Workday’s (WDAY) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Workday (NASDAQ:WDAY) in a research note published on Wednesday morning,Benzinga reports. They currently have a $300.00 target price on the software maker’s stock.

WDAY has been the subject of a number of other reports. Raymond James Financial began coverage on Workday in a research report on Friday, November 21st. They set a “market perform” rating for the company. Oppenheimer dropped their price target on Workday from $300.00 to $270.00 and set an “outperform” rating for the company in a research note on Friday, August 22nd. Barclays cut their price objective on shares of Workday from $288.00 to $280.00 and set an “overweight” rating for the company in a research report on Wednesday. Royal Bank Of Canada decreased their target price on shares of Workday from $340.00 to $320.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, KeyCorp dropped their target price on shares of Workday from $285.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, Workday currently has an average rating of “Moderate Buy” and an average target price of $282.70.

Workday Stock Performance

Shares of NASDAQ:WDAY opened at $215.69 on Wednesday. Workday has a 12-month low of $205.33 and a 12-month high of $294.00. The company’s 50 day moving average price is $233.23 and its two-hundred day moving average price is $235.97. The firm has a market cap of $57.59 billion, a PE ratio of 90.63, a PEG ratio of 2.67 and a beta of 1.11. The company has a quick ratio of 2.10, a current ratio of 1.83 and a debt-to-equity ratio of 0.34.

Workday (NASDAQ:WDAY) last released its quarterly earnings results on Tuesday, November 25th. The software maker reported $2.32 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.15. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.42 billion. Workday had a net margin of 6.95% and a return on equity of 10.50%. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.89 earnings per share. Equities research analysts predict that Workday will post 2.63 earnings per share for the current year.

Insider Transactions at Workday

In related news, CEO Carl M. Eschenbach sold 6,250 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $237.52, for a total transaction of $1,484,500.00. Following the completion of the transaction, the chief executive officer directly owned 20,222 shares in the company, valued at $4,803,129.44. This represents a 23.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael M. Mcnamara sold 5,393 shares of the firm’s stock in a transaction that occurred on Friday, October 10th. The shares were sold at an average price of $235.16, for a total transaction of $1,268,217.88. Following the completion of the sale, the director owned 24,078 shares in the company, valued at $5,662,182.48. This represents a 18.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 264,933 shares of company stock valued at $61,475,760. 19.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Rakuten Securities Inc. acquired a new stake in shares of Workday during the 2nd quarter valued at $25,000. Measured Wealth Private Client Group LLC acquired a new position in Workday in the 3rd quarter worth about $26,000. JPL Wealth Management LLC bought a new position in Workday in the third quarter valued at about $30,000. Dagco Inc. acquired a new stake in shares of Workday during the first quarter valued at about $31,000. Finally, Berbice Capital Management LLC grew its holdings in shares of Workday by 136.4% during the second quarter. Berbice Capital Management LLC now owns 130 shares of the software maker’s stock worth $31,000 after purchasing an additional 75 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

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.