Workday (NASDAQ:WDAY) Receives “Buy” Rating from Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Workday (NASDAQ:WDAY) in a report issued on Friday, Benzinga reports. The brokerage currently has a $300.00 price target on the software maker’s stock.

WDAY has been the topic of several other research reports. JPMorgan Chase & Co. cut their price target on Workday from $300.00 to $285.00 and set an overweight rating on the stock in a research note on Friday, May 24th. Evercore ISI cut their target price on Workday from $300.00 to $290.00 and set an outperform rating on the stock in a research note on Tuesday, August 20th. TD Cowen lowered their price target on Workday from $330.00 to $290.00 and set a buy rating for the company in a research report on Friday, May 24th. JMP Securities reiterated a market outperform rating and issued a $315.00 price target on shares of Workday in a research note on Friday, May 24th. Finally, Royal Bank of Canada reduced their price objective on shares of Workday from $310.00 to $300.00 and set an outperform rating for the company in a research note on Friday, May 24th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Workday has an average rating of Moderate Buy and an average price target of $288.15.

Workday Stock Performance

Shares of WDAY stock opened at $250.05 on Friday. The company’s fifty day moving average price is $235.24 and its 200-day moving average price is $243.74. The stock has a market cap of $66.26 billion, a PE ratio of 45.05, a price-to-earnings-growth ratio of 5.49 and a beta of 1.35. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. Workday has a 12 month low of $199.81 and a 12 month high of $311.28.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.10. The company had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Workday had a net margin of 19.59% and a return on equity of 5.34%. Workday’s revenue was up 16.5% on a year-over-year basis. During the same period last year, the company posted $0.40 EPS. On average, equities analysts expect that Workday will post 2.27 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder David A. Duffield sold 78,279 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $223.89, for a total value of $17,525,885.31. Following the completion of the sale, the insider now directly owns 102,997 shares of the company’s stock, valued at approximately $23,059,998.33. The transaction 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 76,376 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $226.74, for a total value of $17,317,494.24. Following the transaction, the insider now directly owns 102,997 shares in the company, valued at $23,353,539.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 78,279 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $223.89, for a total value of $17,525,885.31. Following the sale, the insider now owns 102,997 shares of the company’s stock, valued at approximately $23,059,998.33. The disclosure for this sale can be found here. Insiders have sold a total of 466,402 shares of company stock valued at $107,992,034 in the last ninety days. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC bought a new position in shares of Workday during the second quarter worth $6,183,000. Sycomore Asset Management purchased a new stake in Workday in the 2nd quarter worth $15,406,000. New Century Financial Group LLC bought a new position in shares of Workday during the 2nd quarter valued at about $265,000. Cetera Investment Advisers grew its position in shares of Workday by 3.9% during the second quarter. Cetera Investment Advisers now owns 51,043 shares of the software maker’s stock valued at $11,411,000 after purchasing an additional 1,911 shares in the last quarter. Finally, Truist Financial Corp increased its holdings in shares of Workday by 1.5% in the second quarter. Truist Financial Corp now owns 88,588 shares of the software maker’s stock worth $19,805,000 after purchasing an additional 1,320 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors.

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.