Assetmark Inc. Increases Stake in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Assetmark Inc. increased its stake in Workday, Inc. by 5.8% during the first quarter, bringing its holdings to 35,840 shares worth $8,370,000.
• Several large investors, including Cornerstone Planning Group and Farmers & Merchants Investments, have also modified their positions in Workday, indicating significant interest in the company.
• Workday's recent quarterly earnings report showed an EPS of $2.23, exceeding analysts' expectations, with a year-over-year revenue increase of 12.6%.

Assetmark Inc. grew its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 5.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,840 shares of the software maker's stock after buying an additional 1,968 shares during the quarter. Assetmark Inc.'s holdings in Workday were worth $8,370,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Janney Montgomery Scott LLC increased its position in Workday by 5.0% in the first quarter. Janney Montgomery Scott LLC now owns 22,645 shares of the software maker's stock worth $5,288,000 after buying an additional 1,070 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its position in shares of Workday by 13.9% in the first quarter. Kingswood Wealth Advisors LLC now owns 1,136 shares of the software maker's stock worth $265,000 after buying an additional 139 shares in the last quarter. Sowell Financial Services LLC bought a new stake in Workday during the first quarter worth approximately $290,000. D.A. Davidson & CO. raised its position in Workday by 27.8% during the first quarter. D.A. Davidson & CO. now owns 1,601 shares of the software maker's stock valued at $374,000 after purchasing an additional 348 shares during the period. Finally, Golden State Wealth Management LLC boosted its stake in shares of Workday by 9,166.7% during the 1st quarter. Golden State Wealth Management LLC now owns 278 shares of the software maker's stock worth $65,000 after purchasing an additional 275 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on WDAY. Stifel Nicolaus dropped their price target 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. Jefferies Financial Group cut their target price on Workday from $350.00 to $325.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. JMP Securities restated a "market outperform" rating and issued a $315.00 price target on shares of Workday in a report on Friday, May 23rd. Oppenheimer cut their price target on shares of Workday from $320.00 to $300.00 and set an "outperform" rating on the stock in a report on Friday, May 23rd. Finally, Mizuho lowered their price target on Workday from $320.00 to $275.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $296.88.

Workday Price Performance

Shares of WDAY traded down $3.70 during mid-day trading on Monday, hitting $238.04. 1,539,706 shares of the company were exchanged, compared to its average volume of 2,144,885. Workday, Inc. has a 1-year low of $199.81 and a 1-year high of $294.00. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.07 and a current ratio of 2.07. The company has a 50 day moving average of $241.87 and a 200-day moving average of $246.54. The stock has a market cap of $63.56 billion, a price-to-earnings ratio of 131.51, a price-to-earnings-growth ratio of 3.65 and a beta of 1.21.

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

Insider Buying and Selling at Workday

In other news, CAO Mark S. Garfield sold 451 shares of the business's 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 transaction, the chief accounting officer owned 42,977 shares of the company's stock, valued at approximately $10,093,578.22. The trade was a 1.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Zane Rowe sold 6,000 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $239.59, for a total transaction of $1,437,540.00. Following the transaction, the chief financial officer directly owned 178,418 shares in the company, valued at approximately $42,747,168.62. The trade was a 3.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 329,005 shares of company stock worth $79,203,523. Corporate insiders own 20.00% of the company's stock.

Workday Profile

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.