Workday's (WDAY) "Buy" Rating Reaffirmed at Needham & Company LLC

Workday (NASDAQ:WDAY - Get Free Report)'s stock had its "buy" rating restated by investment analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They presently have a $300.00 price objective on the software maker's stock. Needham & Company LLC's price objective suggests a potential upside of 26.05% from the stock's current price.

A number of other equities research analysts have also issued reports on WDAY. UBS Group increased their target price on Workday from $255.00 to $285.00 and gave the company a "neutral" rating in a research note on Wednesday, February 26th. BNP Paribas upgraded shares of Workday to a "strong-buy" rating in a report on Friday, February 14th. Scotiabank cut their price target on Workday from $355.00 to $305.00 and set a "sector outperform" rating on the stock in a research note on Monday, March 17th. Guggenheim restated a "neutral" rating on shares of Workday in a research note on Wednesday, February 26th. Finally, KeyCorp increased their target price on Workday from $305.00 to $335.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. 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 company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $293.54.

Workday Trading Down 12.5%

NASDAQ:WDAY traded down $34.06 during trading hours on Wednesday, reaching $238.01. 9,908,921 shares of the company were exchanged, compared to its average volume of 2,543,100. Workday has a 52-week low of $199.81 and a 52-week high of $294.00. The firm 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 current ratio of 2.05 and a quick ratio of 2.05. The stock has a 50 day simple moving average of $242.57 and a 200 day simple moving average of $254.19.

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

Insider Transactions at Workday

In other news, insider Sayan Chakraborty sold 6,056 shares of the business's 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 transaction, the insider now directly owns 111,324 shares in the company, valued at approximately $29,556,522. The trade was a 5.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 497 shares of the stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $226.55, for a total value of $112,595.35. Following the completion of the transaction, the chief accounting officer now directly owns 34,385 shares of the company's stock, valued at $7,789,921.75. This trade represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 321,724 shares of company stock worth $77,976,126. Insiders own 19.31% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Merit Financial Group LLC bought a new position in Workday in the 4th quarter valued at about $578,000. UMB Bank n.a. lifted its stake in shares of Workday by 10.9% in the 4th quarter. UMB Bank n.a. now owns 1,060 shares of the software maker's stock worth $274,000 after acquiring an additional 104 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Workday by 65.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 273 shares of the software maker's stock worth $70,000 after acquiring an additional 108 shares during the period. Harbor Investment Advisory LLC boosted its holdings in shares of Workday by 952.6% in the fourth quarter. Harbor Investment Advisory LLC now owns 1,642 shares of the software maker's stock valued at $424,000 after acquiring an additional 1,486 shares in the last quarter. Finally, Koshinski Asset Management Inc. acquired a new position in shares of Workday during the fourth quarter valued at approximately $201,000. Institutional investors and hedge funds 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.