Anchor Investment Management LLC Sells 7,019 Shares of Workday, Inc. $WDAY

Key Points

• Anchor Investment Management cut its Workday stake by 80.9% in the second quarter, selling 7,019 shares and retaining 1,654 shares valued at approximately $202,000.
• Institutional investors own 89.81% of Workday, while insiders have sold 838,876 shares worth about $124.8 million over the past 90 days, including a major sale by shareholder David Duffield.
• Workday exceeded quarterly earnings and revenue expectations, reporting $2.75 in EPS and $2.65 billion in revenue; analysts maintain a consensus “Hold” rating with an average price target of $206.34.

Anchor Investment Management LLC cut its holdings in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 80.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,654 shares of the software maker's stock after selling 7,019 shares during the quarter. Anchor Investment Management LLC's holdings in Workday were worth $202,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Junto Capital Management LP bought a new stake in shares of Workday during the 2nd quarter worth about $45,000,000. Tidal Investments LLC raised its holdings in Workday by 43.6% in the 2nd quarter. Tidal Investments LLC now owns 1,439,456 shares of the software maker's stock valued at $176,218,000 after acquiring an additional 437,175 shares during the period. Van Hulzen Asset Management LLC acquired a new stake in Workday during the second quarter worth approximately $511,000. National Pension Service lifted its position in Workday by 11.9% during the second quarter. National Pension Service now owns 460,512 shares of the software maker's stock worth $56,376,000 after acquiring an additional 49,070 shares during the last quarter. Finally, Integrated Wealth Concepts LLC boosted its holdings in shares of Workday by 16.5% during the second quarter. Integrated Wealth Concepts LLC now owns 1,960 shares of the software maker's stock worth $240,000 after acquiring an additional 277 shares during the period. Institutional investors and hedge funds own 89.81% of the company's stock.

Insider Transactions at Workday

In other news, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $143.70, for a total value of $862,200.00. Following the transaction, the chief financial officer owned 288,460 shares in the company, valued at approximately $41,451,702. This trade represents a 2.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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. Also, major shareholder David Duffield sold 100,780 shares of the business's stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $185.64, for a total value of $18,708,799.20. Following the transaction, the insider directly owned 105,049 shares of the company's stock, valued at $19,501,296.36. This trade represents a 48.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 838,876 shares of company stock worth $124,763,536. 18.64% of the stock is owned by insiders.

Workday Price Performance

WDAY stock opened at $187.76 on Thursday. The company's 50-day moving average price is $174.91 and its two-hundred day moving average price is $145.53. The firm has a market cap of $45.25 billion, a P/E ratio of 38.09, a P/E/G ratio of 1.92 and a beta of 1.08. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.31. Workday, Inc. has a 12 month low of $110.36 and a 12 month high of $249.85.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings results on Thursday, August 27th. The software maker reported $2.75 earnings per share for the quarter, topping analysts' consensus estimates of $2.61 by $0.14. Workday had a net margin of 12.32% and a return on equity of 20.95%. The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.64 billion. During the same quarter in the prior year, the firm posted $2.21 EPS. The firm's quarterly revenue was up 12.8% on a year-over-year basis. On average, analysts anticipate that Workday, Inc. will post 5.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on WDAY shares. Dbs Bank raised Workday to a "hold" rating in a research report on Wednesday, September 9th. Jefferies Financial Group set a $220.00 price target on Workday in a report on Friday, August 28th. BMO Capital Markets boosted their price target on Workday from $182.00 to $230.00 and gave the company an "outperform" rating in a research note on Friday, August 28th. KeyCorp upped their price objective on Workday from $158.00 to $215.00 and gave the company an "overweight" rating in a report on Friday, August 28th. Finally, Wolfe Research reiterated an "outperform" rating and set a $160.00 price objective on shares of Workday in a research report on Friday, May 22nd. Twenty analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $206.34.

About Workday

Workday, Inc develops cloud-based enterprise software designed to help organizations manage finance, human resources and related business operations. Its platform provides tools for financial management, accounting, procurement, expenses, payroll, workforce management, recruiting, talent management, employee experience and enterprise planning.

The company also offers analytics, reporting and artificial intelligence capabilities that support budgeting, forecasting, workforce planning and business decision-making.

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