Royal Bank of Canada Cuts Workday (NASDAQ:WDAY) Price Target to $300.00

Workday (NASDAQ:WDAY) had its price objective trimmed by Royal Bank of Canada from $310.00 to $300.00 in a report published on Friday, Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

WDAY has been the topic of a number of other research reports. Oppenheimer reduced their target price on Workday from $320.00 to $300.00 and set an outperform rating on the stock in a research note on Friday. Mizuho reduced their target price on Workday from $325.00 to $280.00 and set a buy rating on the stock in a research note on Friday. Piper Sandler reduced their target price on Workday from $330.00 to $280.00 and set an overweight rating on the stock in a research note on Friday. Bank of America reduced their target price 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, BMO Capital Markets reduced their target price on Workday from $338.00 to $300.00 and set an outperform rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $283.96.

Workday Stock Performance

WDAY stock opened at $220.91 on Friday. The firm has a market cap of $58.32 billion, a PE ratio of 39.80, a P/E/G ratio of 6.59 and a beta of 1.33. 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 has a 50 day moving average of $259.94 and a 200-day moving average of $269.56. Workday has a 12-month low of $192.68 and a 12-month high of $311.28.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, May 23rd. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.20. The firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $1.97 billion. Workday had a return on equity of 6.02% and a net margin of 19.66%. The business’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.16 earnings per share. As a group, sell-side analysts expect that Workday will post 2.5 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Douglas A. Robinson sold 411 shares of Workday stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $266.90, for a total transaction of $109,695.90. Following the completion of the transaction, the insider now directly owns 165,521 shares in the company, valued at $44,177,554.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Douglas A. Robinson sold 411 shares of Workday stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $266.90, for a total transaction of $109,695.90. Following the completion of the transaction, the insider now directly owns 165,521 shares in the company, valued at $44,177,554.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $264.89, for a total transaction of $14,833,840.00. Following the transaction, the insider now owns 843,000 shares of the company’s stock, valued at $223,302,270. The disclosure for this sale can be found here. Insiders sold 435,691 shares of company stock worth $117,731,569 over the last three months. Company insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

Hedge funds have recently added to or reduced their stakes in the company. Beacon Capital Management LLC grew its position in Workday by 333.3% in the 4th quarter. Beacon Capital Management LLC now owns 91 shares of the software maker’s stock worth $25,000 after purchasing an additional 70 shares during the period. Crewe Advisors LLC bought a new stake in Workday in the 1st quarter worth approximately $27,000. Exchange Traded Concepts LLC grew its position in Workday by 1,750.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 111 shares of the software maker’s stock worth $31,000 after purchasing an additional 105 shares during the period. Sound Income Strategies LLC grew its position in Workday by 74.2% in the 1st quarter. Sound Income Strategies LLC now owns 115 shares of the software maker’s stock worth $31,000 after purchasing an additional 49 shares during the period. Finally, CVA Family Office LLC bought a new stake in Workday in the 4th quarter worth approximately $33,000. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

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.