8,790 Workday, Inc. $WDAY Shares Bought by Ethic Inc.

Key Points

• Ethic Inc. increased its Workday stake by 30% in the third quarter, adding 8,790 shares to reach 38,119 shares valued at $7.26 million. Institutional investors collectively own 89.81% of the company.
• Workday beat quarterly estimates, reporting EPS of $2.75 versus $2.61 expected and revenue of $2.65 billion; revenue grew 12.8% year over year.
• Major shareholder David Duffield sold 100,780 shares, and insiders sold nearly 988,000 shares worth about $188.8 million over three months. Analysts’ average rating is Hold, with an average price target of $202.10.

Ethic Inc. grew its holdings in Workday, Inc. (NASDAQ:WDAY - Free Report) by 30.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,119 shares of the software maker's stock after acquiring an additional 8,790 shares during the quarter. Ethic Inc.'s holdings in Workday were worth $7,260,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Pictet Asset Management Holding SA grew its position in shares of Workday by 7.6% during the 3rd quarter. Pictet Asset Management Holding SA now owns 3,033,026 shares of the software maker's stock worth $577,639,000 after purchasing an additional 213,618 shares in the last quarter. First Trust Advisors LP raised its position in shares of Workday by 9.6% in the first quarter. First Trust Advisors LP now owns 1,416,176 shares of the software maker's stock valued at $183,990,000 after buying an additional 124,524 shares in the last quarter. Tidal Investments LLC raised 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. Pacer Advisors Inc. raised its position in shares of 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 buying an additional 462,002 shares in the last quarter. Finally, Temasek Holdings Private Ltd boosted its stake in shares of Workday by 9.5% in the first quarter. Temasek Holdings Private Ltd now owns 889,318 shares of the software maker's stock valued at $115,540,000 after buying an additional 77,330 shares during the period. Institutional investors own 89.81% of the company's stock.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $190.21 on Tuesday. The firm has a 50 day moving average of $194.04 and a 200-day moving average of $156.51. Workday, Inc. has a 12 month low of $110.36 and a 12 month high of $236.80. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $45.84 billion, a PE ratio of 32.98, a PEG ratio of 2.03 and a beta of 1.02.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings results on Thursday, August 27th. The software maker reported $2.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.14. The business 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%. The firm's revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter last year, the business posted $2.21 EPS. On average, equities research analysts predict that Workday, Inc. will post 5.32 EPS for the current fiscal year.

Insider Buying and Selling

In other Workday news, major shareholder David Duffield sold 100,780 shares of the company's stock in a transaction on 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 completion of the sale, the insider directly owned 105,049 shares in the company, valued at $19,501,296.36. This represents a 48.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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. Insiders have sold 988,104 shares of company stock worth $188,811,574 in the last three months. 18.64% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Capital One Financial cut their price target on Workday from $203.00 to $202.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 14th. Morgan Stanley raised their price objective on Workday from $145.00 to $180.00 and gave the stock an "underweight" rating in a research note on Friday, August 28th. Royal Bank Of Canada lifted their price objective on Workday from $220.00 to $240.00 and gave the company an "outperform" rating in a report on Friday, August 28th. TD Cowen cut their target price on Workday from $220.00 to $210.00 and set a "hold" rating for the company in a research report on Friday, August 28th. Finally, William Blair reissued an "outperform" rating on shares of Workday in a report on Friday, August 28th. Twenty-two research analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $202.10.

Workday Profile

Workday, Inc develops cloud-based software for managing human resources, finance and business operations. Its products include Workday Human Capital Management, Workday Financial Management and Workday Adaptive Planning, which help organizations manage areas such as workforce administration, accounting, budgeting and forecasting.

Founded in 2005 by Dave Duffield and Aneel Bhusri, Workday serves businesses, governments and educational institutions across a range of industries. Its operations and customer base extend across North America and international markets.

Carl Eschenbach is Workday's chief executive officer, and co-founder Aneel Bhusri serves as executive chair.

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