Bank of America Has Lowered Expectations for Workday (NASDAQ:WDAY) Stock Price

Key Points

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Workday (NASDAQ:WDAY - Get Free Report) had its price target decreased by equities researchers at Bank of America from $295.00 to $278.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the software maker's stock. Bank of America's price target would indicate a potential upside of 19.91% from the stock's previous close.

A number of other equities analysts also recently weighed in on the company. KeyCorp reduced their price target on Workday from $335.00 to $325.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Barclays set a $298.00 price target on Workday and gave the stock an "overweight" rating in a research report on Monday. JPMorgan Chase & Co. reduced their price target on Workday from $310.00 to $295.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Stifel Nicolaus reduced their price target on Workday from $310.00 to $275.00 and set a "hold" rating for the company in a research report on Friday, May 23rd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $340.00 price target on shares of Workday in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Workday currently has a consensus rating of "Moderate Buy" and a consensus price target of $292.81.

Workday Price Performance

Shares of WDAY opened at $231.85 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.07 and a current ratio of 2.07. The stock has a 50 day simple moving average of $234.25 and a 200 day simple moving average of $243.40. Workday has a 52-week low of $205.33 and a 52-week high of $294.00. The firm has a market capitalization of $61.90 billion, a PE ratio of 128.09, a P/E/G ratio of 3.42 and a beta of 1.24.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, topping analysts' consensus estimates of $2.01 by $0.22. Workday had a return on equity of 8.00% and a net margin of 5.60%. The firm had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the prior year, the firm posted $1.74 EPS. The business's revenue was up 12.6% on a year-over-year basis. Sell-side analysts predict that Workday will post 2.63 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 451 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $234.86, for a total value of $105,921.86. Following the sale, the chief accounting officer owned 42,977 shares in the company, valued at approximately $10,093,578.22. This represents a 1.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Zane Rowe sold 6,000 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $239.59, for a total value of $1,437,540.00. Following the completion of the sale, the chief financial officer owned 178,418 shares in the company, valued at approximately $42,747,168.62. This trade represents a 3.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 329,005 shares of company stock worth $79,203,523 in the last quarter. Company insiders own 19.31% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Rakuten Securities Inc. bought a new position in Workday during the 2nd quarter worth $25,000. Cornerstone Planning Group LLC boosted its holdings in Workday by 76.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock valued at $28,000 after purchasing an additional 54 shares during the period. Berbice Capital Management LLC boosted its holdings in Workday by 136.4% in the 2nd quarter. Berbice Capital Management LLC now owns 130 shares of the software maker's stock valued at $31,000 after purchasing an additional 75 shares during the period. Dagco Inc. bought a new stake in Workday in the 1st quarter valued at about $31,000. Finally, Farmers & Merchants Investments Inc. bought a new stake in Workday in the 1st quarter valued at about $32,000. Institutional investors own 89.81% of the company's stock.

Workday Company Profile

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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