Workday (NASDAQ:WDAY) Price Target Raised to $340.00 at Royal Bank of Canada

Workday (NASDAQ:WDAY) had its price target upped by research analysts at Royal Bank of Canada from $320.00 to $340.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s target price suggests a potential upside of 25.32% from the company’s current price.

Several other research firms have also recently issued reports on WDAY. Deutsche Bank Aktiengesellschaft upgraded Workday from a “hold” rating to a “buy” rating and increased their price objective for the stock from $265.00 to $300.00 in a research report on Wednesday, January 8th. Redburn Atlantic initiated coverage on Workday in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. The Goldman Sachs Group boosted their price objective on shares of Workday from $300.00 to $310.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Barclays decreased their price target on Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a research note on Wednesday, November 27th. Finally, Guggenheim restated a “neutral” rating on shares of Workday in a research note on Wednesday. Ten investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $297.71.

Workday Stock Up 6.3 %

Shares of Workday stock traded up $16.09 during trading on Wednesday, hitting $271.31. 3,673,949 shares of the stock traded hands, compared to its average volume of 2,251,964. Workday has a 52-week low of $199.81 and a 52-week high of $304.79. The stock’s fifty day simple moving average is $259.97 and its 200 day simple moving average is $254.12. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The firm has a market cap of $72.17 billion, a P/E ratio of 44.97, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). The business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. On average, equities analysts predict that Workday will post 2.63 earnings per share for the current fiscal year.

Insider Activity at Workday

In other Workday news, insider Sayan Chakraborty sold 5,498 shares of Workday stock in a transaction on Friday, November 29th. The shares were sold at an average price of $250.78, for a total value of $1,378,788.44. Following the completion of the sale, the insider now directly owns 121,100 shares of the company’s stock, valued at approximately $30,369,458. The trade was a 4.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Wayne A.I. Frederick sold 1,829 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $253.09, for a total value of $462,901.61. Following the sale, the director now owns 6,845 shares of the company’s stock, valued at $1,732,401.05. This trade represents a 21.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 438,819 shares of company stock worth $113,142,592 in the last ninety days. 20.00% of the stock is owned by company insiders.

Institutional Trading of Workday

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Simplicity Wealth LLC lifted its stake in Workday by 3.0% in the fourth quarter. Simplicity Wealth LLC now owns 1,277 shares of the software maker’s stock worth $330,000 after purchasing an additional 37 shares during the last quarter. Marcum Wealth LLC lifted its stake in Workday by 4.4% in the fourth quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock worth $249,000 after acquiring an additional 41 shares during the period. Custom Index Systems LLC lifted its position in shares of Workday by 3.0% in the 4th quarter. Custom Index Systems LLC now owns 1,412 shares of the software maker’s stock worth $364,000 after purchasing an additional 41 shares during the period. AllSquare Wealth Management LLC raised its stake in Workday by 19.4% in the fourth quarter. AllSquare Wealth Management LLC now owns 252 shares of the software maker’s stock worth $65,000 after buying an additional 41 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in shares of Workday by 42.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after acquiring an additional 43 shares during the period. Hedge funds and other institutional investors own 89.81% of the company’s stock.

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.