Needham & Company LLC reissued their buy rating on shares of Workday (NASDAQ:WDAY – Free Report) in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage currently has a $230.00 price target on the software maker’s stock.
Other equities analysts also recently issued research reports about the stock. Citigroup upped their price objective on shares of Workday from $139.00 to $201.00 and gave the stock a “neutral” rating in a research report on Friday, August 28th. TD Cowen dropped their target price on Workday from $220.00 to $210.00 and set a “hold” rating on the stock in a research report on Friday, August 28th. Robert W. Baird raised their price target on Workday from $190.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, August 14th. UBS Group set a $230.00 price objective on Workday in a research report on Friday, August 28th. Finally, Royal Bank Of Canada boosted their target price on shares of Workday from $220.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, August 28th. Twenty investment analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $205.82.
Read Our Latest Analysis on Workday
Workday Stock Down 1.2%
Workday (NASDAQ:WDAY – Get Free Report) last issued its earnings results on Thursday, August 27th. The software maker reported $2.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.14. Workday had a net margin of 12.32% and a return on equity of 20.95%. The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.64 billion. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.21 EPS. On average, equities research analysts anticipate that Workday will post 5.33 EPS for the current fiscal year.
Insider Buying and Selling at Workday
In other news, CFO Zane Rowe sold 6,000 shares of the stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $187.23, for a total value of $1,123,380.00. Following the sale, the chief financial officer directly owned 269,642 shares in the company, valued at $50,485,071.66. This represents a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder David A. Duffield sold 99,228 shares of the firm’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $187.32, for a total transaction of $18,587,388.96. Following the transaction, the insider directly owned 105,049 shares of the company’s stock, valued at approximately $19,677,778.68. This trade represents a 48.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 888,269 shares of company stock valued at $170,044,135 over the last 90 days. 18.64% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Workday
Institutional investors have recently made changes to their positions in the stock. Elevation Wealth Partners LLC boosted its stake in shares of Workday by 21.8% during the third quarter. Elevation Wealth Partners LLC now owns 481 shares of the software maker’s stock valued at $92,000 after acquiring an additional 86 shares during the last quarter. Lakehouse Capital Pty Ltd lifted its holdings in Workday by 77.9% in the 3rd quarter. Lakehouse Capital Pty Ltd now owns 43,773 shares of the software maker’s stock valued at $8,337,000 after purchasing an additional 19,174 shares in the last quarter. Baker Tilly Wealth Management LLC boosted its stake in shares of Workday by 5.5% during the 3rd quarter. Baker Tilly Wealth Management LLC now owns 1,791 shares of the software maker’s stock worth $341,000 after purchasing an additional 93 shares during the last quarter. CX Institutional grew its holdings in shares of Workday by 5.8% during the third quarter. CX Institutional now owns 3,559 shares of the software maker’s stock worth $678,000 after buying an additional 195 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in shares of Workday by 34.2% in the third quarter. Versant Capital Management Inc now owns 3,188 shares of the software maker’s stock valued at $607,000 after buying an additional 813 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.
Key Workday News
Here are the key news stories impacting Workday this week:
- Positive Sentiment: Workday continues to receive favorable attention from growth and momentum screens, reflecting its earnings performance, cloud-software position and longer-term operating momentum. Here’s Why Workday is a Strong Momentum Stock Here’s Why Workday is a Strong Growth Stock
- Neutral Sentiment: CFO Zane Rowe sold 6,000 shares, while insiders Gerrit Kazmaier and Robert Enslin sold 2,729 and 5,374 shares, respectively. Each transaction was made under a pre-arranged Rule 10b5-1 plan to cover tax withholding on vested equity awards, reducing the likelihood that the sales signal a change in business outlook. Workday CFO Form 4 Filing
- Negative Sentiment: Major shareholder David Duffield sold 99,228 shares worth approximately $18.6 million, cutting his reported position by nearly half. Although the sale was also executed under a 10b5-1 plan, its size may weigh on sentiment and increase near-term supply of WDAY shares. A previously reported sale of 98,446 shares adds to the recent selling narrative. David Duffield Workday Form 4 Filing
- Negative Sentiment: Workday underperformed the broader market in the latest session, suggesting investors remain cautious despite recent earnings beats. The stock’s valuation remains elevated at roughly 37 times earnings, leaving less room for disappointment in growth or guidance. Why Workday Dipped More Than the Broader Market
About Workday
Workday, Inc develops cloud-based enterprise software for managing an organization’s people, finances and operations. Its platform is primarily used by businesses, government agencies and educational institutions to support human resources, finance, planning, analytics and related administrative processes.
The company’s offerings include Workday Human Capital Management, Financial Management, Adaptive Planning, Spend Management, payroll, recruiting, talent management, learning and workforce analytics.
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