Workday’s (WDAY) “Buy” Rating Reaffirmed at Oppenheimer

Oppenheimer restated their buy rating on shares of Workday (NASDAQ:WDAY – Get Rating) in a research report released on Wednesday, Marketbeat Ratings reports. The firm currently has a $190.00 price target on the software maker’s stock.

WDAY has been the subject of a number of other reports. BNP Paribas cut shares of Workday from an outperform rating to a neutral rating and set a $230.00 price target for the company. in a report on Tuesday, March 29th. Piper Sandler dropped their price objective on shares of Workday from $360.00 to $230.00 and set an overweight rating on the stock in a research note on Friday, May 27th. Loop Capital dropped their price objective on shares of Workday from $340.00 to $300.00 and set a buy rating on the stock in a research note on Tuesday, March 1st. Cowen dropped their price objective on shares of Workday from $310.00 to $250.00 in a research note on Monday, May 23rd. Finally, Exane BNP Paribas lowered shares of Workday from an outperform rating to a neutral rating in a research note on Tuesday, March 29th. Four investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Workday currently has an average rating of Moderate Buy and an average target price of $255.58.

WDAY opened at $136.59 on Wednesday. Workday has a twelve month low of $135.05 and a twelve month high of $307.81. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average of $176.41 and a 200-day moving average of $221.78. The stock has a market cap of $34.69 billion, a PE ratio of -1,138.25 and a beta of 1.41.

Workday (NASDAQ:WDAY – Get Rating) last posted its quarterly earnings results on Thursday, May 26th. The software maker reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.43 billion. Workday had a positive return on equity of 1.34% and a negative net margin of 0.49%. The company’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) earnings per share. Sell-side analysts anticipate that Workday will post -0.47 EPS for the current fiscal year.

In other Workday news, major shareholder David A. Duffield sold 209,657 shares of Workday stock in a transaction dated Friday, April 1st. The shares were sold at an average price of $238.52, for a total value of $50,007,387.64. Following the completion of the transaction, the insider now directly owns 104,395 shares of the company’s stock, valued at $24,900,295.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gomez Luciano Fernandez sold 2,030 shares of Workday stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $142.50, for a total transaction of $289,275.00. Following the completion of the transaction, the chief executive officer now directly owns 265,605 shares of the company’s stock, valued at $37,848,712.50. The disclosure for this sale can be found here. Insiders have sold 357,134 shares of company stock worth $74,313,908 in the last three months. 21.74% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Workday by 1.2% during the first quarter. Vanguard Group Inc. now owns 12,152,961 shares of the software maker’s stock valued at $2,910,149,000 after purchasing an additional 139,939 shares during the last quarter. Lone Pine Capital LLC raised its holdings in shares of Workday by 16.9% during the fourth quarter. Lone Pine Capital LLC now owns 5,814,667 shares of the software maker’s stock valued at $1,588,451,000 after purchasing an additional 840,799 shares during the last quarter. Clearbridge Investments LLC raised its holdings in shares of Workday by 6.2% during the first quarter. Clearbridge Investments LLC now owns 3,427,755 shares of the software maker’s stock valued at $820,810,000 after purchasing an additional 201,605 shares during the last quarter. Sustainable Growth Advisers LP raised its holdings in shares of Workday by 6.2% during the first quarter. Sustainable Growth Advisers LP now owns 2,970,385 shares of the software maker’s stock valued at $711,288,000 after purchasing an additional 172,194 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Workday by 7.2% during the fourth quarter. Jennison Associates LLC now owns 2,554,411 shares of the software maker’s stock valued at $697,814,000 after purchasing an additional 170,685 shares during the last quarter. 70.64% of the stock is owned by institutional investors and hedge funds.

Workday Company Profile (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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