6,900 Shares in Workday, Inc. $WDAY Bought by BOCHK Asset Management Ltd

Key Points

• BOCHK Asset Management acquired 6,900 Workday shares worth approximately $1.31 million in the third quarter. Institutional investors collectively own 89.81% of Workday’s outstanding stock.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $202.10; 22 analysts rate the stock Buy, 19 Hold, and two Sell.
• Workday exceeded quarterly expectations, reporting $2.75 in adjusted earnings per share on $2.65 billion in revenue, with revenue up 12.8% year over year. Meanwhile, insiders sold nearly 988,104 shares worth about $188.8 million over the past 90 days.

BOCHK Asset Management Ltd acquired a new stake in Workday, Inc. (NASDAQ:WDAY - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 6,900 shares of the software maker's stock, valued at approximately $1,314,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Lead Edge Capital Management LLC purchased a new position in shares of Workday in the 1st quarter valued at about $79,988,000. Renaissance Technologies LLC purchased a new stake in Workday during the first quarter worth $75,600,000. Pacer Advisors Inc. grew its holdings in Workday by 60.4% in the first quarter. Pacer Advisors Inc. now owns 1,227,051 shares of the software maker's stock valued at $159,418,000 after purchasing an additional 462,002 shares during the last quarter. Carmignac Gestion acquired a new stake in Workday in the first quarter valued at $59,438,000. Finally, Tidal Investments LLC increased its position in shares of Workday by 43.6% in the second quarter. Tidal Investments LLC now owns 1,439,456 shares of the software maker's stock valued at $176,218,000 after buying an additional 437,175 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Bank of America raised their price objective on shares of Workday from $140.00 to $205.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 19th. Monness Crespi & Hardt boosted their target price on shares of Workday from $202.00 to $218.00 and gave the company a "buy" rating in a research note on Friday, August 28th. Dbs Bank upgraded shares of Workday to a "hold" rating in a report on Wednesday, September 9th. Canaccord Genuity Group raised their price target on shares of Workday from $200.00 to $225.00 and gave the stock a "buy" rating in a research note on Tuesday, August 25th. Finally, Stifel Nicolaus raised their price target on shares of Workday from $160.00 to $175.00 and gave the stock a "hold" rating in a research note on Thursday, October 15th. Twenty-two equities research 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.com, Workday presently has a consensus rating of "Hold" and a consensus target price of $202.10.

Workday Stock Performance

Workday stock opened at $198.13 on Tuesday. The company has a market cap of $47.75 billion, a price-to-earnings ratio of 33.39, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. Workday, Inc. has a 12 month low of $110.36 and a 12 month high of $241.04. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.91 and a quick ratio of 0.91. The stock's 50-day moving average is $194.03 and its 200-day moving average is $156.30.

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

Insider Buying and Selling

In other Workday news, major shareholder David Duffield sold 100,780 shares of the business's stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $185.64, for a total transaction of $18,708,799.20. Following the transaction, the insider owned 105,049 shares in the company, valued at $19,501,296.36. The trade was a 48.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 988,104 shares of company stock valued at $188,811,574 over the last 90 days. Company insiders own 18.64% of the company's stock.

About Workday

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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