Commerce Bank Purchases 1,833 Shares of Workday, Inc. (NASDAQ:WDAY)

Key Points

• Commerce Bank increased its stake in Workday, Inc. by 11.9%, owning 17,249 shares worth approximately $4.03 million after purchasing an additional 1,833 shares in Q1.
• Workday achieved a quarterly EPS of $2.23, exceeding analysts' expectations of $2.01, with revenue reaching $2.24 billion, reflecting a 12.6% year-over-year increase.
• A number of analysts have provided varied ratings for Workday, with an average consensus rating of "Moderate Buy" and a target price averaging $296.88.

Commerce Bank raised its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 11.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,249 shares of the software maker's stock after purchasing an additional 1,833 shares during the quarter. Commerce Bank's holdings in Workday were worth $4,028,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in shares of Workday by 230.2% during the fourth quarter. Brighton Jones LLC now owns 4,005 shares of the software maker's stock valued at $1,033,000 after acquiring an additional 2,792 shares during the period. Bank Pictet & Cie Europe AG increased its stake in shares of Workday by 24.0% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,075 shares of the software maker's stock valued at $793,000 after acquiring an additional 595 shares during the period. World Investment Advisors acquired a new position in shares of Workday during the fourth quarter valued at approximately $495,000. Wells Fargo & Company MN increased its stake in shares of Workday by 5.9% during the fourth quarter. Wells Fargo & Company MN now owns 733,038 shares of the software maker's stock valued at $189,146,000 after acquiring an additional 40,698 shares during the period. Finally, Resona Asset Management Co. Ltd. acquired a new position in shares of Workday during the fourth quarter valued at approximately $16,892,000. Institutional investors and hedge funds own 89.81% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on WDAY shares. JMP Securities reiterated a "market outperform" rating and set a $315.00 price objective on shares of Workday in a research note on Friday, May 23rd. DA Davidson lifted their price target on shares of Workday from $230.00 to $250.00 and gave the stock a "neutral" rating in a research report on Friday, May 23rd. Oppenheimer decreased their price target on shares of Workday from $320.00 to $300.00 and set an "outperform" rating on the stock in a research report on Friday, May 23rd. Westpark Capital lifted their price target on shares of Workday from $315.00 to $328.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, Loop Capital decreased their price target on shares of Workday from $285.00 to $250.00 and set a "hold" rating on the stock in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $296.88.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 451 shares of Workday stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $234.86, for a total value of $105,921.86. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder David A. Duffield sold 72,551 shares of Workday stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $239.61, for a total transaction of $17,383,945.11. Following the completion of the transaction, the insider owned 102,997 shares in the company, valued at $24,679,111.17. This trade represents a 41.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 329,005 shares of company stock worth $79,203,523 in the last 90 days. 19.31% of the stock is owned by corporate insiders.

Workday Stock Up 0.3%

Shares of Workday stock traded up $0.74 on Friday, hitting $221.72. 1,713,369 shares of the company traded hands, compared to its average volume of 2,306,574. The company has a 50-day moving average price of $238.22 and a 200 day moving average price of $245.47. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.33. Workday, Inc. has a 12-month low of $205.33 and a 12-month high of $294.00. The company has a market cap of $59.20 billion, a PE ratio of 122.49, a PEG ratio of 3.46 and a beta of 1.24.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings data on Thursday, May 22nd. The software maker reported $2.23 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the previous year, the business earned $1.74 EPS. Workday's quarterly revenue was up 12.6% compared to the same quarter last year. Sell-side analysts predict that Workday, Inc. will post 2.63 earnings per share for the current year.

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.