Bank of New York Mellon Corp Increases Stock Holdings in Workday, Inc. $WDAY

Key Points

• Bank of New York Mellon increased its Workday stake by 0.6% in the fourth quarter, ending with 1.35 million shares valued at about $290.5 million.
• Several other major institutions also boosted positions, including Vanguard, Hotchkis & Wiley, and UBS AM, while institutional investors collectively own 89.81% of Workday shares.
• Analysts remain broadly positive on Workday, with a Moderate Buy consensus and an average price target of $185.03; the company also recently beat quarterly EPS and revenue estimates.

Bank of New York Mellon Corp lifted its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 0.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,352,611 shares of the software maker's stock after purchasing an additional 7,688 shares during the quarter. Bank of New York Mellon Corp owned about 0.51% of Workday worth $290,514,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in WDAY. Vanguard Group Inc. grew its position in Workday by 14.7% in the 4th quarter. Vanguard Group Inc. now owns 25,009,288 shares of the software maker's stock valued at $5,371,495,000 after acquiring an additional 3,210,232 shares during the last quarter. First Eagle Investment Management LLC purchased a new stake in Workday in the third quarter worth $556,252,000. Norges Bank bought a new stake in shares of Workday during the fourth quarter worth $448,804,000. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Workday by 47.5% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker's stock valued at $1,406,463,000 after purchasing an additional 1,882,391 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Workday by 41.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,761,599 shares of the software maker's stock valued at $905,530,000 after purchasing an additional 1,103,421 shares during the period. Institutional investors own 89.81% of the company's stock.

Analysts Set New Price Targets

WDAY has been the topic of several recent analyst reports. DA Davidson set a $135.00 price target on shares of Workday in a research note on Tuesday, May 26th. Citigroup restated a "market perform" rating on shares of Workday in a research note on Friday, May 22nd. HC Wainwright set a $140.00 price target on shares of Workday in a research note on Wednesday, May 27th. KeyCorp boosted their price target on Workday from $155.00 to $158.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. Finally, Raymond James Financial reissued a "market perform" rating on shares of Workday in a research note on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $185.03.

Workday Stock Performance

WDAY stock opened at $147.91 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01. The business has a 50-day moving average price of $126.90 and a 200 day moving average price of $163.18. The company has a market capitalization of $36.53 billion, a P/E ratio of 46.22, a PEG ratio of 1.62 and a beta of 1.09. Workday, Inc. has a 1-year low of $110.36 and a 1-year high of $257.09.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings data on Thursday, May 21st. The software maker reported $2.66 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.15. The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.52 billion. Workday had a return on equity of 14.75% and a net margin of 8.60%.The firm's quarterly revenue was up 13.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.23 earnings per share. As a group, equities research analysts forecast that Workday, Inc. will post 5.19 EPS for the current fiscal year.

Insider Activity

In other Workday news, insider Robert Enslin sold 5,373 shares of the business's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $129.41, for a total value of $695,319.93. Following the completion of the transaction, the insider directly owned 165,414 shares in the company, valued at approximately $21,406,225.74. The trade was a 3.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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, insider Gerrit S. Kazmaier sold 9,356 shares of the business's stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $128.39, for a total transaction of $1,201,216.84. Following the completion of the transaction, the insider owned 165,074 shares of the company's stock, valued at $21,193,850.86. This represents a 5.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Over the last three months, insiders have sold 774,814 shares of company stock valued at $101,308,591. Company insiders own 18.64% of the company's stock.

Workday Company Profile

Workday, Inc NASDAQ: WDAY is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday's platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company's product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.

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