Jefferies Financial Group Cuts Workday (NASDAQ:WDAY) Price Target to $188.00

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Workday (NASDAQ:WDAY) had its target price trimmed by Jefferies Financial Group from $194.00 to $188.00 in a research note published on Tuesday, October 8th, BenzingaRatingsTable reports. The brokerage currently has a hold rating on the software maker’s stock. Jefferies Financial Group also issued estimates for Workday’s Q3 2020 earnings at ($0.40) EPS, Q4 2020 earnings at ($0.34) EPS, FY2020 earnings at ($1.19) EPS, Q1 2021 earnings at ($0.30) EPS, Q2 2021 earnings at ($0.40) EPS, Q3 2021 earnings at ($0.39) EPS, Q4 2021 earnings at ($0.31) EPS and FY2021 earnings at ($1.40) EPS.

Other equities research analysts also recently issued reports about the company. Citigroup upgraded Workday from a sell rating to a neutral rating and upped their price objective for the company from $138.00 to $192.00 in a research report on Friday, August 30th. Monness Crespi & Hardt set a $262.00 price objective on Workday and gave the company a buy rating in a research report on Friday, August 30th. KeyCorp set a $235.00 price objective on Workday and gave the company a buy rating in a research report on Thursday, August 29th. ValuEngine cut Workday from a buy rating to a hold rating in a research note on Wednesday, October 2nd. Finally, BMO Capital Markets cut their target price on Workday from $230.00 to $225.00 and set a market perform rating on the stock in a research note on Friday, August 30th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-two have assigned a buy rating to the company. Workday presently has an average rating of Hold and an average price target of $211.73.

Shares of NASDAQ:WDAY traded up $5.99 during mid-day trading on Tuesday, reaching $164.10. The stock had a trading volume of 1,393,900 shares, compared to its average volume of 1,887,634. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.11. The company has a market cap of $36.34 billion, a P/E ratio of -134.51 and a beta of 1.53. Workday has a 1 year low of $117.72 and a 1 year high of $226.83. The business’s 50 day moving average price is $168.34 and its 200 day moving average price is $193.42.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, August 29th. The software maker reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.05). The firm had revenue of $887.75 million during the quarter, compared to analysts’ expectations of $872.44 million. Workday had a negative return on equity of 15.05% and a negative net margin of 15.25%. Workday’s quarterly revenue was up 32.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 earnings per share. Analysts predict that Workday will post -1.16 earnings per share for the current fiscal year.

In other Workday news, insider Petros Dermetzis sold 3,556 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $175.09, for a total transaction of $622,620.04. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Aneel Bhusri sold 300,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $175.27, for a total value of $52,581,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,099,707 shares of company stock worth $189,341,183 in the last ninety days. Insiders own 29.80% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of WDAY. Vanguard Group Inc. lifted its holdings in shares of Workday by 7.7% during the 2nd quarter. Vanguard Group Inc. now owns 9,609,541 shares of the software maker’s stock valued at $1,975,530,000 after purchasing an additional 683,181 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Workday by 19,929.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 547,999 shares of the software maker’s stock valued at $112,658,000 after purchasing an additional 545,263 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Workday by 31,200.8% during the 2nd quarter. Bessemer Group Inc. now owns 520,532 shares of the software maker’s stock valued at $107,011,000 after purchasing an additional 518,869 shares during the last quarter. Nikko Asset Management Americas Inc. purchased a new stake in shares of Workday during the 3rd quarter valued at $44,215,000. Finally, Whale Rock Capital Management LLC lifted its holdings in shares of Workday by 52.6% during the 2nd quarter. Whale Rock Capital Management LLC now owns 572,963 shares of the software maker’s stock valued at $117,790,000 after purchasing an additional 197,394 shares during the last quarter. Hedge funds and other institutional investors own 66.65% of the company’s stock.

Workday Company Profile

Workday, Inc provides enterprise cloud applications worldwide. Its applications help its customers to manage critical business functions and 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, revenue management, and grants management, as well as project and resource management, time and expense tracking, project billing, revenue recognition, financial reporting, and analytics.

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