Loop Capital Has Lowered Expectations for Workday (NASDAQ:WDAY) Stock Price

Workday (NASDAQ:WDAY) had its price target reduced by stock analysts at Loop Capital from $285.00 to $250.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “hold” rating on the software maker’s stock. Loop Capital’s price objective suggests a potential upside of 5.04% from the company’s previous close.

A number of other brokerages also recently weighed in on WDAY. JPMorgan Chase & Co. lowered their price target on Workday from $310.00 to $295.00 and set an “overweight” rating on the stock in a report on Friday. Royal Bank of Canada lifted their price target on Workday from $320.00 to $340.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Daiwa America raised Workday to a “strong-buy” rating in a research report on Tuesday, March 4th. Morgan Stanley lifted their price objective on Workday from $250.00 to $255.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, Wells Fargo & Company reduced their price objective on Workday from $360.00 to $325.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Nine analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $293.54.

Workday Stock Performance

Shares of WDAY stock opened at $238.01 on Friday. Workday has a 1-year low of $199.81 and a 1-year high of $294.00. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $63.31 billion, a price-to-earnings ratio of 39.47, a P/E/G ratio of 3.55 and a beta of 1.30. The stock’s fifty day simple moving average is $242.57 and its 200-day simple moving average is $254.22.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.22. Workday had a return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the previous year, the company posted $1.74 earnings per share. Workday’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, sell-side analysts predict that Workday will post 2.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder David A. Duffield sold 81,275 shares of the business’s stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $214.68, for a total transaction of $17,448,117.00. Following the completion of the transaction, the insider now owns 102,997 shares of the company’s stock, valued at approximately $22,111,395.96. The trade was a 44.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Carl M. Eschenbach sold 3,125 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $234.61, for a total value of $733,156.25. Following the transaction, the chief executive officer now directly owns 10,847 shares of the company’s stock, valued at $2,544,814.67. This represents a 22.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold 321,724 shares of company stock valued at $77,976,126 over the last quarter. Insiders own 19.31% of the company’s stock.

Hedge Funds Weigh In On Workday

Several large investors have recently made changes to their positions in WDAY. Vanguard Group Inc. lifted its position in shares of Workday by 28.9% during the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock worth $5,197,447,000 after purchasing an additional 4,517,272 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in shares of Workday during the 4th quarter worth about $658,735,000. Norges Bank acquired a new position in shares of Workday during the 4th quarter worth about $645,710,000. Parnassus Investments LLC lifted its position in shares of Workday by 562.2% during the 4th quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker’s stock worth $631,589,000 after purchasing an additional 2,078,097 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Workday in the 1st quarter valued at approximately $456,341,000. 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.