Banque Pictet & Cie SA Decreases Stake in Workday, Inc. (NASDAQ:WDAY)

Banque Pictet & Cie SA decreased its holdings in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 17.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,269 shares of the software maker's stock after selling 16,378 shares during the quarter. Banque Pictet & Cie SA's holdings in Workday were worth $18,512,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Workday by 28.9% during the fourth quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker's stock worth $5,197,447,000 after purchasing an additional 4,517,272 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Workday during the fourth quarter worth about $658,735,000. Norges Bank acquired a new stake in shares of Workday during the fourth quarter worth about $645,710,000. Parnassus Investments LLC lifted its position in shares of Workday by 562.2% during the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker's stock worth $631,589,000 after purchasing an additional 2,078,097 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Workday by 61.9% during the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock worth $1,193,105,000 after purchasing an additional 1,772,223 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company's stock.

Workday Price Performance

Shares of WDAY stock traded down $0.30 during trading hours on Wednesday, hitting $240.17. The company's stock had a trading volume of 1,683,859 shares, compared to its average volume of 2,470,514. Workday, Inc. has a twelve month low of $199.81 and a twelve month high of $294.00. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.33. The business has a fifty day moving average of $249.24 and a 200-day moving average of $249.14. The stock has a market cap of $64.13 billion, a price-to-earnings ratio of 132.69, a P/E/G ratio of 3.64 and a beta of 1.21.

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

Analyst Ratings Changes

WDAY has been the topic of several analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $340.00 target price on shares of Workday in a report on Friday, May 23rd. KeyCorp reduced their target price on shares of Workday from $335.00 to $325.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. Oppenheimer reduced their target price 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. Mizuho reduced their target price on shares of Workday from $320.00 to $275.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Finally, Stifel Nicolaus dropped their price target on shares of Workday from $310.00 to $275.00 and set a "hold" rating on the stock in a research note on Friday, May 23rd. Nine investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Workday currently has an average rating of "Moderate Buy" and a consensus price target of $297.68.

Insider Transactions at Workday

In related news, CEO Carl M. Eschenbach sold 6,250 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $239.43, for a total value of $1,496,437.50. Following the completion of the transaction, the chief executive officer owned 1,472 shares of the company's stock, valued at approximately $352,440.96. The trade was a 80.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder David A. Duffield sold 73,971 shares of Workday stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $238.66, for a total value of $17,653,918.86. Following the completion of the sale, the insider owned 102,997 shares of the company's stock, valued at $24,581,264.02. This trade represents a 41.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 256,500 shares of company stock worth $61,826,251 in the last ninety days. Company insiders own 19.31% of the company's stock.

About Workday

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.