Oppenheimer Cuts Workday (NASDAQ:WDAY) Price Target to $300.00

Workday (NASDAQ:WDAY) had its price target reduced by analysts at Oppenheimer from $320.00 to $300.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price target points to a potential upside of 14.99% from the stock’s current price.

Several other research analysts have also commented on the company. Morgan Stanley dropped their price target on Workday from $335.00 to $330.00 and set an “overweight” rating for the company in a research report on Tuesday, February 27th. Guggenheim reiterated a “sell” rating and issued a $190.00 price target on shares of Workday in a research report on Tuesday, February 27th. JPMorgan Chase & Co. lifted their price target on Workday from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, February 22nd. UBS Group dropped their target price on Workday from $315.00 to $300.00 and set a “neutral” rating for the company in a research report on Tuesday, February 27th. Finally, The Goldman Sachs Group boosted their target price on Workday from $270.00 to $310.00 and gave the company a “buy” rating in a research report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $289.39.

Workday Price Performance

NASDAQ:WDAY opened at $260.90 on Friday. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.37. The business’s 50-day simple moving average is $260.89 and its two-hundred day simple moving average is $268.88. The stock has a market cap of $68.88 billion, a PE ratio of 50.66, a P/E/G ratio of 7.75 and a beta of 1.33. Workday has a 52 week low of $191.04 and a 52 week high of $311.28.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Thursday, May 23rd. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.20. The firm had revenue of $1.99 billion during the quarter, compared to analyst estimates of $1.97 billion. Workday had a return on equity of 4.87% and a net margin of 19.02%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.16 earnings per share. As a group, analysts forecast that Workday will post 1.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other Workday news, Director George J. Still, Jr. sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $270.52, for a total value of $1,352,600.00. Following the completion of the transaction, the director now owns 105,000 shares in the company, valued at $28,404,600. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Workday news, Director George J. Still, Jr. sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $270.52, for a total value of $1,352,600.00. Following the completion of the transaction, the director now owns 105,000 shares in the company, valued at $28,404,600. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder David A. Duffield sold 65,221 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $268.29, for a total transaction of $17,498,142.09. Following the completion of the transaction, the insider now owns 102,997 shares of the company’s stock, valued at approximately $27,633,065.13. The disclosure for this sale can be found here. Over the last quarter, insiders sold 435,691 shares of company stock worth $117,731,569. Company insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in Workday in the 4th quarter valued at about $1,491,149,000. Wellington Management Group LLP increased its holdings in Workday by 37.4% in the 3rd quarter. Wellington Management Group LLP now owns 5,163,362 shares of the software maker’s stock valued at $1,109,348,000 after purchasing an additional 1,406,153 shares during the last quarter. Winslow Capital Management LLC increased its holdings in Workday by 76.4% in the 3rd quarter. Winslow Capital Management LLC now owns 2,310,619 shares of the software maker’s stock valued at $496,436,000 after purchasing an additional 1,000,922 shares during the last quarter. Morgan Stanley increased its holdings in Workday by 47.0% in the 3rd quarter. Morgan Stanley now owns 2,727,580 shares of the software maker’s stock valued at $586,021,000 after purchasing an additional 872,288 shares during the last quarter. Finally, Alkeon Capital Management LLC acquired a new stake in Workday in the 3rd quarter valued at approximately $107,425,000. Institutional investors and hedge funds own 89.81% of the company’s stock.

Workday Company Profile

Workday, Inc provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; 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.