California State Teachers Retirement System lowered its position in Workday, Inc. (NASDAQ:WDAY – Free Report) by 2.8% in the first quarter, HoldingsChannel.com reports. The fund owned 310,910 shares of the software maker’s stock after selling 8,992 shares during the quarter. California State Teachers Retirement System’s holdings in Workday were worth $40,393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new stake in Workday in the 4th quarter valued at about $448,804,000. Harvest Fund Management Co. Ltd boosted its stake in shares of Workday by 40.1% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 55,605 shares of the software maker’s stock worth $11,943,000 after buying an additional 15,903 shares during the last quarter. Aurora Investment Counsel bought a new position in shares of Workday in the fourth quarter valued at approximately $2,357,000. Robeco Institutional Asset Management B.V. increased its position in shares of Workday by 18.3% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 571,766 shares of the software maker’s stock valued at $122,804,000 after acquiring an additional 88,384 shares during the last quarter. Finally, Morningstar Investment Management LLC increased its position in shares of Workday by 127.2% during the fourth quarter. Morningstar Investment Management LLC now owns 27,043 shares of the software maker’s stock valued at $5,808,000 after acquiring an additional 15,138 shares during the last quarter. Institutional investors own 89.81% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms recently weighed in on WDAY. Citigroup restated a “market perform” rating on shares of Workday in a research report on Friday, May 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Workday in a research report on Wednesday, June 17th. William Blair raised shares of Workday to a “strong-buy” rating in a research report on Friday, May 22nd. The Goldman Sachs Group decreased their price target on shares of Workday from $206.00 to $151.00 and set a “neutral” rating for the company in a research note on Tuesday, May 26th. Finally, Needham & Company LLC dropped their price objective on Workday from $300.00 to $180.00 and set a “buy” rating on the stock in a research note on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Workday presently has an average rating of “Moderate Buy” and an average target price of $179.80.
Insider Activity
In related news, CFO Zane Rowe sold 6,000 shares of the business’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $143.70, for a total transaction of $862,200.00. Following the sale, the chief financial officer owned 288,460 shares of the company’s stock, valued at $41,451,702. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Robert Enslin sold 5,374 shares of the stock in a transaction on Sunday, July 5th. The stock was sold at an average price of $134.90, for a total value of $724,952.60. Following the completion of the sale, the insider directly owned 239,469 shares in the company, valued at approximately $32,304,368.10. This represents a 2.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 875,020 shares of company stock worth $113,938,503 in the last quarter. 18.64% of the stock is owned by company insiders.
Workday Stock Performance
NASDAQ WDAY opened at $160.34 on Friday. Workday, Inc. has a 52-week low of $110.36 and a 52-week high of $249.85. The company has a fifty day moving average of $136.31 and a 200-day moving average of $140.07. The company has a market capitalization of $39.60 billion, a P/E ratio of 50.11, a P/E/G ratio of 1.68 and a beta of 1.11. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01.
Workday (NASDAQ:WDAY – Get Free Report) last issued its earnings results on Thursday, May 21st. The software maker reported $2.66 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.15. Workday had a net margin of 8.60% and a return on equity of 14.75%. The company had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter last year, the company earned $2.23 EPS. The firm’s revenue was up 13.5% compared to the same quarter last year. As a group, equities research analysts predict that Workday, Inc. will post 5.38 EPS for the current fiscal year.
Workday Profile
Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.
The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.
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