Scotiabank Initiates Coverage on Workday (NASDAQ:WDAY)

Equities research analysts at Scotiabank began coverage on shares of Workday (NASDAQ:WDAY) in a report released on Monday,Benzinga reports. The firm set a “sector outperform” rating and a $340.00 price target on the software maker’s stock. Scotiabank’s price objective points to a potential upside of 31.09% from the company’s previous close.

WDAY has been the subject of a number of other reports. Stifel Nicolaus boosted their price target on shares of Workday from $250.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. Bank of America upped their target price on shares of Workday from $265.00 to $310.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Canaccord Genuity Group reiterated a “buy” rating and issued a $300.00 target price on shares of Workday in a research report on Friday, September 13th. KeyCorp upped their target price on shares of Workday from $275.00 to $305.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, Needham & Company LLC lowered their price target on shares of Workday from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $289.46.

Workday Stock Performance

NASDAQ WDAY traded down $0.05 during trading hours on Monday, reaching $259.36. 1,236,967 shares of the company were exchanged, compared to its average volume of 2,099,744. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $68.73 billion, a P/E ratio of 45.18, a P/E/G ratio of 5.15 and a beta of 1.35. The business’s 50 day simple moving average is $246.74 and its 200-day simple moving average is $236.48. Workday has a 1 year low of $199.81 and a 1 year high of $311.28.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.10. The company had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Workday had a net margin of 19.59% and a return on equity of 5.34%. Workday’s revenue was up 16.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.40 EPS. On average, equities research analysts expect that Workday will post 2.4 earnings per share for the current year.

Insider Transactions at Workday

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $260.32, for a total transaction of $1,952,400.00. Following the completion of the transaction, the director now owns 97,500 shares in the company, valued at $25,381,200. This trade represents a 7.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder David A. Duffield sold 66,492 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total value of $17,367,710.40. Following the transaction, the insider now owns 102,997 shares of the company’s stock, valued at $26,902,816.40. This represents a 39.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 370,575 shares of company stock valued at $91,506,897 over the last 90 days. Company insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Workday

A number of institutional investors and hedge funds have recently modified their holdings of WDAY. Capital Performance Advisors LLP bought a new stake in shares of Workday during the 3rd quarter worth approximately $26,000. Crewe Advisors LLC bought a new stake in Workday during the 1st quarter valued at $27,000. SouthState Corp raised its position in Workday by 614.3% during the 2nd quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after purchasing an additional 129 shares in the last quarter. Goodman Advisory Group LLC bought a new stake in Workday during the 2nd quarter valued at $35,000. Finally, Meeder Asset Management Inc. raised its position in Workday by 42.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after purchasing an additional 43 shares in the last quarter. Hedge funds and other 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.