JPMorgan Chase & Co. Cuts Workday (NASDAQ:WDAY) Price Target to $295.00

Workday (NASDAQ:WDAY - Get Free Report) had its target price cut by stock analysts at JPMorgan Chase & Co. from $310.00 to $295.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the software maker's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 21.63% from the company's previous close.

Other equities research analysts have also issued research reports about the company. Citigroup lowered Workday from a "neutral" rating to a "mixed" rating in a research note on Friday, May 16th. Wells Fargo & Company lowered their target price on Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Canaccord Genuity Group raised their price target on Workday from $300.00 to $330.00 and gave the company a "buy" rating in a research report on Wednesday, February 26th. Scotiabank decreased their price objective on shares of Workday from $355.00 to $305.00 and set a "sector outperform" rating on the stock in a research report on Monday, March 17th. Finally, BMO Capital Markets increased their price objective on shares of Workday from $300.00 to $314.00 and gave the company an "outperform" rating in a research note on Thursday, February 27th. Nine analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $295.10.

Workday Stock Performance

NASDAQ WDAY traded down $29.54 during trading hours on Friday, hitting $242.53. 2,838,765 shares of the stock were exchanged, compared to its average volume of 2,185,999. 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 company has a market cap of $64.51 billion, a price-to-earnings ratio of 40.22, a price-to-earnings-growth ratio of 3.55 and a beta of 1.30. Workday has a 12-month low of $199.81 and a 12-month high of $294.00. The stock has a 50-day moving average of $242.85 and a 200 day moving average of $254.22.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, beating the consensus estimate of $2.01 by $0.22. Workday had a return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.24 billion during the quarter, compared to analysts' expectations of $2.22 billion. During the same period last year, the firm earned $1.74 EPS. The company's quarterly revenue was up 12.6% compared to the same quarter last year. As a group, equities research analysts forecast that Workday will post 2.63 earnings per share for the current year.

Insider Buying and Selling at Workday

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

Institutional Investors Weigh In On Workday

A number of institutional investors have recently made changes to their positions in the company. Roxbury Financial LLC bought a new position in shares of Workday in the 4th quarter worth about $25,000. Crews Bank & Trust bought a new position in Workday in the fourth quarter worth about $26,000. Avion Wealth boosted its stake in Workday by 452.6% in the fourth quarter. Avion Wealth now owns 105 shares of the software maker's stock valued at $27,000 after acquiring an additional 86 shares during the period. Cornerstone Planning Group LLC grew its holdings in shares of Workday by 76.1% during the first 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 last quarter. Finally, Dagco Inc. bought a new position in shares of Workday during the first quarter valued at approximately $31,000. 89.81% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.