Canaccord Genuity Group Increases Workday (NASDAQ:WDAY) Price Target to $210.00

Workday (NASDAQ:WDAY – Get Rating) had its price objective boosted by stock analysts at Canaccord Genuity Group from $200.00 to $210.00 in a note issued to investors on Tuesday, MarketBeat reports. The firm currently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 14.06% from the company’s previous close.

WDAY has been the subject of a number of other reports. Morgan Stanley lifted their price objective on Workday from $220.00 to $230.00 and gave the stock an “overweight” rating in a research report on Tuesday. Barclays lowered their price objective on Workday from $220.00 to $216.00 and set an “overweight” rating for the company in a research report on Tuesday. Oppenheimer raised their target price on Workday from $205.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, February 23rd. BMO Capital Markets reduced their target price on Workday from $217.00 to $195.00 and set an “outperform” rating on the stock in a report on Monday, November 21st. Finally, Macquarie assumed coverage on Workday in a report on Wednesday, November 2nd. They set a “neutral” rating and a $170.00 target price on the stock. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat.com, Workday currently has an average rating of “Moderate Buy” and a consensus target price of $213.72.

Workday Stock Performance

Shares of NASDAQ:WDAY opened at $184.12 on Tuesday. Workday has a twelve month low of $128.72 and a twelve month high of $250.00. The firm has a market cap of $47.32 billion, a PE ratio of -127.86, a price-to-earnings-growth ratio of 188.65 and a beta of 1.25. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.87 and a current ratio of 1.87. The business has a fifty day moving average of $176.05 and a 200-day moving average of $162.13.

Workday (NASDAQ:WDAY – Get Rating) last announced its quarterly earnings data on Monday, February 27th. The software maker reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.10. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. Workday had a negative return on equity of 2.00% and a negative net margin of 5.90%. The company’s revenue was up 19.6% on a year-over-year basis. During the same period last year, the company earned ($0.20) earnings per share. On average, equities research analysts predict that Workday will post 0.04 EPS for the current fiscal year.

Workday announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 29th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the software maker to buy up to 1.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CEO Aneel Bhusri sold 2,787 shares of the firm’s stock in a transaction that occurred on Thursday, January 5th. The stock was sold at an average price of $161.72, for a total transaction of $450,713.64. Following the completion of the sale, the chief executive officer now owns 415,722 shares of the company’s stock, valued at $67,230,561.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Workday news, CFO Barbara A. Larson sold 904 shares of the stock in a transaction that occurred on Thursday, December 15th. The stock was sold at an average price of $176.05, for a total value of $159,149.20. Following the transaction, the chief financial officer now owns 76,588 shares in the company, valued at $13,483,317.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Aneel Bhusri sold 2,787 shares of the stock in a transaction that occurred on Thursday, January 5th. The stock was sold at an average price of $161.72, for a total value of $450,713.64. Following the completion of the transaction, the chief executive officer now owns 415,722 shares in the company, valued at approximately $67,230,561.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 119,548 shares of company stock valued at $20,795,439. Company insiders own 21.74% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Workday by 1.0% in the third quarter. Vanguard Group Inc. now owns 12,813,123 shares of the software maker’s stock valued at $1,950,413,000 after purchasing an additional 128,192 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of Workday by 1.0% during the fourth quarter. Baillie Gifford & Co. now owns 7,386,848 shares of the software maker’s stock valued at $1,236,042,000 after acquiring an additional 70,328 shares during the last quarter. Sustainable Growth Advisers LP increased its position in Workday by 11.5% in the fourth quarter. Sustainable Growth Advisers LP now owns 4,011,014 shares of the software maker’s stock worth $671,163,000 after buying an additional 413,759 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Workday by 22.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,971,772 shares of the software maker’s stock worth $664,598,000 after buying an additional 725,609 shares during the last quarter. Finally, Norges Bank purchased a new stake in Workday in the fourth quarter worth $600,504,000. Institutional investors own 66.98% of the company’s stock.

Workday Company Profile

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Workday, Inc engages in the development of enterprise cloud applications for finance and human resources. It delivers financial management, human capital management and analytics applications designed for companies, educational institutions and government agencies. The company was founded by David A.