Workday (NASDAQ:WDAY) Price Target Cut to $242.00 by Analysts at Loop Capital

Workday (NASDAQ:WDAY) had its target price reduced by Loop Capital from $270.00 to $242.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Loop Capital currently has a hold rating on the software maker’s stock.

WDAY has been the subject of several other reports. Needham & Company LLC reiterated a “buy” rating and set a $300.00 target price on shares of Workday in a research note on Monday. Bank of America reduced their target price on shares of Workday from $310.00 to $285.00 and set a “buy” rating for the company in a research note on Wednesday. JMP Securities restated a “market outperform” rating and set a $315.00 price target on shares of Workday in a research note on Thursday, September 19th. Morgan Stanley reduced their price objective on Workday from $325.00 to $315.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Finally, Wells Fargo & Company boosted their price objective on Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $288.14.

Workday Stock Down 6.2 %

WDAY stock opened at $253.40 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 2.04. The company has a 50-day moving average of $248.62 and a two-hundred day moving average of $237.33. The stock has a market capitalization of $67.15 billion, a price-to-earnings ratio of 44.15, a price-to-earnings-growth ratio of 5.31 and a beta of 1.35. Workday has a 52-week low of $199.81 and a 52-week high of $311.28.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.13. Workday had a return on equity of 5.34% and a net margin of 19.59%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the firm posted $0.47 EPS. The company’s revenue was up 15.8% on a year-over-year basis. As a group, equities research analysts anticipate that Workday will post 2.4 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 66,492 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the transaction, the insider now directly owns 102,997 shares in the company, valued at approximately $26,902,816.40. This represents a 39.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director George J. Still, Jr. sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $255.45, for a total transaction of $1,915,875.00. Following the completion of the sale, the director now directly owns 90,000 shares of the company’s stock, valued at approximately $22,990,500. This represents a 7.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 359,954 shares of company stock worth $88,742,132 in the last 90 days. Corporate insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Several hedge funds have recently added to or reduced their stakes in WDAY. Peapack Gladstone Financial Corp lifted its position in Workday by 21.3% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 2,280 shares of the software maker’s stock valued at $557,000 after purchasing an additional 401 shares during the period. Synovus Financial Corp raised its stake in shares of Workday by 5.7% during the third quarter. Synovus Financial Corp now owns 19,590 shares of the software maker’s stock worth $4,788,000 after buying an additional 1,051 shares during the last quarter. Tidal Investments LLC raised its stake in shares of Workday by 43.8% during the third quarter. Tidal Investments LLC now owns 13,546 shares of the software maker’s stock worth $3,311,000 after buying an additional 4,128 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Workday in the third quarter valued at approximately $4,893,000. Finally, Sanctuary Advisors LLC boosted its stake in Workday by 7.2% in the third quarter. Sanctuary Advisors LLC now owns 29,633 shares of the software maker’s stock valued at $7,934,000 after acquiring an additional 1,978 shares during the last quarter. 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.