Workday (NASDAQ:WDAY) Given Overweight Rating at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Workday (NASDAQ:WDAY) in a report issued on Wednesday morning, Benzinga reports. Piper Sandler currently has a $285.00 price target on the software maker’s stock.

Other analysts have also issued reports about the stock. BMO Capital Markets decreased their price target on shares of Workday from $338.00 to $300.00 and set an outperform rating on the stock in a research report on Friday, May 24th. Canaccord Genuity Group reiterated a buy rating and set a $300.00 price target on shares of Workday in a research note on Friday, September 13th. Sanford C. Bernstein dropped their price objective on shares of Workday from $321.00 to $301.00 and set an outperform rating for the company in a research note on Friday, May 24th. The Goldman Sachs Group decreased their target price on shares of Workday from $310.00 to $300.00 and set a buy rating on the stock in a research report on Friday, May 24th. Finally, Mizuho dropped their price target on shares of Workday from $325.00 to $280.00 and set a buy rating for the company in a research report on Friday, May 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $286.48.

Workday Stock Performance

NASDAQ:WDAY opened at $248.29 on Wednesday. The firm has a market capitalization of $65.80 billion, a PE ratio of 44.74, a PEG ratio of 5.07 and a beta of 1.35. Workday has a 1 year low of $199.81 and a 1 year high of $311.28. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. The firm’s fifty day simple moving average is $237.48 and its 200 day simple moving average is $242.30.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, topping the consensus estimate of $1.65 by $0.10. Workday had a return on equity of 5.34% and a net margin of 19.59%. The company had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the previous year, the business posted $0.40 EPS. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. On average, sell-side analysts anticipate that Workday will post 2.39 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $223.80, for a total value of $12,532,800.00. Following the completion of the sale, the insider now owns 674,000 shares of the company’s stock, valued at $150,841,200. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Workday news, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $223.80, for a total value of $12,532,800.00. Following the transaction, the insider now directly owns 674,000 shares in the company, valued at approximately $150,841,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder David A. Duffield sold 78,279 shares of Workday stock in a transaction 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 $23,059,998.33. The disclosure for this sale can be found here. Over the last three months, insiders sold 467,402 shares of company stock valued at $109,864,184. Insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in WDAY. The Manufacturers Life Insurance Company raised its stake in shares of Workday by 79.1% during the second quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock worth $514,637,000 after buying an additional 1,016,394 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Workday by 17,345.2% in the 2nd quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock valued at $208,068,000 after purchasing an additional 925,366 shares during the period. Vanguard Group Inc. lifted its stake in shares of Workday by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 14,448,125 shares of the software maker’s stock valued at $3,988,549,000 after purchasing an additional 437,215 shares during the period. D1 Capital Partners L.P. boosted its position in shares of Workday by 152.1% in the 2nd quarter. D1 Capital Partners L.P. now owns 518,000 shares of the software maker’s stock worth $115,804,000 after purchasing an additional 312,500 shares during the last quarter. Finally, Kodai Capital Management LP acquired a new stake in shares of Workday during the fourth quarter worth $85,994,000. 89.81% of the stock is currently owned by institutional investors and hedge funds.

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.