AIA Group Ltd Reduces Stock Position in Workday, Inc. (NASDAQ:WDAY)

Key Points

• AIA Group Ltd reduced its stake in Workday, Inc. by 41.2%, now owning 13,794 shares valued at approximately $3.22 million.
• Workday's recent earnings report showed better-than-expected results, with earnings per share of $2.23 and revenue of $2.24 billion for the quarter.
• Various hedge funds have adjusted their positions, with significant increases and decreases in holdings, affecting 89.81% of the company's stock ownership.

AIA Group Ltd lowered its stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 41.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,794 shares of the software maker's stock after selling 9,668 shares during the quarter. AIA Group Ltd's holdings in Workday were worth $3,221,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Cornerstone Planning Group LLC increased its position in shares of Workday by 76.1% during the first quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock worth $28,000 after acquiring an additional 54 shares during the period. Farmers & Merchants Investments Inc. acquired a new position in shares of Workday during the first quarter worth $32,000. Financial Management Professionals Inc. grew its stake in shares of Workday by 54.0% during the first quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker's stock worth $36,000 after purchasing an additional 54 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new position in shares of Workday during the first quarter worth $40,000. Finally, BankPlus Trust Department acquired a new position in shares of Workday during the first quarter worth $40,000. Hedge funds and other institutional investors own 89.81% of the company's stock.

Analyst Upgrades and Downgrades

WDAY has been the subject of a number of analyst reports. Piper Sandler reiterated an "underweight" rating and set a $235.00 target price (down previously from $255.00) on shares of Workday in a research note on Thursday, July 10th. Needham & Company LLC reiterated a "buy" rating and set a $300.00 target price on shares of Workday in a research note on Wednesday, May 21st. Stifel Nicolaus lowered their target price on shares of Workday from $310.00 to $275.00 and set a "hold" rating for the company in a research note on Friday, May 23rd. Cantor Fitzgerald set a $265.00 target price on shares of Workday in a research note on Thursday. Finally, Guggenheim reiterated a "neutral" rating on shares of Workday in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $294.31.

Insider Activity

In related news, CAO Mark S. Garfield sold 451 shares of the stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $234.86, for a total transaction of $105,921.86. Following the completion of the transaction, the chief accounting officer directly owned 42,977 shares of the company's stock, valued at $10,093,578.22. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder David A. Duffield sold 73,971 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $238.66, for a total transaction of $17,653,918.86. Following the transaction, the insider directly owned 102,997 shares of the company's stock, valued at $24,581,264.02. This represents a 41.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 329,005 shares of company stock valued at $79,203,523 over the last ninety days. 19.31% of the stock is currently owned by company insiders.

Workday Stock Performance

Shares of WDAY traded down $1.15 during mid-day trading on Thursday, hitting $221.92. 3,254,754 shares of the company's stock were exchanged, compared to its average volume of 2,358,935. Workday, Inc. has a fifty-two week low of $205.33 and a fifty-two week high of $294.00. The firm has a market capitalization of $59.25 billion, a P/E ratio of 122.61, a P/E/G ratio of 3.24 and a beta of 1.24. The business's 50 day moving average is $235.77 and its two-hundred day moving average is $244.48. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.33.

Workday (NASDAQ:WDAY - Get Free Report) last announced its earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.22. The business had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.22 billion. Workday had a net margin of 5.60% and a return on equity of 8.00%. The business's quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.74 earnings per share. On average, equities analysts expect that Workday, Inc. will post 2.63 earnings per share for the current year.

About Workday

Workday, Inc provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations.