DA Davidson Boosts Workday (NASDAQ:WDAY) Price Target to $250.00

Workday (NASDAQ:WDAY - Get Free Report) had its price target increased by DA Davidson from $230.00 to $250.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the software maker's stock. DA Davidson's price target points to a potential downside of 8.11% from the company's previous close.

Other equities analysts have also issued reports about the company. Citigroup lowered Workday from a "neutral" rating to a "mixed" rating in a research note on Friday, May 16th. KeyCorp boosted their price objective on Workday from $305.00 to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Scotiabank lowered their target price on shares of Workday from $355.00 to $305.00 and set a "sector outperform" rating on the stock in a research note on Monday, March 17th. Needham & Company LLC reiterated a "buy" rating and set a $300.00 target price on shares of Workday in a research report on Wednesday. Finally, Royal Bank of Canada boosted their price target on shares of Workday from $320.00 to $340.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $295.62.

Workday Stock Performance

Workday stock opened at $272.07 on Friday. The firm's 50 day simple moving average is $242.85 and its 200 day simple moving average is $254.22. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $72.37 billion, a PE ratio of 45.12, a price-to-earnings-growth ratio of 3.55 and a beta of 1.30. Workday has a 1-year low of $199.81 and a 1-year high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, beating analysts' consensus estimates of $2.01 by $0.22. Workday had a net margin of 19.86% and a return on equity of 6.13%. Workday's revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.74 earnings per share. As a group, analysts expect that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 66,455 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $259.52, for a total value of $17,246,401.60. Following the completion of the sale, the insider now owns 102,997 shares of the company's stock, valued at $26,729,781.44. This trade represents a 39.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Sayan Chakraborty sold 6,056 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $265.50, for a total transaction of $1,607,868.00. Following the completion of the sale, the insider now directly owns 111,324 shares of the company's stock, valued at approximately $29,556,522. This represents a 5.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 321,724 shares of company stock worth $77,976,126 in the last three months. 19.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Workday

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Roxbury Financial LLC purchased a new position in shares of Workday during the 4th quarter worth approximately $25,000. Crews Bank & Trust bought a new position in Workday in the fourth quarter worth $26,000. Avion Wealth lifted its position in Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker's stock valued at $27,000 after buying an additional 86 shares during the period. Cornerstone Planning Group LLC boosted its holdings in shares of Workday by 76.1% during the 1st quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock valued at $28,000 after buying an additional 54 shares in the last quarter. Finally, Dagco Inc. purchased a new stake in shares of Workday in the 1st quarter worth about $31,000. Hedge funds and other 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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