JPMorgan Chase & Co. Has Lowered Expectations for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY - Get Free Report) had its target price decreased by equities research analysts at JPMorgan Chase & Co. from $310.00 to $295.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the software maker's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 23.29% from the stock's current price.

Other equities analysts have also recently issued reports about the stock. Needham & Company LLC reiterated a "buy" rating and set a $300.00 target price on shares of Workday in a research note on Wednesday, May 21st. JMP Securities reissued a "market outperform" rating and set a $315.00 target price on shares of Workday in a research report on Friday, May 23rd. Wells Fargo & Company reduced their price objective on Workday from $360.00 to $325.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Daiwa America raised shares of Workday to a "strong-buy" rating in a report on Tuesday, March 4th. Finally, Morgan Stanley decreased their target price on shares of Workday from $275.00 to $250.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Nine analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $293.54.

Workday Stock Down 0.0%

NASDAQ WDAY traded down $0.03 during trading on Friday, reaching $239.28. The company's stock had a trading volume of 1,310,791 shares, compared to its average volume of 2,547,153. 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 stock has a market capitalization of $63.65 billion, a PE ratio of 39.68, a PEG 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. The business has a 50-day moving average price of $242.06 and a 200-day moving average price of $253.96.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings data 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 return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the prior year, the firm posted $1.74 EPS. The firm's revenue for the quarter was up 12.6% on a year-over-year basis. On average, research analysts forecast that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 81,275 shares of the company's stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $214.68, for a total transaction of $17,448,117.00. Following the sale, the insider now directly owns 102,997 shares in the company, valued at $22,111,395.96. This represents a 44.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Sayan Chakraborty sold 6,056 shares of the stock in a transaction that occurred on 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 owns 111,324 shares in the company, valued at $29,556,522. This represents a 5.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 321,724 shares of company stock valued at $77,976,126. 20.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Workday

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