Citigroup Trims Workday (NASDAQ:WDAY) Target Price to $270.00

Workday (NASDAQ:WDAY) had its target price decreased by Citigroup from $274.00 to $270.00 in a research report sent to investors on Wednesday, Benzinga reports. Citigroup currently has a neutral rating on the software maker’s stock.

WDAY has been the subject of several other reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of Workday from $265.00 to $275.00 and gave the stock a hold rating in a report on Friday, August 23rd. Evercore ISI lowered their price objective on shares of Workday from $300.00 to $290.00 and set an outperform rating on the stock in a research report on Tuesday, August 20th. Piper Sandler reissued an overweight rating and set a $285.00 target price on shares of Workday in a research note on Wednesday, September 18th. Canaccord Genuity Group reaffirmed a buy rating and issued a $300.00 target price on shares of Workday in a research report on Friday, September 13th. Finally, Guggenheim reiterated a sell rating and set a $190.00 price target on shares of Workday in a report on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $287.04.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $243.62 on Wednesday. The company has a market capitalization of $64.56 billion, a PE ratio of 44.22, a price-to-earnings-growth ratio of 4.91 and a beta of 1.35. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. The stock has a fifty day moving average of $238.49 and a 200-day moving average of $241.73. Workday has a one year low of $199.81 and a one year high of $311.28.

Workday (NASDAQ:WDAY) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $2.07 billion. During the same period in the previous year, the firm earned $0.40 earnings per share. Workday’s revenue for the quarter was up 16.5% compared to the same quarter last year. As a group, equities analysts anticipate that Workday will post 2.39 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder David A. Duffield sold 78,279 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $223.89, for a total transaction of $17,525,885.31. Following the transaction, the insider now owns 102,997 shares of the company’s stock, valued at $23,059,998.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Workday news, insider Douglas A. Robinson sold 3,121 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $260.29, for a total value of $812,365.09. Following the completion of the sale, the insider now owns 196,344 shares in the company, valued at approximately $51,106,379.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 78,279 shares of the firm’s stock in a transaction on 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 completion of the transaction, 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 $111,071,544. 20.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Workday

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Workday by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker’s stock worth $4,029,244,000 after buying an additional 324,540 shares during the period. Sustainable Growth Advisers LP raised its stake in Workday by 9.7% during the first quarter. Sustainable Growth Advisers LP now owns 3,402,374 shares of the software maker’s stock worth $927,998,000 after acquiring an additional 301,463 shares in the last quarter. Clearbridge Investments LLC raised its stake in Workday by 12.4% during the first quarter. Clearbridge Investments LLC now owns 2,542,189 shares of the software maker’s stock worth $693,382,000 after acquiring an additional 281,207 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings 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 valued at $514,637,000 after acquiring an additional 1,016,394 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of Workday by 7.4% in the 2nd quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock valued at $384,518,000 after purchasing an additional 118,180 shares in the last quarter. 89.81% of the stock is owned by institutional investors.

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.