Oppenheimer Increases Workday (WDAY) Price Target to $174.00

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Workday (NASDAQ:WDAY) had its target price boosted by analysts at Oppenheimer from $136.00 to $174.00 in a report issued on Wednesday, The Fly reports. The firm currently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price objective points to a potential upside of 15.68% from the stock’s current price.

A number of other research analysts also recently commented on WDAY. Jefferies Financial Group upped their price objective on Workday to $141.00 and gave the stock a “hold” rating in a research note on Wednesday. Piper Jaffray Companies upped their price objective on Workday to $170.00 and gave the stock an “overweight” rating in a research note on Wednesday. Canaccord Genuity restated a “buy” rating and set a $175.00 price objective (up from $145.00) on shares of Workday in a research note on Wednesday. Morgan Stanley upped their price objective on Workday from $145.00 to $154.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Wedbush restated a “neutral” rating and set a $124.00 price objective (down from $152.00) on shares of Workday in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Workday currently has a consensus rating of “Buy” and a consensus target price of $142.65.

Shares of WDAY opened at $150.41 on Wednesday. The firm has a market cap of $33.38 billion, a P/E ratio of -118.43 and a beta of 2.02. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.57. Workday has a 12 month low of $95.35 and a 12 month high of $157.12.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Tuesday, September 4th. The software maker reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.05. The firm had revenue of $671.70 million during the quarter, compared to the consensus estimate of $663.38 million. Workday had a negative return on equity of 14.60% and a negative net margin of 14.53%. The firm’s revenue was up 27.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. equities analysts forecast that Workday will post -0.78 earnings per share for the current fiscal year.

In related news, CEO Aneel Bhusri sold 7,380 shares of the firm’s stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $133.38, for a total transaction of $984,344.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gomez Luciano Fernandez sold 3,483 shares of the firm’s stock in a transaction dated Tuesday, July 17th. The shares were sold at an average price of $132.97, for a total value of $463,134.51. The disclosure for this sale can be found here. In the last three months, insiders sold 446,338 shares of company stock valued at $57,004,552. Company insiders own 33.59% of the company’s stock.

A number of hedge funds have recently made changes to their positions in WDAY. MUFG Securities EMEA plc bought a new position in Workday during the second quarter valued at about $448,000. First Trust Advisors LP boosted its stake in Workday by 43.3% during the second quarter. First Trust Advisors LP now owns 989,908 shares of the software maker’s stock valued at $119,898,000 after buying an additional 299,251 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Workday by 1,077.7% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 286,841 shares of the software maker’s stock valued at $34,742,000 after buying an additional 262,485 shares in the last quarter. TCW Group Inc. bought a new position in Workday during the first quarter valued at about $31,840,000. Finally, Federated Investors Inc. PA boosted its stake in Workday by 22.3% during the first quarter. Federated Investors Inc. PA now owns 1,296,567 shares of the software maker’s stock valued at $164,807,000 after buying an additional 236,811 shares in the last quarter. 67.96% of the stock is owned by institutional investors and hedge funds.

Workday Company Profile

Workday, Inc provides enterprise cloud applications for finance and human resources worldwide. It provides applications for customers to manage critical business functions to optimize their financial and human capital resources. The company offers Workday Financial Management application that provides functions of general ledger, accounting, accounts payable and receivable, cash and asset management, employee expense and revenue management, projects, procurement, inventory, and grants management.

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