Sanford C. Bernstein Upgrades Workday (WDAY) to “Outperform”

Workday (NASDAQ:WDAY) was upgraded by analysts at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a research report issued on Wednesday, MarketBeat reports. The firm presently has a $165.00 target price on the software maker’s stock. Sanford C. Bernstein’s price target indicates a potential upside of 26.50% from the stock’s current price.

WDAY has been the topic of a number of other research reports. JMP Securities cut their price objective on shares of Workday from $175.00 to $152.95 and set an “outperform” rating on the stock in a research note on Wednesday, September 5th. They noted that the move was a valuation call. Deutsche Bank increased their price objective on shares of Workday from $115.00 to $140.00 and gave the stock a “hold” rating in a research note on Wednesday, September 5th. Jefferies Financial Group increased their price objective on shares of Workday to $141.00 and gave the stock a “hold” rating in a research note on Wednesday, September 5th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $160.00 price objective (up previously from $150.00) on shares of Workday in a research note on Wednesday, August 15th. Finally, Guggenheim began coverage on shares of Workday in a research note on Monday, August 20th. They issued a “buy” rating and a $175.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $147.14.

Shares of Workday stock opened at $130.43 on Wednesday. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.54. Workday has a 12-month low of $95.35 and a 12-month high of $157.12. The company has a market cap of $29.78 billion, a price-to-earnings ratio of -102.70 and a beta of 2.01.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Tuesday, September 4th. The software maker reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.05. Workday had a negative net margin of 13.81% and a negative return on equity of 13.36%. The business had revenue of $671.70 million for the quarter, compared to analyst estimates of $663.38 million. During the same quarter in the prior year, the business posted $0.24 EPS. Workday’s revenue for the quarter was up 27.9% compared to the same quarter last year. Research analysts forecast that Workday will post -1.11 EPS for the current year.

In other news, Director David A. Duffield sold 1,434 shares of the firm’s stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $127.25, for a total value of $182,476.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP James P. Shaughnessy sold 2,190 shares of the firm’s stock in a transaction dated Monday, October 15th. The stock was sold at an average price of $127.35, for a total transaction of $278,896.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 503,782 shares of company stock worth $68,244,014. Insiders own 33.59% of the company’s stock.

Several large investors have recently bought and sold shares of WDAY. Dimensional Fund Advisors LP lifted its stake in shares of Workday by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 107,408 shares of the software maker’s stock worth $13,653,000 after buying an additional 647 shares in the last quarter. Stifel Financial Corp increased its position in Workday by 250.3% during the first quarter. Stifel Financial Corp now owns 10,447 shares of the software maker’s stock worth $1,327,000 after purchasing an additional 7,465 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Workday by 25.0% during the first quarter. Commonwealth Equity Services LLC now owns 14,164 shares of the software maker’s stock worth $1,800,000 after purchasing an additional 2,829 shares during the last quarter. A.R.T. Advisors LLC acquired a new stake in Workday during the first quarter worth about $1,843,000. Finally, United Capital Financial Advisers LLC acquired a new stake in Workday during the first quarter worth about $1,391,000. 67.60% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Workday (NASDAQ:WDAY)

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