Royal Bank of Canada Boosts Workday (WDAY) Price Target to $170.00

Workday (NASDAQ:WDAY) had its price objective increased by Royal Bank of Canada to $170.00 in a report released on Friday morning, The Fly reports. They currently have an outperform rating on the software maker’s stock.

Several other analysts have also recently commented on the stock. Stifel Nicolaus lifted their price objective on shares of Workday to $160.00 and gave the company a hold rating in a research note on Friday. KeyCorp lifted their price objective on shares of Workday from $177.00 to $179.00 and gave the company an overweight rating in a research note on Friday. Societe Generale set a $130.00 target price on shares of Workday and gave the company a sell rating in a research note on Friday. Jefferies Financial Group boosted their target price on shares of Workday from $141.00 to $152.00 and gave the company a hold rating in a research note on Friday. Finally, Credit Suisse Group boosted their target price on shares of Workday from $150.00 to $155.00 and gave the company a neutral rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $153.88.

Shares of NASDAQ WDAY opened at $164.00 on Friday. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.54. Workday has a 12 month low of $95.35 and a 12 month high of $166.36. The company has a market cap of $35.59 billion, a price-to-earnings ratio of -129.13 and a beta of 2.04.

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

In related news, SVP James P. Shaughnessy sold 4,800 shares of the business’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $126.87, for a total value of $608,976.00. Following the completion of the sale, the senior vice president now owns 70,225 shares of the company’s stock, valued at approximately $8,909,445.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Aneel Bhusri sold 75,000 shares of the business’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $144.66, for a total transaction of $10,849,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 503,782 shares of company stock valued at $68,244,014. 33.59% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Frontier Capital Management Co. LLC purchased a new stake in Workday in the 3rd quarter worth $62,598,000. State Board of Administration of Florida Retirement System increased its holdings in Workday by 1.4% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 190,443 shares of the software maker’s stock worth $27,801,000 after acquiring an additional 2,651 shares in the last quarter. Fiera Capital Corp increased its holdings in Workday by 20.7% in the 2nd quarter. Fiera Capital Corp now owns 4,005 shares of the software maker’s stock worth $485,000 after acquiring an additional 688 shares in the last quarter. Northern Trust Corp increased its holdings in Workday by 5.7% in the 2nd quarter. Northern Trust Corp now owns 951,716 shares of the software maker’s stock worth $115,272,000 after acquiring an additional 51,341 shares in the last quarter. Finally, Swiss National Bank increased its holdings in Workday by 3.0% in the 3rd quarter. Swiss National Bank now owns 466,600 shares of the software maker’s stock worth $68,100,000 after acquiring an additional 13,400 shares in the last quarter. 66.71% of the stock is owned by 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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