Morgan Stanley Boosts Workday (NASDAQ:WDAY) Price Target to $330.00

Workday (NASDAQ:WDAY) had its price objective increased by Morgan Stanley from $315.00 to $330.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

Several other equities analysts have also recently commented on WDAY. The Goldman Sachs Group increased their target price on Workday from $300.00 to $305.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Evercore ISI decreased their price objective on shares of Workday from $300.00 to $290.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. Citigroup dropped their target price on shares of Workday from $274.00 to $270.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. Scotiabank initiated 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. Finally, DA Davidson boosted their price objective on Workday from $255.00 to $270.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $288.14.

Workday Stock Performance

Shares of WDAY stock opened at $253.40 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 2.04. The company’s fifty day moving average price is $248.62 and its two-hundred day moving average price is $237.33. The firm has a market capitalization of $67.15 billion, a P/E ratio of 44.15, a P/E/G ratio of 5.31 and a beta of 1.35. Workday has a 12 month low of $199.81 and a 12 month high of $311.28.

Workday (NASDAQ:WDAY) last released its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping the consensus estimate of $1.76 by $0.13. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a return on equity of 5.34% and a net margin of 19.59%. The company’s revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.47 earnings per share. On average, research analysts anticipate that Workday will post 2.4 earnings per share for the current fiscal year.

Insider Activity at Workday

In other news, major shareholder David A. Duffield sold 66,492 shares of the 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Wayne A.I. Frederick sold 1,828 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $241.85, for a total value of $442,101.80. Following the sale, the director now directly owns 8,674 shares in the company, valued at approximately $2,097,806.90. The trade was a 17.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 359,954 shares of company stock worth $88,742,132 over the last ninety days. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Workday

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new stake in shares of Workday in the third quarter valued at $26,000. SouthState Corp raised its position in Workday by 614.3% in the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock worth $34,000 after acquiring an additional 129 shares in the last quarter. Crewe Advisors LLC lifted its holdings in 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 acquiring an additional 56 shares during the last quarter. Goodman Advisory Group LLC bought a new position in shares of Workday during the 2nd quarter valued at about $35,000. Finally, Meeder Asset Management Inc. grew its stake in shares of Workday by 42.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after purchasing an additional 43 shares during the last quarter. 89.81% of the stock is owned by institutional investors.

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.