Rosenblatt Securities Initiates Coverage on Workday (NASDAQ:WDAY)

Stock analysts at Rosenblatt Securities initiated coverage on shares of Workday (NASDAQ:WDAY) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set a “neutral” rating and a $235.00 price target on the software maker’s stock. Rosenblatt Securities’ target price indicates a potential upside of 9.38% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Workday in a research note on Wednesday, October 8th. JMP Securities reiterated a “market outperform” rating and issued a $315.00 price objective on shares of Workday in a research note on Wednesday, September 17th. KeyCorp dropped their target price on Workday from $285.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 26th. BMO Capital Markets cut their price target on Workday from $314.00 to $285.00 and set an “outperform” rating for the company in a report on Friday, August 22nd. Finally, UBS Group set a $260.00 price objective on Workday in a research note on Wednesday, November 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $281.16.

Workday Price Performance

Workday stock opened at $214.84 on Tuesday. The business’s 50 day simple moving average is $231.57 and its 200 day simple moving average is $234.49. Workday has a 12 month low of $205.33 and a 12 month high of $294.00. The company has a market cap of $57.36 billion, a price-to-earnings ratio of 90.27, a PEG ratio of 2.57 and a beta of 1.15. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.34.

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

Insiders Place Their Bets

In other news, CFO Zane Rowe sold 6,000 shares of the firm’s stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $232.62, for a total transaction of $1,395,720.00. Following the sale, the chief financial officer owned 168,468 shares in the company, valued at approximately $39,189,026.16. This trade represents a 3.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder David A. Duffield sold 75,053 shares of the company’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $236.34, for a total transaction of $17,738,026.02. Following the completion of the transaction, the insider owned 102,997 shares of the company’s stock, valued at $24,342,310.98. This trade represents a 42.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 264,933 shares of company stock valued at $61,475,760 over the last three months. Corporate insiders own 19.31% of the company’s stock.

Institutional Investors Weigh In On Workday

Several hedge funds have recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in Workday by 230.2% in the 4th quarter. Brighton Jones LLC now owns 4,005 shares of the software maker’s stock worth $1,033,000 after buying an additional 2,792 shares during the last quarter. Moors & Cabot Inc. raised its stake in shares of Workday by 5.0% during the first quarter. Moors & Cabot Inc. now owns 1,241 shares of the software maker’s stock worth $290,000 after acquiring an additional 59 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Workday by 9.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 92,446 shares of the software maker’s stock worth $21,589,000 after acquiring an additional 7,664 shares during the last quarter. Manchester Capital Management LLC boosted its stake in shares of Workday by 31.8% in the 1st quarter. Manchester Capital Management LLC now owns 261 shares of the software maker’s stock valued at $61,000 after purchasing an additional 63 shares in the last quarter. Finally, Empower Advisory Group LLC grew its holdings in shares of Workday by 11.1% during the 1st quarter. Empower Advisory Group LLC now owns 900 shares of the software maker’s stock valued at $210,000 after purchasing an additional 90 shares during the last quarter. 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.