Workday (NASDAQ:WDAY) Price Target Lowered to $325.00 at KeyCorp

Workday (NASDAQ:WDAY - Get Free Report) had its price objective cut by equities researchers at KeyCorp from $335.00 to $325.00 in a report released on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the software maker's stock. KeyCorp's target price indicates a potential upside of 36.55% from the stock's previous close.

A number of other research analysts also recently commented on the stock. Redburn Atlantic initiated coverage on shares of Workday in a report on Wednesday, February 19th. They issued a "neutral" rating for the company. Stifel Nicolaus increased their price target on shares of Workday from $270.00 to $310.00 and gave the company a "hold" rating in a report on Wednesday, February 26th. Canaccord Genuity Group increased their price target on shares of Workday from $300.00 to $330.00 and gave the company a "buy" rating in a report on Wednesday, February 26th. Piper Sandler increased their price target on shares of Workday from $230.00 to $255.00 and gave the company a "neutral" rating in a report on Friday. Finally, Daiwa America raised shares of Workday to a "strong-buy" rating in a report on Tuesday, March 4th. Nine research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $293.54.

Workday Price Performance

Shares of WDAY traded down $34.06 during midday trading on Friday, hitting $238.01. 9,908,921 shares of the company traded hands, compared to its average volume of 2,543,100. The firm has a 50 day moving average of $242.57 and a 200-day moving average of $254.19. Workday has a 52 week low of $199.81 and a 52 week high of $294.00. The stock has a market cap of $63.31 billion, a price-to-earnings ratio of 39.47, a PEG ratio of 3.55 and a beta of 1.30. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings data 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 net margin of 19.86% and a return on equity of 6.13%. The business 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 earned $1.74 EPS. The business's revenue was up 12.6% on a year-over-year basis. On average, analysts forecast that Workday will post 2.63 EPS for the current fiscal year.

Insider Transactions at Workday

In other Workday news, major shareholder David A. Duffield sold 81,275 shares of Workday stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $214.68, for a total value of $17,448,117.00. Following the transaction, the insider now directly owns 102,997 shares of the company's stock, valued at approximately $22,111,395.96. The trade was a 44.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 497 shares of Workday stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $226.55, for a total transaction of $112,595.35. Following the completion of the transaction, the chief accounting officer now directly owns 34,385 shares in the company, valued at $7,789,921.75. This represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 321,724 shares of company stock valued at $77,976,126. 19.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Workday

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Workday by 2.3% in the first quarter. Vanguard Group Inc. now owns 20,598,655 shares of the software maker's stock worth $4,810,404,000 after purchasing an additional 455,855 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Workday by 61.9% during the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock worth $1,193,105,000 after buying an additional 1,772,223 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in Workday by 47.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,764,598 shares of the software maker's stock valued at $879,147,000 after purchasing an additional 1,211,659 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Workday by 0.4% in the first quarter. The Manufacturers Life Insurance Company now owns 3,736,609 shares of the software maker's stock worth $872,610,000 after acquiring an additional 14,354 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in shares of Workday by 60.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock worth $960,454,000 after acquiring an additional 1,406,088 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

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.