Needham & Company LLC Reaffirms “Buy” Rating for Workday (NASDAQ:WDAY)

Needham & Company LLC reaffirmed their buy rating on shares of Workday (NASDAQ:WDAY) in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has a $300.00 target price on the software maker’s stock.

WDAY has been the topic of a number of other reports. Loop Capital increased their price objective on shares of Workday from $255.00 to $270.00 and gave the stock a “hold” rating in a research note on Thursday, November 14th. Scotiabank assumed coverage on shares of Workday in a research report on Monday, November 18th. They set a “sector outperform” rating and a $340.00 price target on the stock. The Goldman Sachs Group boosted their price objective on shares of Workday from $300.00 to $305.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Evercore ISI reduced their target price on Workday from $300.00 to $290.00 and set an “outperform” rating on the stock in a report on Tuesday, August 20th. Finally, Bank of America lifted their price target on Workday from $265.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $288.14.

Workday Stock Down 6.2 %

NASDAQ WDAY opened at $253.40 on Monday. The company has a market cap of $67.15 billion, a price-to-earnings ratio of 42.02, a PEG ratio of 5.36 and a beta of 1.35. Workday has a 1-year low of $199.81 and a 1-year high of $311.28. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. The company has a 50 day moving average of $248.74 and a 200-day moving average of $237.44.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.13. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a return on equity of 6.21% and a net margin of 19.86%. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.47 EPS. On average, equities research analysts expect that Workday will post 2.4 earnings per share for the current fiscal year.

Insider Activity at Workday

In related news, insider Richard Harry Sauer sold 3,134 shares of Workday stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total transaction of $738,934.52. Following the completion of the transaction, the insider now owns 85,795 shares of the company’s stock, valued at $20,228,745.10. This trade represents a 3.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder David A. Duffield sold 66,492 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the sale, the insider now directly owns 102,997 shares in the company, valued at $26,902,816.40. This trade represents a 39.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 359,954 shares of company stock worth $88,742,132 over the last ninety days. Insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Capital Performance Advisors LLP bought a new position in Workday during the third quarter worth $26,000. SouthState Corp boosted its position in shares of Workday by 614.3% during the 2nd quarter. SouthState Corp now owns 150 shares of the software maker’s stock worth $34,000 after purchasing an additional 129 shares in the last quarter. Crewe Advisors LLC grew its stake in shares of Workday by 56.6% in the 2nd quarter. Crewe Advisors LLC now owns 155 shares of the software maker’s stock valued at $35,000 after buying an additional 56 shares during the period. Goodman Advisory Group LLC bought a new stake in Workday in the 2nd quarter valued at about $35,000. Finally, Meeder Asset Management Inc. raised its stake in Workday by 42.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after buying an additional 43 shares during the period. 89.81% of the stock is owned by institutional investors and hedge funds.

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.