Stifel Nicolaus Raises Workday Price Target to $310.00

Investment analysts at Stifel Nicolaus have raised their price target on shares of Workday (NASDAQ:WDAY) from $270.00 to $310.00, according to a recent report published on Wednesday. The firm is currently maintaining a "hold" rating on the stock of the software company. The new target price indicates a potential upside of 12.54% compared to the stock's previous closing price.

Market Insights

Other analysts have also shared their opinions regarding Workday. On February 6th, JMP Securities reaffirmed a "market outperform" rating and set a target price of $315.00 for Workday shares. Meanwhile, Redburn Atlantic initiated coverage on Workday by issuing a "neutral" rating on February 19th.

Additionally, Bank of America adjusted their price target on Workday from $310.00 down to $285.00 while maintaining a "buy" rating in a report released on November 27th. Oppenheimer also increased their target price on Workday from $300.00 to $320.00, giving it an "outperform" rating. Guggenheim recently upgraded Workday from a "sell" rating to a "neutral" rating in a report published on January 6th.

Analyst Consensus

A total of ten equity research analysts have given Workday a hold rating, while twenty have issued buy ratings and one has provided a strong buy rating, according to MarketBeat data. The consensus rating for the stock currently stands at "Moderate Buy," with an average target price of $296.11.

Recent Stock Performance

On Wednesday, Workday shares opened at $275.46. The stock has fluctuated with a 12-month low of $199.81 and a high of $304.79. Workday has a market capitalization of approximately $73.27 billion, with a price-to-earnings (P/E) ratio of 45.68. The stock also has a beta of 1.35. A quick ratio and current ratio for the company stand at 2.05, while the debt-to-equity ratio is 0.35. Its 50-day moving average price is $259.97 and its 200-day moving average price is $254.12.

Earnings Report Update

Recently, on February 25th, Workday announced its quarterly earnings data, reporting earnings per share (EPS) of $0.48 for the quarter. This result fell short of the consensus estimate of $1.75 by $1.27. However, the company did report revenue of $2.21 billion for the quarter, surpassing the consensus estimate of $2.18 billion. For the current year, analysts expect Workday to post an EPS of 2.63.

Insider Activity

In other news, Workday’s CEO, Carl M. Eschenbach, sold 6,250 shares of the company stock on January 6th, at an average price of $253.86, totaling approximately $1,586,625. Following this transaction, the CEO owns 13,972 shares valued at about $3,546,931.92. Similarly, major shareholder David A. Duffield sold 70,003 shares on December 2nd for a total of $17,584,753.60. Due to these transactions, the insider ownership has decreased significantly.

Institutional Holdings

Several institutional investors have recently adjusted their positions in Workday. Notably, Vanguard Group Inc. increased its holdings by 28.9% in the fourth quarter, now owning over 20 million shares valued at around $5.2 billion. Other firms, including Janus Henderson Group PLC and State Street Corp, have also increased their positions in the company.

About Workday

Workday, Inc. offers enterprise cloud applications both in the United States and internationally, focusing on helping businesses plan, execute, analyze, and connect to various applications to manage their operations. The company provides a range of financial management applications designed to enhance efficiency in financial processes and reporting.

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