TD Cowen Cuts Workday (NASDAQ:WDAY) Price Target to $290.00

Key Points

• TD Cowen has lowered its price target for Workday (NASDAQ: WDAY) from $310.00 to $290.00, maintaining a "buy" rating, which still suggests a potential upside of 23.43%.
• Other analysts have also adjusted their price targets, with ratings varying from "Strong Buy" to "Hold," leading to a consensus target price of $287.83 for Workday's stock.
• Workday reported strong quarterly earnings, exceeding estimates with an EPS of $2.21 and revenue growth of 12.6% year-over-year.

Workday (NASDAQ:WDAY - Get Free Report) had its price objective reduced by research analysts at TD Cowen from $310.00 to $290.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the software maker's stock. TD Cowen's price objective indicates a potential upside of 23.43% from the stock's current price.

WDAY has been the subject of several other reports. Sanford C. Bernstein restated an "outperform" rating and set a $304.00 price objective on shares of Workday in a research report on Friday, August 22nd. Citigroup decreased their price objective on Workday from $279.00 to $260.00 and set a "neutral" rating for the company in a report on Friday, August 22nd. KeyCorp dropped their price objective on shares of Workday from $325.00 to $285.00 and set an "overweight" rating for the company in a report on Friday, August 22nd. Bank of America lowered their price objective on shares of Workday from $295.00 to $278.00 and set a "buy" rating for the company in a research note on Tuesday, August 19th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $265.00 target price on shares of Workday in a research report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $287.83.

Workday Stock Up 7.3%

NASDAQ WDAY traded up $15.94 on Wednesday, reaching $234.95. The stock had a trading volume of 6,631,643 shares, compared to its average volume of 2,539,812. The company has a market capitalization of $62.73 billion, a price-to-earnings ratio of 109.20, a P/E/G ratio of 3.10 and a beta of 1.12. The business has a 50 day moving average price of $228.48 and a 200 day moving average price of $238.30. Workday has a 1 year low of $205.33 and a 1 year high of $294.00. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.33.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings data on Thursday, August 21st. The software maker reported $2.21 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.12. Workday had a return on equity of 9.74% and a net margin of 6.51%.The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same period in the prior year, the company posted $1.75 EPS. The company's revenue was up 12.6% compared to the same quarter last year. Workday has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. On average, analysts forecast that Workday will post 2.63 EPS for the current fiscal year.

Insider Transactions at Workday

In other news, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $239.59, for a total transaction of $1,437,540.00. Following the completion of the transaction, the chief financial officer owned 178,418 shares of the company's stock, valued at $42,747,168.62. The trade was a 3.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 73,971 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $238.66, for a total transaction of $17,653,918.86. Following the completion of the transaction, the insider directly owned 102,997 shares of the company's stock, valued at $24,581,264.02. The trade was a 41.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 233,300 shares of company stock worth $55,764,900 over the last quarter. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Workday

A number of hedge funds have recently added to or reduced their stakes in WDAY. Brighton Jones LLC grew its holdings in Workday by 230.2% during the fourth quarter. Brighton Jones LLC now owns 4,005 shares of the software maker's stock valued at $1,033,000 after purchasing an additional 2,792 shares during the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Workday by 24.0% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,075 shares of the software maker's stock valued at $793,000 after purchasing an additional 595 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Workday by 21.4% in the fourth quarter. Tidal Investments LLC now owns 16,442 shares of the software maker's stock valued at $4,243,000 after acquiring an additional 2,896 shares during the period. Woodline Partners LP bought a new stake in shares of Workday in the fourth quarter valued at approximately $17,828,000. Finally, Waverly Advisors LLC bought a new stake in shares of Workday in the fourth quarter valued at approximately $432,000. Institutional investors and hedge funds 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.

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