Workday (WDAY) Price Target Raised to $160.00

Workday (NASDAQ:WDAY) had its price target increased by stock analysts at Stifel Nicolaus to $160.00 in a research report issued on Friday, The Fly reports. The firm presently has a “hold” rating on the software maker’s stock. Stifel Nicolaus’ price target indicates a potential downside of 2.44% from the stock’s current price.

WDAY has been the topic of a number of other reports. JMP Securities dropped their price target on Workday from $175.00 to $152.95 and set an “outperform” rating on the stock in a research report on Wednesday, September 5th. They noted that the move was a valuation call. Deutsche Bank boosted their price target on Workday from $115.00 to $140.00 and gave the stock a “hold” rating in a research report on Wednesday, September 5th. Jefferies Financial Group boosted their price target on Workday to $141.00 and gave the stock a “hold” rating in a research report on Wednesday, September 5th. Piper Jaffray Companies reissued an “overweight” rating and issued a $160.00 price target (up from $150.00) on shares of Workday in a research report on Wednesday, August 15th. Finally, Guggenheim assumed coverage on Workday in a research report on Monday, August 20th. They issued a “buy” rating and a $175.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $153.88.

Shares of WDAY opened at $164.00 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.89 and a quick ratio of 1.89. Workday has a 52 week low of $95.35 and a 52 week high of $166.36.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Thursday, November 29th. The software maker reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.76. Workday had a negative return on equity of 16.36% and a negative net margin of 15.40%. The firm had revenue of $743.20 million for the quarter, compared to analysts’ expectations of $723.38 million. During the same period in the previous year, the firm posted $0.24 EPS. The business’s revenue for the quarter was up 33.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Workday will post -1.11 earnings per share for the current fiscal year.

In related news, CEO Aneel Bhusri sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $144.66, for a total value of $10,849,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP James P. Shaughnessy sold 4,800 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $144.08, for a total transaction of $691,584.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 503,782 shares of company stock valued at $68,244,014. 33.59% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in WDAY. Capital Research Global Investors raised its stake in Workday by 977.4% during the 3rd quarter. Capital Research Global Investors now owns 3,150,040 shares of the software maker’s stock valued at $459,843,000 after buying an additional 2,857,657 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new stake in Workday during the 3rd quarter valued at $62,598,000. MUFG Securities EMEA plc purchased a new stake in Workday during the 2nd quarter valued at $448,000. First Trust Advisors LP raised its stake in Workday by 43.3% during the 2nd quarter. First Trust Advisors LP now owns 989,908 shares of the software maker’s stock valued at $119,898,000 after buying an additional 299,251 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Workday by 9.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,083,669 shares of the software maker’s stock valued at $450,154,000 after buying an additional 264,048 shares during the last quarter. Institutional investors and hedge funds own 66.71% of the company’s stock.

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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