Workday (NASDAQ:WDAY) Given New $300.00 Price Target at Oppenheimer

Workday (NASDAQ:WDAY - Get Free Report) had its price objective decreased by equities researchers at Oppenheimer from $320.00 to $300.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the software maker's stock. Oppenheimer's target price suggests a potential upside of 25.16% from the stock's previous close.

Several other analysts have also recently issued reports on WDAY. Needham & Company LLC reiterated a "buy" rating and issued a $300.00 price objective on shares of Workday in a research note on Wednesday. JPMorgan Chase & Co. reduced their target price on Workday from $310.00 to $295.00 and set an "overweight" rating for the company in a report on Friday. Morgan Stanley upped their target price on shares of Workday from $250.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday. Daiwa America raised shares of Workday to a "strong-buy" rating in a research note on Tuesday, March 4th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $315.00 price objective on shares of Workday in a report on Friday. Nine equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $292.69.

Workday Trading Down 11.9%

Shares of NASDAQ:WDAY traded down $32.38 during midday trading on Friday, reaching $239.69. 7,150,029 shares of the company's stock were exchanged, compared to its average volume of 2,592,118. The stock has a market cap of $63.76 billion, a price-to-earnings ratio of 39.74, a P/E/G ratio of 3.55 and a beta of 1.30. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $294.00. The firm's 50 day simple moving average is $242.85 and its two-hundred day simple moving average is $254.22. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $2.22 billion. During the same period last year, the business earned $1.74 earnings per share. The business's revenue for the quarter was up 12.6% on a year-over-year basis. As a group, sell-side analysts forecast that Workday will post 2.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder David A. Duffield sold 66,455 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $259.52, for a total transaction of $17,246,401.60. Following the transaction, the insider now owns 102,997 shares in the company, valued at approximately $26,729,781.44. This trade represents a 39.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sayan Chakraborty sold 6,056 shares of Workday stock in a transaction on 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 sale, the insider now directly owns 111,324 shares of the company's stock, valued at $29,556,522. This represents a 5.16% 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 over the last ninety days. 19.31% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Crews Bank & Trust bought a new stake in shares of Workday during the 4th quarter valued at $26,000. Roxbury Financial LLC bought a new stake in Workday during the fourth quarter worth about $25,000. Avion Wealth grew its stake in Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker's stock worth $27,000 after buying an additional 86 shares in the last quarter. Cornerstone Planning Group LLC increased its holdings in Workday by 76.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock valued at $28,000 after buying an additional 54 shares during the period. Finally, Dagco Inc. bought a new position in Workday in the 1st quarter valued at about $31,000. 89.81% of the stock is owned by 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.

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