Workday (NASDAQ:WDAY) Shares Gap Down After Analyst Downgrade

Workday, Inc. (NASDAQ:WDAY - Get Free Report) shares gapped down before the market opened on Friday after KeyCorp lowered their price target on the stock from $335.00 to $325.00. The stock had previously closed at $272.07, but opened at $241.60. KeyCorp currently has an overweight rating on the stock. Workday shares last traded at $241.68, with a volume of 3,400,500 shares traded.

A number of other analysts also recently issued reports on the stock. Westpark Capital boosted their price objective on shares of Workday from $315.00 to $328.00 and gave the company a "buy" rating in a report on Friday. Canaccord Genuity Group upped their target price on Workday from $300.00 to $330.00 and gave the stock a "buy" rating in a report on Wednesday, February 26th. Daiwa America raised Workday to a "strong-buy" rating in a report on Tuesday, March 4th. Morgan Stanley upped their target price on Workday from $250.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday. Finally, UBS Group boosted their price objective on Workday from $255.00 to $285.00 and gave the company a "neutral" rating in a report on Wednesday, February 26th. Nine equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $294.93.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 497 shares of the firm's stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $226.55, for a total value of $112,595.35. Following the completion of the sale, the chief accounting officer now directly owns 34,385 shares of the company's stock, valued at $7,789,921.75. This trade represents a 1.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder David A. Duffield sold 81,275 shares of Workday stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $214.68, for a total transaction of $17,448,117.00. Following the transaction, the insider now directly owns 102,997 shares of the company's stock, valued at $22,111,395.96. The trade was a 44.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 321,724 shares of company stock valued at $77,976,126 in the last three months. Corporate insiders own 19.31% of the company's stock.

Institutional Trading of Workday

Several institutional investors have recently added to or reduced their stakes in the company. Crews Bank & Trust purchased a new position in Workday during the 4th quarter valued at $26,000. Roxbury Financial LLC purchased a new stake in shares of Workday during the fourth quarter valued at $25,000. Avion Wealth grew its holdings in shares of Workday by 452.6% in the fourth quarter. Avion Wealth now owns 105 shares of the software maker's stock worth $27,000 after purchasing an additional 86 shares during the last quarter. Cornerstone Planning Group LLC grew its holdings in shares of Workday by 76.1% in the first quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock worth $28,000 after purchasing an additional 54 shares during the last quarter. Finally, Dagco Inc. purchased a new position in Workday in the 1st quarter worth about $31,000. Institutional investors own 89.81% of the company's stock.

Workday Stock Down 11.3%

The business's fifty day moving average is $242.85 and its two-hundred day moving average is $254.22. The company has a market cap of $64.21 billion, a P/E ratio of 39.97, a price-to-earnings-growth ratio of 3.55 and a beta of 1.30. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05.

Workday (NASDAQ:WDAY - Get Free Report) last issued its earnings results on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the company posted $1.74 earnings per share. The company's quarterly revenue was up 12.6% compared to the same quarter last year. Equities analysts predict that Workday, Inc. will post 2.63 EPS for the current year.

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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