Workday (NASDAQ:WDAY) Reaches New 1-Year Low on Analyst Downgrade

Workday, Inc. (NASDAQ:WDAYGet Rating)’s stock price hit a new 52-week low during mid-day trading on Wednesday after Wells Fargo & Company lowered their price target on the stock to $300.00. Wells Fargo & Company currently has an overweight rating on the stock. Workday traded as low as $167.76 and last traded at $167.76, with a volume of 4404 shares changing hands. The stock had previously closed at $173.34.

Other equities analysts have also recently issued reports about the company. Exane BNP Paribas cut Workday from an “outperform” rating to a “neutral” rating in a report on Tuesday, March 29th. Cowen raised their target price on Workday from $300.00 to $310.00 and gave the company an “outperform” rating in a research note on Tuesday, March 1st. BNP Paribas cut shares of Workday from an “outperform” rating to a “neutral” rating and set a $230.00 price objective on the stock. in a research note on Tuesday, March 29th. Evercore ISI dropped their price target on Workday from $350.00 to $325.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 1st. Finally, Loop Capital reduced their target price on shares of Workday from $340.00 to $300.00 and set a “buy” rating for the company in a research note on Tuesday, March 1st. Four equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $303.28.

In other Workday news, CEO Gomez Luciano Fernandez sold 1,756 shares of Workday stock in a transaction that occurred on Monday, March 7th. The stock was sold at an average price of $240.84, for a total transaction of $422,915.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 209,657 shares of Workday stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $238.52, for a total transaction of $50,007,387.64. Following the transaction, the insider now owns 104,395 shares of the company’s stock, valued at $24,900,295.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 256,453 shares of company stock valued at $60,374,855. Company insiders own 21.74% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Financial Management Professionals Inc. purchased a new position in Workday during the 4th quarter valued at $27,000. Arlington Partners LLC bought a new position in shares of Workday in the 4th quarter worth $28,000. Consolidated Planning Corp bought a new position in shares of Workday in the 3rd quarter worth $27,000. Dark Forest Capital Management LP bought a new position in shares of Workday in the 3rd quarter worth $28,000. Finally, Riverview Trust Co bought a new position in shares of Workday in the 1st quarter worth $27,000. 70.64% of the stock is owned by hedge funds and other institutional investors.

The company has a 50-day moving average price of $218.53 and a 200 day moving average price of $245.17. The stock has a market capitalization of $41.91 billion, a P/E ratio of 1,733.40 and a beta of 1.39. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14.

Workday (NASDAQ:WDAYGet Rating) last posted its quarterly earnings data on Monday, February 28th. The software maker reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.36 billion. Workday had a net margin of 0.57% and a return on equity of 2.63%. The business’s revenue was up 21.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.13) EPS. As a group, research analysts expect that Workday, Inc. will post -0.45 earnings per share for the current year.

About Workday (NASDAQ:WDAY)

Workday, Inc provides enterprise cloud applications worldwide. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments, and to manage their business and operations. The company offers a suite of financial management applications, which enable chief financial officers to maintain accounting information in the general ledger; manage financial processes; 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.

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