KeyCorp Raises Workday (WDAY) Price Target to $179.00

Workday (NASDAQ:WDAY) had its target price upped by investment analysts at KeyCorp from $177.00 to $179.00 in a research note issued on Friday. The firm presently has an “overweight” rating on the software maker’s stock. KeyCorp’s target price points to a potential upside of 9.15% from the company’s previous close.

The analysts wrote, “We are raising estimates and our PT to $179 from $177 as large enterprises further embrace cloud applications. Overweight WDAY; it has no shortage of growth opportunities.””

Several other equities research analysts have also recently commented on the company. OTR Global raised Workday to a “positive” rating in a research note on Friday, August 24th. Guggenheim assumed coverage on Workday in a research note on Monday, August 20th. They issued a “buy” rating and a $175.00 target price for the company. BidaskClub lowered Workday from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 20th. UBS Group raised their price target on Workday to $169.00 and gave the stock a “positive” rating in a research report on Tuesday, September 4th. Finally, Piper Jaffray Companies raised their price target on Workday to $170.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 5th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $153.88.

Shares of NASDAQ WDAY traded up $18.70 during midday trading on Friday, hitting $164.00. The stock had a trading volume of 9,627,455 shares, compared to its average volume of 2,013,780. The stock has a market capitalization of $35.59 billion, a P/E ratio of -129.13 and a beta of 2.04. Workday has a fifty-two week low of $95.35 and a fifty-two week high of $166.36. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.89 and a current ratio of 1.89.

Workday (NASDAQ:WDAY) last released its earnings results on Thursday, November 29th. The software maker reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.45) by $0.76. The company had revenue of $743.20 million during the quarter, compared to analysts’ expectations of $723.38 million. Workday had a negative return on equity of 16.36% and a negative net margin of 15.40%. The business’s revenue for the quarter was up 33.8% on a year-over-year basis. During the same period last year, the firm earned $0.24 EPS. Equities research analysts forecast that Workday will post -1.11 earnings per share for the current fiscal year.

In other Workday news, insider Petros Dermetzis sold 6,699 shares of Workday stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $147.07, for a total value of $985,221.93. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Aneel Bhusri sold 75,000 shares of Workday stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $144.66, for a total value of $10,849,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 503,782 shares of company stock worth $68,244,014. Corporate insiders own 33.59% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in WDAY. Rehmann Capital Advisory Group acquired a new stake in shares of Workday in the 3rd quarter valued at about $106,000. Nisa Investment Advisors LLC raised its stake in shares of Workday by 55.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,400 shares of the software maker’s stock valued at $170,000 after purchasing an additional 500 shares during the period. Stratos Wealth Partners LTD. acquired a new stake in shares of Workday in the 3rd quarter valued at about $185,000. Mirador Capital Partners LP acquired a new stake in shares of Workday in the 2nd quarter valued at about $200,000. Finally, Athena Capital Advisors LLC acquired a new stake in shares of Workday in the 3rd quarter valued at about $202,000. 66.71% of the stock is currently owned by hedge funds and other institutional investors.

About Workday

Workday, Inc provides enterprise cloud applications for finance and human resources worldwide. It provides applications for customers to manage critical business functions to optimize their financial and human capital resources. The company offers Workday Financial Management application that provides functions of general ledger, accounting, accounts payable and receivable, cash and asset management, employee expense and revenue management, projects, procurement, inventory, and grants management.

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