Bank of Nova Scotia Lowers Position in Workday, Inc. $WDAY

Bank of Nova Scotia decreased its stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 78.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,664 shares of the software maker's stock after selling 107,790 shares during the period. Bank of Nova Scotia's holdings in Workday were worth $3,854,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of WDAY. Rakuten Securities Inc. bought a new stake in shares of Workday in the 2nd quarter worth $25,000. Measured Wealth Private Client Group LLC bought a new stake in Workday in the 3rd quarter worth about $26,000. JPL Wealth Management LLC purchased a new stake in Workday in the 3rd quarter valued at about $30,000. DT Investment Partners LLC bought a new position in shares of Workday during the 4th quarter worth approximately $27,000. Finally, LRI Investments LLC bought a new position in shares of Workday during the 4th quarter worth approximately $29,000. 89.81% of the stock is owned by hedge funds and other institutional investors.

Workday Price Performance

Shares of NASDAQ WDAY opened at $159.69 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.30. The stock has a fifty day simple moving average of $134.11 and a two-hundred day simple moving average of $140.56. Workday, Inc. has a 1-year low of $110.36 and a 1-year high of $249.85. The firm has a market cap of $39.44 billion, a price-to-earnings ratio of 49.90, a price-to-earnings-growth ratio of 1.57 and a beta of 1.11.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 EPS for the quarter, beating analysts' consensus estimates of $2.51 by $0.15. The firm had revenue of $2.54 billion for the quarter, compared to analysts' expectations of $2.52 billion. Workday had a return on equity of 14.75% and a net margin of 8.60%.The business's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.23 EPS. Analysts anticipate that Workday, Inc. will post 5.38 earnings per share for the current year.

Insider Buying and Selling at Workday

In other news, CAO Mark S. Garfield sold 918 shares of the business's stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $142.19, for a total value of $130,530.42. Following the sale, the chief accounting officer owned 73,718 shares of the company's stock, valued at $10,481,962.42. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gerrit S. Kazmaier sold 2,728 shares of the company's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $143.62, for a total transaction of $391,795.36. Following the sale, the insider owned 266,388 shares in the company, valued at $38,258,644.56. The trade was a 1.01% 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 90 days, insiders sold 875,020 shares of company stock valued at $113,938,503. Insiders own 18.64% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on WDAY. Morgan Stanley lowered Workday from an "equal weight" rating to an "underweight" rating and reduced their target price for the company from $185.00 to $145.00 in a report on Tuesday, July 21st. BTIG Research reiterated a "buy" rating and set a $175.00 price target on shares of Workday in a report on Monday, May 18th. Needham & Company LLC cut their price objective on Workday from $300.00 to $180.00 and set a "buy" rating on the stock in a research report on Friday, May 22nd. HC Wainwright set a $140.00 price objective on Workday in a research note on Wednesday, May 27th. Finally, William Blair upgraded Workday to a "strong-buy" rating in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $179.80.

Workday 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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