On June 6, 2023, it was reported that CIBC Private Wealth Group LLC had recently purchased a new stake in Workday, Inc. (NASDAQ: WDAY) during the fourth quarter of the previous year. The financial fund bought a total of 2,185 shares in the software maker’s stock with an estimated value of $810,000.
Workday, Inc. is a cloud-based company that develops enterprise applications for finance and human resources. It offers financial management services including accounting, billing, procurement and expenses along with human capital management solutions for employee administration, payroll and benefits processes.
Over the past few months, various analysts have commented on Workday’s stock performance. Oppenheimer increased their price objective on shares of Workday to $220 from $205 and gave it an outperform rating back in February. Meanwhile, TheStreet upgraded its rating from d+ to c in late May.
Loop Capital also raised its price objective on shares from $180 to $210 around the same time Needham & Company LLC reaffirmed its buy rating with a price target set at $220 earlier this year. Jefferies Financial Group recently lifted Workday’s price target from $235 to $250 just last month.
The current favorable ratings indicate that investors remain confident in Workday’s potential for long-term upside and growth potential.
At present Bloomberg.com shows that one equities research analyst has rated the stock as ‘sell’, while eight others issued hold ratings and twenty-one issued buy ratings; resulting in an overall average rating of “Moderate Buy” consensus target price of $223.44.”
In conclusion, despite uncertainties surrounding global markets lately due to several unfortunate factors such as economic slowdown due to pandemic disruption risks or increasing geopolitical tensions among countries worldwide affecting trade relations between key economies.. markets will always fluctuate around these events however based on recent reports and rulings investing for long term growth has proven profitable and can be as well with companies given the right due diligence & Workday Inc is an example of it.
Workday, Inc.
WDAY
Buy
Updated on: 25/09/2023
Financial Health
Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Workday, Inc.: Financial Performance and Shareholding Overview
Workday, Inc.: An Overview of Financial Performance and Shareholding
Workday, Inc. is a leading global provider of cloud-based enterprise applications designed to drive financial management, human capital management, and analytics processes. The company’s solutions are sought after by businesses, educational institutions and government agencies.
Recent reports show that Greenleaf Trust increased its stake in Workday by 4.6%, bringing their holdings to 1,494 shares valued at $250,000. Other hedge funds have also added to their shareholdings in recent months; Yousif Capital Management LLC boosted its holdings by 2.7% to 2,813 shares while AFT Forsyth & Company and RB Capital Management LLC each increased their stakes by 2.7% and 2.8%, respectively. CHICAGO TRUST Co NA increased its stake by 1.9%. With this increase in institutional ownership, an impressive figure of approximately 66.98% of the company’s stock is now owned by hedge funds and other institutional investors.
In an interesting turn of events earlier this year, Director George J. Still Jr sold 5,000 shares on March 15th for a total value of $916,700 while CEO Aneel Bhusri sold off nearly twelve thousand shares worth approximately $2 million.
The stock prices for Workday got under way today opening at $213.48 which is close to the all-time high seen last week with a high point of $218.88 over the past twelve months as compared to a low point of $128 in October last year.
The company recently released its Q1 earnings results with revenues totalling $1.68 billion for the quarter which topped analysts’ consensus predictions of $1.67 billion for the period resulting in an EPS figure almost twenty cents above market expectations (at $1.31). The results come with a positive outlook from equities research analysts who forecast that Workday will post an EPS of 0.46 for the current year. The company’s fiscal performance in Q1 is a vindication of its ongoing commitment to investing in innovative technologies that benefit businesses, educational institutions and government agencies.
Overall, Workday, Inc.’s robust earnings and impressive growth have attracted new investors from various institutional hedge funds as well as individuals alike. Against the backdrop of increasing competition, this cloud-based software company remains poised to outpace its competitors thus ensuring long term success for them and their shareholders alike in coming years.
Discussion about this post