25,500 Shares of Workday, Inc. $WDAY Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems purchased 25,500 Workday shares worth approximately $4.86 million in the third quarter. Institutional investors own 89.81% of the company.
• Workday exceeded quarterly expectations, reporting $2.75 in EPS versus the $2.61 consensus and $2.65 billion in revenue, up 12.8% year over year.
• Analyst sentiment is mixed: Workday has an overall “Hold” rating and an average price target of $202.10, while insiders sold 988,104 shares valued at roughly $188.8 million during the quarter.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 25,500 shares of the software maker's stock, valued at approximately $4,857,000.

Other hedge funds also recently added to or reduced their stakes in the company. CoreCap Advisors LLC grew its stake in shares of Workday by 55.9% during the third quarter. CoreCap Advisors LLC now owns 173 shares of the software maker's stock valued at $33,000 after buying an additional 62 shares during the last quarter. Western Wealth Management LLC purchased a new stake in shares of Workday in the first quarter worth approximately $39,000. Manning & Napier Advisors LLC purchased a new stake in shares of Workday in the second quarter worth approximately $42,000. Elevation Wealth Partners LLC lifted its stake in shares of Workday by 1,097.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 395 shares of the software maker's stock worth $48,000 after acquiring an additional 362 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Workday by 26.3% during the 2nd quarter. Parkside Financial Bank & Trust now owns 591 shares of the software maker's stock worth $72,000 after acquiring an additional 123 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $197.82 on Monday. The business's 50 day moving average is $194.07 and its 200 day moving average is $156.31. The stock has a market cap of $47.67 billion, a P/E ratio of 40.13, a price-to-earnings-growth ratio of 1.99 and a beta of 1.02. Workday, Inc. has a 52-week low of $110.36 and a 52-week high of $241.32. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.31.

Workday (NASDAQ:WDAY - Get Free Report) last issued its earnings results on Thursday, August 27th. The software maker reported $2.75 earnings per share for the quarter, beating analysts' consensus estimates of $2.61 by $0.14. Workday had a return on equity of 20.95% and a net margin of 12.32%. The business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same period in the previous year, the company posted $2.21 EPS. Workday's revenue was up 12.8% on a year-over-year basis. Sell-side analysts predict that Workday, Inc. will post 5.32 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on WDAY. Mizuho set a $210.00 price objective on Workday in a report on Wednesday, October 14th. Guggenheim reiterated a "buy" rating and set a $275.00 target price (down from $285.00) on shares of Workday in a research report on Friday, August 21st. Royal Bank Of Canada lifted their target price on Workday from $220.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, August 28th. Jefferies Financial Group lowered their target price on shares of Workday from $220.00 to $210.00 and set a "hold" rating for the company in a research note on Thursday, October 8th. Finally, Freedom Broker cut shares of Workday from a "buy" rating to a "hold" rating and upped their price target for the stock from $180.00 to $200.00 in a report on Friday, August 28th. Twenty-two analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Workday currently has an average rating of "Hold" and an average price target of $202.10.

Insider Buying and Selling

In other Workday news, CAO Mark Garfield sold 918 shares of the stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $189.45, for a total transaction of $173,915.10. Following the transaction, the chief accounting officer directly owned 69,309 shares in the company, valued at $13,130,590.05. This represents a 1.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Zane Rowe sold 6,000 shares of the firm's stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $187.23, for a total transaction of $1,123,380.00. Following the transaction, the chief financial officer directly owned 269,642 shares in the company, valued at $50,485,071.66. This trade represents a 2.18% decrease in their position. The SEC filing for this sale provides additional information. 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 988,104 shares of company stock valued at $188,811,574 over the last quarter. 18.64% of the stock is owned by company insiders.

Workday Company Profile

Workday, Inc is an enterprise software company that provides cloud-based applications for managing human resources, finance and business operations. Its platform is designed to help organizations manage workforce information, accounting, financial reporting, procurement, expenses and other core business processes through a unified software environment.

The company's products include human capital management, financial management, financial planning, spend management, payroll, recruiting, talent management, workforce planning, analytics and reporting solutions.

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