Azimuth Capital Investment Management LLC Sells 1,351 Shares of Workday, Inc. (NASDAQ:WDAY)

Key Points

• Azimuth Capital Investment Management LLC has reduced its stake in Workday, Inc. by 2.0%, now holding 65,850 shares valued at approximately $15.38 million.
• Workday's shares currently show a market cap of $59.25 billion, with an EPS of $2.23 for the latest quarter, surpassing analysts' expectations.
• Wall Street analysts have mixed views on Workday, with a consensus target price of $294.31 and a majority rating it as a "Moderate Buy."

Azimuth Capital Investment Management LLC trimmed its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 2.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 65,850 shares of the software maker's stock after selling 1,351 shares during the period. Azimuth Capital Investment Management LLC's holdings in Workday were worth $15,378,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Workday by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 20,598,655 shares of the software maker's stock valued at $4,810,404,000 after acquiring an additional 455,855 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Workday by 60.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock valued at $960,454,000 after acquiring an additional 1,406,088 shares during the last quarter. Brown Advisory Inc. raised its position in Workday by 1.5% during the 4th quarter. Brown Advisory Inc. now owns 3,530,701 shares of the software maker's stock worth $911,027,000 after purchasing an additional 52,104 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in Workday during the 4th quarter worth $658,735,000. Finally, Northern Trust Corp raised its position in Workday by 51.2% during the 4th quarter. Northern Trust Corp now owns 2,263,981 shares of the software maker's stock worth $584,175,000 after purchasing an additional 767,034 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on WDAY. Loop Capital lowered their target price on Workday from $285.00 to $250.00 and set a "hold" rating for the company in a research report on Friday, May 23rd. UBS Group set a $250.00 target price on Workday and gave the stock a "neutral" rating in a research report on Tuesday. Morgan Stanley set a $255.00 target price on Workday and gave the stock an "equal weight" rating in a research report on Friday, May 23rd. JPMorgan Chase & Co. lowered their target price on Workday from $310.00 to $295.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $340.00 target price on shares of Workday in a research report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $294.31.

Workday Stock Performance

Shares of WDAY opened at $221.92 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.07 and a quick ratio of 2.07. The stock has a 50-day moving average of $235.20 and a 200-day moving average of $244.18. The company has a market cap of $59.25 billion, a PE ratio of 122.61, a P/E/G ratio of 3.37 and a beta of 1.24. Workday, Inc. has a one year low of $205.33 and a one year high of $294.00.

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

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 72,551 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $239.61, for a total value of $17,383,945.11. Following the completion of the sale, the insider directly owned 102,997 shares in the company, valued at $24,679,111.17. This trade represents a 41.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Zane Rowe sold 6,000 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $239.59, for a total value of $1,437,540.00. Following the completion of the sale, the chief financial officer owned 178,418 shares of the company's stock, valued at approximately $42,747,168.62. This represents a 3.25% 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 worth $79,203,523 over the last 90 days. 19.31% of the stock is owned by company insiders.

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.

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