Guggenheim Reaffirms Sell Rating for Workday (NASDAQ:WDAY)

Guggenheim reaffirmed their sell rating on shares of Workday (NASDAQ:WDAY) in a report issued on Tuesday, Benzinga reports. The firm currently has a $190.00 price target on the software maker’s stock.

Other equities research analysts also recently issued reports about the company. BMO Capital Markets dropped their target price on Workday from $338.00 to $300.00 and set an outperform rating on the stock in a report on Friday, May 24th. DA Davidson dropped their price objective on Workday from $300.00 to $255.00 and set a neutral rating on the stock in a report on Friday, May 24th. The Goldman Sachs Group dropped their price objective on Workday from $310.00 to $300.00 and set a buy rating on the stock in a report on Friday, May 24th. TD Cowen dropped their price objective on Workday from $330.00 to $290.00 and set a buy rating on the stock in a report on Friday, May 24th. Finally, Loop Capital dropped their price objective on Workday from $280.00 to $240.00 and set a hold rating on the stock in a report on Friday, May 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, Workday presently has an average rating of Moderate Buy and an average target price of $282.11.

Workday Stock Performance

Shares of NASDAQ:WDAY opened at $223.36 on Tuesday. The company has a market cap of $59.19 billion, a P/E ratio of 40.04, a PEG ratio of 5.49 and a beta of 1.33. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.00 and a current ratio of 2.00. Workday has a one year low of $202.01 and a one year high of $311.28. The business’s 50-day simple moving average is $233.71 and its 200 day simple moving average is $264.05.

Workday (NASDAQ:WDAY) last announced its earnings results on Thursday, May 23rd. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.31 by $0.20. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.97 billion. Workday had a return on equity of 5.78% and a net margin of 19.66%. The company’s revenue was up 18.1% on a year-over-year basis. During the same period last year, the business posted $0.16 EPS. On average, sell-side analysts forecast that Workday will post 2.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Workday news, major shareholder David A. Duffield sold 64,162 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $271.67, for a total transaction of $17,430,890.54. Following the completion of the transaction, the insider now owns 102,997 shares in the company, valued at approximately $27,981,194.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $218.58, for a total value of $12,240,480.00. Following the sale, the insider now owns 730,000 shares of the company’s stock, valued at approximately $159,563,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder David A. Duffield sold 64,162 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $271.67, for a total value of $17,430,890.54. Following the completion of the sale, the insider now directly owns 102,997 shares in the company, valued at approximately $27,981,194.99. The disclosure for this sale can be found here. In the last quarter, insiders sold 448,713 shares of company stock worth $109,278,793. 20.00% of the stock is owned by company insiders.

Institutional Trading of Workday

Hedge funds and other institutional investors have recently modified their holdings of the company. LPL Financial LLC raised its position in shares of Workday by 11.9% during the third quarter. LPL Financial LLC now owns 79,134 shares of the software maker’s stock worth $16,990,000 after purchasing an additional 8,447 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Workday by 13.5% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,348 shares of the software maker’s stock worth $504,000 after purchasing an additional 280 shares during the period. O Shaughnessy Asset Management LLC raised its position in shares of Workday by 50.6% during the third quarter. O Shaughnessy Asset Management LLC now owns 8,321 shares of the software maker’s stock worth $1,788,000 after purchasing an additional 2,795 shares during the period. Vinva Investment Management Ltd raised its position in shares of Workday by 1.3% during the third quarter. Vinva Investment Management Ltd now owns 6,109 shares of the software maker’s stock worth $1,290,000 after purchasing an additional 79 shares during the period. Finally, Treasurer of the State of North Carolina raised its position in shares of Workday by 0.4% during the third quarter. Treasurer of the State of North Carolina now owns 89,532 shares of the software maker’s stock worth $19,236,000 after purchasing an additional 350 shares during the period. Institutional investors 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.