Piper Sandler Cuts Workday (NASDAQ:WDAY) Price Target to $262.00

Workday (NASDAQ:WDAY) had its price target dropped by investment analysts at Piper Sandler from $280.00 to $262.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Piper Sandler’s target price indicates a potential upside of 13.90% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group dropped their price objective on shares of Workday from $350.00 to $330.00 and set a “buy” rating for the company in a report on Friday, May 24th. Guggenheim restated a “sell” rating and issued a $190.00 price target on shares of Workday in a research note on Tuesday, June 25th. Evercore ISI reduced their price objective on Workday from $350.00 to $300.00 and set an “outperform” rating on the stock in a research note on Friday, May 24th. KeyCorp lowered their target price on Workday from $330.00 to $275.00 and set an “overweight” rating for the company in a research note on Friday, May 24th. Finally, Needham & Company LLC reissued a “buy” rating and set a $350.00 price objective on shares of Workday in a research report on Friday, May 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $281.44.

Workday Trading Up 1.4 %

WDAY opened at $230.02 on Friday. Workday has a 52 week low of $202.01 and a 52 week high of $311.28. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $227.39 and a 200-day simple moving average of $260.02. The firm has a market cap of $60.96 billion, a P/E ratio of 41.45, a P/E/G ratio of 5.71 and a beta of 1.35.

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

Insider Activity

In other Workday news, major shareholder David A. Duffield sold 57,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $209.17, for a total transaction of $11,922,690.00. Following the transaction, the insider now directly owns 786,000 shares of the company’s stock, valued at approximately $164,407,620. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder David A. Duffield sold 76,376 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $226.74, for a total transaction of $17,317,494.24. Following the completion of the sale, the insider now owns 102,997 shares in the company, valued at $23,353,539.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David A. Duffield sold 57,000 shares of Workday stock in a transaction on Friday, June 14th. The shares were sold at an average price of $209.17, for a total transaction of $11,922,690.00. Following the completion of the transaction, the insider now owns 786,000 shares in the company, valued at $164,407,620. The disclosure for this sale can be found here. Insiders have sold 468,672 shares of company stock valued at $103,096,914 in the last ninety days. 20.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Workday

A number of large investors have recently bought and sold shares of the company. Beacon Capital Management LLC increased its stake in shares of Workday by 333.3% during the fourth quarter. Beacon Capital Management LLC now owns 91 shares of the software maker’s stock worth $25,000 after acquiring an additional 70 shares during the period. VisionPoint Advisory Group LLC increased its position in Workday by 215.4% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 123 shares of the software maker’s stock worth $26,000 after purchasing an additional 84 shares during the period. Crewe Advisors LLC acquired a new position in Workday during the 1st quarter worth approximately $27,000. Exchange Traded Concepts LLC raised its stake in shares of Workday by 1,750.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 111 shares of the software maker’s stock worth $31,000 after buying an additional 105 shares in the last quarter. Finally, Sound Income Strategies LLC lifted its holdings in shares of Workday by 74.2% in the 1st quarter. Sound Income Strategies LLC now owns 115 shares of the software maker’s stock valued at $31,000 after buying an additional 49 shares during the period. Hedge funds and other 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.