Workday (NASDAQ:WDAY) Given "Underweight" Rating at Piper Sandler

Workday (NASDAQ:WDAY - Get Free Report)'s stock had its "underweight" rating reissued by Piper Sandler in a report released on Thursday, Marketbeat.com reports. They currently have a $235.00 price objective on the software maker's stock, down from their previous price objective of $255.00. Piper Sandler's price target would suggest a potential upside of 2.49% from the company's previous close.

WDAY has been the subject of several other reports. Westpark Capital upped their target price on Workday from $315.00 to $328.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Loop Capital lowered their target price on Workday from $285.00 to $250.00 and set a "hold" rating on the stock in a report on Friday, May 23rd. Scotiabank reduced their price objective on shares of Workday from $355.00 to $305.00 and set a "sector outperform" rating for the company in a research note on Monday, March 17th. Wall Street Zen downgraded shares of Workday from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Oppenheimer reduced their target price on shares of Workday from $320.00 to $300.00 and set an "outperform" rating for the company in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $296.88.

Workday Stock Down 4.5%

NASDAQ:WDAY traded down $10.87 during mid-day trading on Thursday, hitting $229.30. The company had a trading volume of 4,155,441 shares, compared to its average volume of 2,482,317. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.33. Workday has a 1 year low of $199.81 and a 1 year high of $294.00. The firm has a market capitalization of $61.22 billion, a price-to-earnings ratio of 92.73, a PEG ratio of 3.63 and a beta of 1.21. The business has a fifty day simple moving average of $249.15 and a 200-day simple moving average of $249.07.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.22. The company had revenue of $2.24 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the business earned $1.74 EPS. Equities analysts forecast that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Activity

In other news, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $248.41, for a total transaction of $1,863,075.00. Following the sale, the director owned 67,500 shares in the company, valued at approximately $16,767,675. This represents a 10.00% 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, 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 value of $1,496,437.50. Following the transaction, the chief executive officer directly owned 1,472 shares in the company, valued at approximately $352,440.96. This represents a 80.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders 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

A number of institutional investors have recently bought and sold shares of the company. Cornerstone Planning Group LLC boosted its position in shares of Workday by 76.1% during the first quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock worth $28,000 after buying an additional 54 shares during the period. Dagco Inc. bought a new stake in Workday in the first quarter valued at approximately $31,000. Farmers & Merchants Investments Inc. acquired a new position in shares of Workday in the first quarter valued at $32,000. TCTC Holdings LLC acquired a new stake in Workday during the fourth quarter worth approximately $35,000. Finally, Financial Management Professionals Inc. lifted its holdings in shares of Workday by 54.0% during the first quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker's stock worth $36,000 after buying an additional 54 shares in the last quarter. 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.