93,120 Shares in Workday, Inc. $WDAY Acquired by Madison Asset Management LLC

Key Points

• Madison Asset Management LLC opened a new position in Workday during the fourth quarter, buying 93,120 shares valued at about $20 million.
• Workday’s latest quarterly results beat expectations, with EPS of $2.47 versus $2.32 expected and revenue of $2.53 billion, up 14.5% year over year.
• Analysts have turned more cautious, with several firms cutting price targets or downgrading the stock; the consensus rating is now “Moderate Buy” with an average target of $199.71.

Madison Asset Management LLC purchased a new stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 93,120 shares of the software maker's stock, valued at approximately $20,000,000.

Other institutional investors have also recently bought and sold shares of the company. First Eagle Investment Management LLC bought a new position in Workday in the 3rd quarter worth approximately $556,252,000. PKO Investment Management Joint Stock Co acquired a new position in Workday in the third quarter valued at about $1,805,000. Phoenix Financial Ltd. bought a new position in Workday during the 3rd quarter worth approximately $2,000,000. Rakuten Investment Management Inc. acquired a new position in shares of Workday in the 3rd quarter valued at $124,718,000. Finally, EULAV Asset Management grew its stake in Workday by 69.4% in the third quarter. EULAV Asset Management now owns 61,000 shares of the software maker's stock valued at $14,685,000 after acquiring an additional 25,000 shares during the period. Institutional investors own 89.81% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. DA Davidson reduced their price target on shares of Workday from $250.00 to $125.00 and set a "neutral" rating for the company in a report on Wednesday, February 25th. Jefferies Financial Group downgraded shares of Workday from a "buy" rating to a "hold" rating and lowered their price objective for the company from $325.00 to $150.00 in a report on Monday, February 23rd. Cantor Fitzgerald reissued an "overweight" rating and issued a $200.00 price objective on shares of Workday in a research report on Monday, February 23rd. JPMorgan Chase & Co. reduced their target price on shares of Workday from $270.00 to $230.00 and set an "overweight" rating for the company in a report on Tuesday, February 24th. Finally, Barclays decreased their target price on shares of Workday from $230.00 to $200.00 and set an "overweight" rating for the company in a research report on Wednesday, February 25th. Nineteen research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $199.71.

Workday Stock Down 2.3%

Workday stock opened at $118.62 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.32 and a quick ratio of 1.32. The company's 50-day moving average is $128.95 and its 200-day moving average is $175.19. The firm has a market capitalization of $30.49 billion, a PE ratio of 45.98, a P/E/G ratio of 1.18 and a beta of 1.04. Workday, Inc. has a fifty-two week low of $110.36 and a fifty-two week high of $276.00.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings data on Tuesday, February 24th. The software maker reported $2.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.32 by $0.15. The company had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.52 billion. Workday had a return on equity of 13.37% and a net margin of 7.26%.The business's revenue was up 14.5% on a year-over-year basis. During the same period last year, the firm posted $1.92 earnings per share. Sell-side analysts anticipate that Workday, Inc. will post 5.11 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 107,500 shares of the firm's stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $129.76, for a total transaction of $13,949,200.00. Following the transaction, the insider directly owned 105,049 shares of the company's stock, valued at approximately $13,631,158.24. This trade represents a 50.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gerrit S. Kazmaier sold 9,356 shares of the firm's stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $128.39, for a total value of $1,201,216.84. Following the transaction, the insider owned 165,074 shares in the company, valued at approximately $21,193,850.86. This trade represents a 5.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last 90 days, insiders have sold 989,814 shares of company stock worth $131,576,291. Company insiders own 18.64% of the company's stock.

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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