Q1 2024 Earnings Forecast for Workday, Inc. Issued By DA Davidson (NASDAQ:WDAY)

Workday, Inc. (NASDAQ:WDAY – Get Rating) – Research analysts at DA Davidson boosted their Q1 2024 earnings estimates for Workday in a research report issued to clients and investors on Wednesday, March 1st. DA Davidson analyst R. Simmons now anticipates that the software maker will post earnings per share of $0.14 for the quarter, up from their prior forecast of $0.10. DA Davidson has a “Buy” rating and a $220.00 price objective on the stock. The consensus estimate for Workday’s current full-year earnings is $0.04 per share.

Several other equities analysts also recently issued reports on the stock. Cowen raised their price target on shares of Workday from $225.00 to $230.00 and gave the company an “outperform” rating in a research note on Tuesday. Oppenheimer raised their price target on shares of Workday from $205.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, February 23rd. Moffett Nathanson began coverage on shares of Workday in a research note on Monday, January 9th. They set an “outperform” rating and a $245.00 price target for the company. Credit Suisse Group reaffirmed a “neutral” rating and set a $195.00 price target on shares of Workday in a research note on Wednesday. Finally, Capital One Financial initiated coverage on shares of Workday in a report on Friday, January 13th. They issued an “overweight” rating and a $200.00 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 stock. According to data from MarketBeat, Workday has a consensus rating of “Moderate Buy” and a consensus price target of $213.72.

Workday Price Performance

WDAY stock opened at $188.17 on Thursday. The company has a fifty day moving average price of $176.50 and a 200-day moving average price of $162.31. The company has a market capitalization of $48.36 billion, a P/E ratio of -130.67, a PEG ratio of 189.20 and a beta of 1.26. Workday has a 52-week low of $128.72 and a 52-week high of $250.00. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.87 and a current ratio of 1.75.

Workday (NASDAQ:WDAY – Get Rating) last issued its earnings results on Monday, February 27th. The software maker reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.10. Workday had a negative net margin of 5.90% and a negative return on equity of 1.96%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the business posted ($0.20) earnings per share. The company’s quarterly revenue was up 19.6% on a year-over-year basis.

Workday announced that its board has initiated a stock buyback program on Tuesday, November 29th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the software maker to repurchase up to 1.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Workday

In other Workday news, COO James Bozzini sold 4,389 shares of the company’s stock in a transaction dated Thursday, January 5th. The shares were sold at an average price of $161.72, for a total value of $709,789.08. Following the completion of the sale, the chief operating officer now directly owns 103,228 shares of the company’s stock, valued at approximately $16,694,032.16. The sale 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 company’s stock in a transaction dated Thursday, December 15th. The shares were sold at an average price of $176.05, for a total value of $159,149.20. Following the completion of the sale, the chief financial officer now directly owns 76,588 shares of the company’s stock, valued at approximately $13,483,317.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO James Bozzini sold 4,389 shares of the company’s stock in a transaction dated Thursday, January 5th. The stock was sold at an average price of $161.72, for a total transaction of $709,789.08. Following the completion of the sale, the chief operating officer now directly owns 103,228 shares of the company’s stock, valued at $16,694,032.16. The disclosure for this sale can be found here. Insiders sold a total of 114,548 shares of company stock valued at $19,948,539 over the last three months. Corporate insiders own 21.74% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Workday during the 4th quarter valued at approximately $600,504,000. Renaissance Technologies LLC lifted its stake in shares of Workday by 674.2% during the 2nd quarter. Renaissance Technologies LLC now owns 2,274,400 shares of the software maker’s stock valued at $317,461,000 after buying an additional 1,980,629 shares in the last quarter. Tiger Global Management LLC lifted its stake in shares of Workday by 134.6% during the 3rd quarter. Tiger Global Management LLC now owns 3,172,411 shares of the software maker’s stock valued at $482,904,000 after buying an additional 1,820,074 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Workday during the 3rd quarter valued at approximately $161,644,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Workday by 22.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,971,772 shares of the software maker’s stock valued at $664,598,000 after buying an additional 725,609 shares in the last quarter. 66.98% of the stock is owned by institutional investors.

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.