Alamar Capital Management LLC Sells 11,009 Shares of Workday, Inc. $WDAY

Key Points

• Alamar Capital cut its Workday stake by 48.2% in the third quarter, selling 11,009 shares and retaining 11,835 shares valued at about $2.25 million.
• Workday reported quarterly EPS of $2.75, beating the $2.61 consensus estimate, while revenue rose 12.8% year over year to $2.65 billion.
• Insiders sold nearly 988,000 shares worth about $188.8 million over the past three months. Analysts’ consensus rating was Hold, with an average price target of $202.10.

Alamar Capital Management LLC lessened its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 48.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,835 shares of the software maker's stock after selling 11,009 shares during the quarter. Workday comprises about 1.1% of Alamar Capital Management LLC's investment portfolio, making the stock its 28th largest holding. Alamar Capital Management LLC's holdings in Workday were worth $2,254,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. CoreCap Advisors LLC increased its holdings in shares of Workday by 55.9% in the 3rd quarter. CoreCap Advisors LLC now owns 173 shares of the software maker's stock worth $33,000 after purchasing an additional 62 shares in the last quarter. Signature Equity Partners LLC raised its holdings in shares of Workday by 350.0% during the third quarter. Signature Equity Partners LLC now owns 198 shares of the software maker's stock valued at $38,000 after buying an additional 154 shares during the last quarter. Provenance Wealth Advisors LLC lifted its position in Workday by 388.9% in the third quarter. Provenance Wealth Advisors LLC now owns 220 shares of the software maker's stock worth $42,000 after purchasing an additional 175 shares during the period. Western Wealth Management LLC bought a new position in Workday in the first quarter valued at approximately $39,000. Finally, Manning & Napier Advisors LLC acquired a new position in Workday in the second quarter valued at $42,000. 89.81% of the stock is owned by institutional investors.

Workday Trading Down 3.6%

Shares of Workday stock opened at $192.90 on Friday. The company has a market capitalization of $46.49 billion, a price-to-earnings ratio of 39.13, a P/E/G ratio of 1.99 and a beta of 1.02. 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 business has a fifty day simple moving average of $194.33 and a two-hundred day simple moving average of $156.48. Workday, Inc. has a 1 year low of $110.36 and a 1 year high of $236.80.

Workday (NASDAQ:WDAY - Get Free Report) last posted its 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. Workday had a return on equity of 20.95% and a net margin of 12.32%. The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.64 billion. During the same quarter in the prior year, the business posted $2.21 earnings per share. The business's quarterly revenue was up 12.8% on a year-over-year basis. Research analysts forecast that Workday, Inc. will post 5.32 EPS for the current year.

Insiders Place Their Bets

In other Workday news, major shareholder David A. Duffield sold 99,835 shares of Workday stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $187.55, for a total value of $18,724,054.25. Following the transaction, the insider directly owned 105,049 shares of the company's stock, valued at $19,701,939.95. The trade was a 48.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Mark S. Garfield sold 918 shares of Workday stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $189.45, for a total value of $173,915.10. Following the completion of the sale, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 988,104 shares of company stock worth $188,811,574. Corporate insiders own 18.64% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WDAY. William Blair reissued an "outperform" rating on shares of Workday in a research note on Friday, August 28th. Mizuho set a $210.00 price target on Workday in a research note on Wednesday, October 14th. The Goldman Sachs Group boosted their price objective on Workday from $151.00 to $164.00 and gave the stock a "neutral" rating in a research report on Monday, August 31st. Wells Fargo & Company lifted their target price on shares of Workday from $215.00 to $225.00 and gave the stock an "overweight" rating in a research report on Friday, August 28th. Finally, Barclays raised their target price on Workday from $200.00 to $224.00 and gave the stock an "overweight" rating in a research note on Friday, August 28th. Twenty-two research analysts have rated the stock with a Buy rating, nineteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price 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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