Workday (NASDAQ:WDAY) Given New $275.00 Price Target at KeyCorp

Workday (NASDAQ:WDAY) had its price target reduced by research analysts at KeyCorp from $330.00 to $275.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. KeyCorp’s price target would indicate a potential upside of 5.40% from the company’s current price.

WDAY has been the topic of a number of other reports. Citigroup lifted their target price on Workday from $270.00 to $293.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 27th. BMO Capital Markets boosted their price objective on Workday from $290.00 to $338.00 and gave the company an “outperform” rating in a research note on Tuesday, February 13th. DA Davidson restated a “neutral” rating and issued a $300.00 price objective on shares of Workday in a research note on Tuesday, February 27th. Bank of America lowered their price objective on Workday from $330.00 to $310.00 and set a “buy” rating on the stock in a research note on Thursday, May 16th. Finally, Morgan Stanley reduced their target price on Workday from $335.00 to $330.00 and set an “overweight” rating for the company in a report on Tuesday, February 27th. One investment 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $289.39.

Workday Stock Performance

Shares of WDAY stock opened at $260.90 on Friday. The company has a market cap of $68.88 billion, a price-to-earnings ratio of 50.66, a price-to-earnings-growth 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. 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 firm has a 50 day moving average of $260.89 and a 200-day moving average of $268.88.

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

Insiders Place Their Bets

In other Workday news, major shareholder David A. Duffield sold 64,329 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $268.85, for a total value of $17,294,851.65. Following the completion of the transaction, the insider now owns 102,997 shares in the company, valued at $27,690,743.45. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, major shareholder David A. Duffield sold 64,329 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $268.85, for a total value of $17,294,851.65. Following the sale, the insider now directly owns 102,997 shares of the company’s stock, valued at $27,690,743.45. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction on Friday, April 12th. The stock was sold at an average price of $264.89, for a total value of $14,833,840.00. Following the completion of the sale, the insider now directly owns 843,000 shares in the company, valued at $223,302,270. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 435,691 shares of company stock worth $117,731,569. 20.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Workday by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker’s stock valued at $4,029,244,000 after acquiring an additional 324,540 shares during the period. Norges Bank bought a new position in shares of Workday in the fourth quarter worth about $1,491,149,000. Wellington Management Group LLP raised its stake in shares of Workday by 37.4% in the third quarter. Wellington Management Group LLP now owns 5,163,362 shares of the software maker’s stock worth $1,109,348,000 after buying an additional 1,406,153 shares during the period. Polen Capital Management LLC raised its stake in shares of Workday by 2.0% in the third quarter. Polen Capital Management LLC now owns 3,950,320 shares of the software maker’s stock worth $848,726,000 after buying an additional 78,352 shares during the period. Finally, Sustainable Growth Advisers LP raised its stake in shares of Workday by 9.7% in the first quarter. Sustainable Growth Advisers LP now owns 3,402,374 shares of the software maker’s stock worth $927,998,000 after buying an additional 301,463 shares during the period. Institutional investors own 89.81% of the company’s stock.

About Workday

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.