Piper Sandler Reiterates Underweight Rating for Workday (NASDAQ:WDAY)

Workday (NASDAQ:WDAY - Get Free Report)'s stock had its "underweight" rating restated by equities research analysts at Piper Sandler in a research report issued to clients and investors on Thursday, MarketBeat.com reports. They presently have a $235.00 price target on the software maker's stock, down from their prior price target of $255.00. Piper Sandler's price target would suggest a potential upside of 4.58% from the company's current price.

Other equities analysts have also issued reports about the company. Wall Street Zen lowered Workday from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Wells Fargo & Company reduced their price target on Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Royal Bank Of Canada restated an "outperform" rating and set a $340.00 price objective on shares of Workday in a report on Friday, May 23rd. Mizuho dropped their price objective on Workday from $320.00 to $275.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Finally, JMP Securities restated a "market outperform" rating and set a $315.00 price objective on shares of Workday in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $296.88.

Workday Trading Down 2.0%

Shares of NASDAQ WDAY traded down $4.60 during midday trading on Thursday, hitting $224.71. The stock had a trading volume of 1,231,026 shares, compared to its average volume of 2,477,606. The company has a market capitalization of $60.00 billion, a price-to-earnings ratio of 124.15, a PEG ratio of 3.63 and a beta of 1.21. Workday has a 1-year low of $199.81 and a 1-year high of $294.00. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.33. The company has a fifty day moving average price of $248.80 and a 200 day moving average price of $248.82.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, topping the consensus estimate of $2.01 by $0.22. The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.22 billion. Workday had a return on equity of 8.00% and a net margin of 5.60%. Workday's revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.74 EPS. On average, analysts predict that Workday will post 2.63 earnings per share for the current year.

Insider Transactions at Workday

In other news, CEO Carl M. Eschenbach sold 6,250 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $239.43, for a total transaction of $1,496,437.50. Following the completion of the sale, the chief executive officer directly owned 1,472 shares of the company's stock, valued at $352,440.96. This represents a 80.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Zane Rowe sold 6,000 shares of the company's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $239.59, for a total value of $1,437,540.00. Following the sale, the chief financial officer directly owned 178,418 shares of the company's stock, valued at approximately $42,747,168.62. This represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 328,554 shares of company stock worth $79,097,601. Corporate insiders own 19.31% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of WDAY. Cornerstone Planning Group LLC raised its position in Workday by 76.1% during the first 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. Dagco Inc. acquired a new position in Workday in the 1st quarter worth about $31,000. Farmers & Merchants Investments Inc. acquired a new position in Workday in the 1st quarter worth about $32,000. TCTC Holdings LLC acquired a new position in Workday in the 4th quarter worth about $35,000. Finally, Financial Management Professionals Inc. increased its position in Workday by 54.0% in the 1st quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker's stock worth $36,000 after purchasing an additional 54 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

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.