Workday (NASDAQ:WDAY) Price Target Raised to $205.00

Key Points

• Bank of America raised Workday’s price target from $140 to $205 while maintaining a “neutral” rating, implying approximately 3.41% upside from the stock’s cited price.
• Workday shares rose 4.0% to $198.25, while the company reported quarterly revenue of $2.54 billion and earnings per share of $2.66, exceeding analyst expectations; revenue increased 13.5% year over year.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $189.17. Institutional investors own 89.81% of the stock, while insiders have sold approximately $113.9 million of shares over the past 90 days.

Workday (NASDAQ:WDAY - Get Free Report) had its price objective raised by research analysts at Bank of America from $140.00 to $205.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the software maker's stock. Bank of America's price objective would indicate a potential upside of 3.41% from the stock's current price.

Other analysts have also issued reports about the stock. Summit Redstone set a $275.00 price target on shares of Workday in a research report on Wednesday, May 27th. Piper Sandler reiterated a "neutral" rating and issued a $145.00 price objective on shares of Workday in a research note on Friday, August 14th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $216.00 target price on shares of Workday in a research report on Friday, May 22nd. Jefferies Financial Group lifted their target price on shares of Workday from $140.00 to $205.00 and gave the company a "hold" rating in a research note on Friday, August 14th. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of Workday in a report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $189.17.

Workday Stock Up 4.0%

Shares of WDAY traded up $7.62 during mid-day trading on Wednesday, reaching $198.25. The company's stock had a trading volume of 1,778,239 shares, compared to its average volume of 5,111,812. The company has a market cap of $48.97 billion, a price-to-earnings ratio of 62.17, a price-to-earnings-growth ratio of 2.11 and a beta of 1.08. The business has a fifty day moving average of $146.36 and a 200 day moving average of $138.97. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. Workday has a 1 year low of $110.36 and a 1 year high of $249.85.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.15. Workday had a return on equity of 14.75% and a net margin of 8.60%.The firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period in the previous year, the firm earned $2.23 earnings per share. Workday's quarterly revenue was up 13.5% on a year-over-year basis. As a group, analysts forecast that Workday will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Workday

In other Workday news, insider Robert Enslin sold 5,374 shares of the stock in a transaction dated Sunday, July 5th. The stock was sold at an average price of $134.90, for a total transaction of $724,952.60. Following the completion of the sale, the insider directly owned 239,469 shares in the company, valued at approximately $32,304,368.10. This trade represents a 2.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Gerrit S. Kazmaier sold 2,728 shares of the business's stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $143.62, for a total value of $391,795.36. Following the completion of the transaction, the insider directly owned 266,388 shares in the company, valued at $38,258,644.56. This represents a 1.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 875,020 shares of company stock valued at $113,938,503. 18.64% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Workday

A number of large investors have recently bought and sold shares of WDAY. Rakuten Securities Inc. bought a new position in Workday in the second quarter worth approximately $25,000. Measured Wealth Private Client Group LLC bought a new position in shares of Workday in the 3rd quarter worth $26,000. DT Investment Partners LLC acquired a new stake in Workday in the 4th quarter valued at $27,000. LRI Investments LLC acquired a new position in Workday during the fourth quarter worth $29,000. Finally, JPL Wealth Management LLC bought a new position in shares of Workday in the third quarter valued at $30,000. 89.81% of the stock is currently owned by institutional investors and hedge funds.

About Workday

Workday, Inc NASDAQ: WDAY is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday's platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company's product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.

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