Wells Fargo & Company Cuts Workday (NASDAQ:WDAY) Price Target to $240.00

Workday (NASDAQ:WDAYGet Rating) had its price objective dropped by equities researchers at Wells Fargo & Company from $300.00 to $240.00 in a note issued to investors on Friday, The Fly reports. Wells Fargo & Company‘s price target would suggest a potential upside of 42.73% from the company’s current price.

A number of other equities research analysts also recently weighed in on the company. Mizuho dropped their price objective on Workday from $300.00 to $200.00 in a research report on Friday. Exane BNP Paribas cut shares of Workday from an “outperform” rating to a “neutral” rating in a report on Tuesday, March 29th. UBS Group lowered shares of Workday from a “buy” rating to a “neutral” rating and set a $185.00 price objective for the company. in a research note on Tuesday, May 17th. Citigroup upgraded shares of Workday to a “buy” rating and set a $295.00 target price for the company in a research note on Tuesday, February 1st. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Workday from $340.00 to $225.00 in a research report on Friday. Four research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $270.93.

Shares of WDAY opened at $168.15 on Friday. The company has a 50 day moving average price of $209.50 and a 200-day moving average price of $239.37. Workday has a fifty-two week low of $157.49 and a fifty-two week high of $307.81. The stock has a market capitalization of $42.04 billion, a PE ratio of 1,681.50 and a beta of 1.39. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03.

Workday (NASDAQ:WDAYGet Rating) last issued its quarterly earnings data on Thursday, May 26th. The software maker reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.02). The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.43 billion. Workday had a return on equity of 2.63% and a net margin of 0.57%. The business’s quarterly revenue was up 22.1% on a year-over-year basis. During the same period last year, the firm earned ($0.01) EPS. Equities research analysts forecast that Workday will post -0.45 EPS for the current year.

In related news, CEO Aneel Bhusri sold 11,722 shares of the firm’s stock in a transaction on Monday, April 18th. The shares were sold at an average price of $218.13, for a total transaction of $2,556,919.86. Following the sale, the chief executive officer now owns 361,606 shares in the company, valued at $78,877,116.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Gomez Luciano Fernandez sold 1,756 shares of the company’s stock in a transaction dated Monday, March 7th. The stock was sold at an average price of $240.84, for a total transaction of $422,915.04. The disclosure for this sale can be found here. In the last three months, insiders sold 256,453 shares of company stock valued at $60,374,855. Insiders own 21.74% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Junto Capital Management LP grew its holdings in Workday by 300.1% in the third quarter. Junto Capital Management LP now owns 355,591 shares of the software maker’s stock valued at $88,859,000 after purchasing an additional 266,723 shares during the period. Oppenheimer & Co. Inc. lifted its position in shares of Workday by 9.8% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 4,713 shares of the software maker’s stock valued at $1,178,000 after buying an additional 421 shares in the last quarter. DNB Asset Management AS grew its stake in Workday by 14.3% in the 4th quarter. DNB Asset Management AS now owns 32,191 shares of the software maker’s stock valued at $8,794,000 after acquiring an additional 4,025 shares during the period. Renaissance Technologies LLC increased its holdings in Workday by 75.4% in the 3rd quarter. Renaissance Technologies LLC now owns 384,000 shares of the software maker’s stock worth $95,958,000 after acquiring an additional 165,100 shares in the last quarter. Finally, Kestra Private Wealth Services LLC raised its position in Workday by 12.3% during the fourth quarter. Kestra Private Wealth Services LLC now owns 4,152 shares of the software maker’s stock worth $1,134,000 after acquiring an additional 456 shares during the period. 70.64% of the stock is owned by institutional investors.

About Workday (Get Rating)

Workday, Inc provides enterprise cloud applications worldwide. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments, and to manage their business and operations. The company offers a suite of financial management applications, which enable chief financial officers to maintain accounting information in the general ledger; manage financial processes; 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.

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