According to a recent report from Bloomberg.com, Workday, Inc. (NASDAQ:WDAY) has received a consensus rating of “Moderate Buy” from thirty-five analysts who currently cover the company. Out of these analysts, one has given a sell rating, nine have assigned a hold rating, and twenty-five have given a buy rating to the company. The average target price for the stock over the next twelve months is $247.06, based on ratings issued in the past year.
On Friday, WDAY stock opened at $230.17. Over the past fifty days, it has had a simple moving average of $234.61 and over two hundred days, its moving average stood at $211.90. With a market capitalization of $60.30 billion and a PE ratio of -479.52, Workday seems to be performing well in terms of market value and growth potential. Additionally, it has exhibited a beta value of 1.23 and possesses a debt-to-equity ratio of 0.47.
Workday experienced a remarkable year with its stock price oscillating between $128.72 and $252.72 within this period—the range representing its lowest and highest prices respectively during this time frame.
Venturing into fund management activities, several hedge funds and institutional investors have been making notable changes to their positions in WDAY recently. Atticus Wealth Management LLC acquired a new position in Workday during the first quarter by investing approximately $25,000 while Strategic Investment Solutions Inc., IL also purchased shares valued equivalently during that same period.
Similarly, West Oak Capital LLC entered with a new stake in Workday during the first quarter with an investment worth around $29,000 while Quarry LP added to its portfolio in the second quarter with an equal amount invested in WDAY shares.
Valley National Advisers Inc., on the other hand, significantly increased its stake by 83.7% during the first quarter, which brought its total holding to 158 shares valued at $30,000 after acquiring an additional 72 shares during that period. As of now, institutional investors own approximately 68.46% of the company’s stock.
In terms of financial performance, Workday posted its quarterly earnings data on Thursday, August 24th. The software maker reported earnings per share (EPS) of $1.43 for the quarter, surpassing the consensus estimates of $1.26 by $0.17. During this period, the company generated revenue of $1.79 billion compared to analysts’ consensus estimate of $1.77 billion. Despite a negative net margin of 1.81%, Workday managed to achieve a positive return on equity of 2.09%. Furthermore, its revenue increased by 16.6% compared to the same quarter last year while posting EPS of ($0.16) during the corresponding period in the previous year.
Analysts predict that for the current fiscal year, Workday will likely post an EPS of 0.77 based on these recent developments and its overall performance.
As we move forward into next year and beyond, it will be interesting to see how Workday continues to evolve and adapt within the ever-changing software industry landscape while meeting market expectations and delivering value to shareholders.
Disclosure: This article is purely informational and does not constitute investment advice or an endorsement by OpenAI services regarding Workday Inc.’s Stock (NASDAQ:WDAY). It is essential to do your research thoroughly before making any investment decisions based on this information or seek guidance from a professional financial advisor or broker.
[bs_slider_forecast ticker=”WDAY”]
Analyst Recommendations and Insider Selling Impact Workday’s Market Outlook
September 22, 2023 – Workday, a leading provider of enterprise cloud applications for finance and human resources, has recently received favorable ratings from equities analysts. BMO Capital Markets raised the price target for Workday from $240.00 to $260.00 and gave the company an “outperform” rating in their research report on August 16th. Similarly, Royal Bank of Canada initiated coverage on Workday and assigned it an “outperform” rating with a $275.00 price target on June 28th.
Workday has also seen positive reviews from Citigroup. They increased their price objective on Workday from $220.00 to $247.00 and provided a “neutral” rating on August 25th. Additionally, Bank of America raised their target price for Workday from $250.00 to $275.00 while giving the company a “buy” rating on August 17th.
JMP Securities reaffirmed their “market outperform” rating and set a $260.00 price target on Workday’s shares in a research note released on September 8th.
These analyst recommendations reflect the confidence in Workday’s performance and growth potential within the enterprise cloud applications market.
In other news related to Workday, major shareholder David A. Duffield completed a significant transaction involving the sale of 108,333 shares of the firm’s stock on September 11th at an average price of $250.58 per share, totaling over $27 million. Following this transaction, Duffield now holds 108,333 shares valued at approximately $27 million.
This transaction was reported in accordance with legal requirements in a filing made with the Securities & Exchange Commission (SEC). The filing is accessible through the SEC’s website along with further details regarding this sale.
Another notable insider sale involved CEO Aneel Bhusri who sold 3,869 shares of Workday’s stock on July 5th at an average price of $221.43 per share, totaling approximately $857,000. Following this sale, Bhusri now holds 553,893 shares valued at around $122 million.
Insiders have sold a total of 126,476 shares of Workday’s stock during the last quarter, with an estimated value exceeding $31 million. Corporate insiders currently hold approximately 21.09% of the company’s stock.
While insider selling can raise concerns among investors and market analysts, it is important to analyze these transactions in the context of other factors that may influence a company’s performance and financial outlook.
Workday remains focused on providing innovative cloud-based solutions for finance and human resources operations. The favorable ratings from equities analysts suggest confidence in the company’s ability to continue delivering value to its customers and achieving growth within the competitive enterprise software industry.
Investors and stakeholders are advised to carefully consider all available information before making any investment decisions related to Workday or any other company in the market.
