from the company's previous close.

A number of other brokerages have also weighed in on WDAY. Bank of America boosted their price target on Workday from $140.00 to $205.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 19th. Barclays reaffirmed an "overweight" rating on shares of Workday in a research report on Wednesday, August 19th. Weiss Ratings upgraded shares of Workday from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, August 13th. Robert W. Baird boosted their target price on shares of Workday from $190.00 to $215.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Finally, Jefferies Financial Group upped their price target on shares of Workday from $205.00 to $225.00 and gave the company a "hold" rating in a research note on Sunday. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $189.86.

Workday Stock Performance

Shares of Workday stock opened at $199.15 on Tuesday. The company has a market capitalization of $49.19 billion, a PE ratio of 62.23, a P/E/G ratio of 2.13 and a beta of 1.08. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01. The company has a 50-day simple moving average of $151.69 and a two-hundred day simple moving average of $139.74. Workday has a one year low of $110.36 and a one year high of $249.85.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 107,500 shares of the firm's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $122.04, for a total value of $13,119,300.00. Following the transaction, the insider directly owned 105,049 shares of the company's stock, valued at approximately $12,820,179.96. This trade represents a 50.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $143.70, for a total value of $862,200.00. Following the completion of the sale, the chief financial officer directly owned 288,460 shares in the company, valued at $41,451,702. This represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 875,020 shares of company stock worth $113,938,503 in the last 90 days. Corporate insiders own 18.64% of the company's stock.

Institutional Trading of Workday

A number of hedge funds and other institutional investors have recently modified their holdings of WDAY. California State Teachers Retirement System grew its holdings in shares of Workday by 11,770.8% during the 2nd quarter. California State Teachers Retirement System now owns 36,907,426 shares of the software maker's stock worth $4,518,207,000 after purchasing an additional 36,596,516 shares during the period. Paralel Advisors LLC acquired a new stake in shares of Workday during the second quarter valued at about $2,178,000. Wedmont Private Capital raised its stake in shares of Workday by 25.9% in the 2nd quarter. Wedmont Private Capital now owns 2,751 shares of the software maker's stock valued at $337,000 after acquiring an additional 566 shares during the period. Kintra Wealth LLC acquired a new position in shares of Workday in the 2nd quarter worth approximately $499,000. Finally, Figure 8 Investment Strategies LLC lifted its holdings in shares of Workday by 84.2% in the 2nd quarter. Figure 8 Investment Strategies LLC now owns 6,571 shares of the software maker's stock worth $804,000 after acquiring an additional 3,003 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

About Workday

Workday, Inc NASDAQ: WDAY is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday's platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company's product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source