Epoch Investment Partners Inc. Sells 93,658 Shares of Workday, Inc. $WDAY

Key Points

• Epoch Investment Partners cut its Workday stake by 90.1% in the first quarter, selling 93,658 shares and retaining 10,259 shares worth approximately $1.33 million.
• Analysts remain broadly positive, with Workday carrying a consensus “Moderate Buy” rating and an average price target of $179.80, above its reported opening price of $135.34.
• Workday exceeded quarterly expectations, reporting $2.66 in adjusted earnings per share and $2.54 billion in revenue; revenue increased 13.5% year over year.

Epoch Investment Partners Inc. lowered its holdings in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 90.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,259 shares of the software maker's stock after selling 93,658 shares during the quarter. Epoch Investment Partners Inc.'s holdings in Workday were worth $1,333,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Workday in the fourth quarter valued at approximately $448,804,000. Harvest Fund Management Co. Ltd increased its holdings in Workday by 40.1% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 55,605 shares of the software maker's stock worth $11,943,000 after purchasing an additional 15,903 shares during the period. Aurora Investment Counsel purchased a new position in Workday during the 4th quarter worth $2,357,000. Robeco Institutional Asset Management B.V. raised its position in Workday by 18.3% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 571,766 shares of the software maker's stock valued at $122,804,000 after purchasing an additional 88,384 shares in the last quarter. Finally, Morningstar Investment Management LLC raised its position in Workday by 127.2% during the 4th quarter. Morningstar Investment Management LLC now owns 27,043 shares of the software maker's stock valued at $5,808,000 after purchasing an additional 15,138 shares in the last quarter. Institutional investors own 89.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on WDAY shares. Oppenheimer reiterated an "outperform" rating on shares of Workday in a report on Thursday, June 11th. BMO Capital Markets restated an "outperform" rating on shares of Workday in a report on Friday, May 22nd. Wells Fargo & Company upped their price target on shares of Workday from $180.00 to $185.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. HC Wainwright set a $140.00 price objective on shares of Workday in a research note on Wednesday, May 27th. Finally, KeyCorp lifted their price objective on shares of Workday from $155.00 to $158.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Workday currently has a consensus rating of "Moderate Buy" and an average price target of $179.80.

Insider Buying and Selling

In other Workday news, CFO Zane Rowe sold 6,000 shares of the business's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $143.70, for a total transaction of $862,200.00. Following the sale, the chief financial officer owned 288,460 shares of the company's stock, valued at approximately $41,451,702. The trade was a 2.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 2,728 shares of the company's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $143.62, for a total value of $391,795.36. Following the completion of the transaction, the insider directly owned 266,388 shares in the company, valued at approximately $38,258,644.56. The trade was a 1.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold 875,020 shares of company stock worth $113,938,503 over the last ninety days. Company insiders own 18.64% of the company's stock.

Workday Stock Performance

Shares of NASDAQ:WDAY opened at $135.34 on Monday. The business's 50-day moving average is $133.13 and its 200 day moving average is $141.37. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01. Workday, Inc. has a 1 year low of $110.36 and a 1 year high of $249.85. The firm has a market capitalization of $33.43 billion, a P/E ratio of 42.29, a P/E/G ratio of 1.44 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 earnings per share for the quarter, topping the consensus estimate of $2.51 by $0.15. Workday had a return on equity of 14.75% and a net margin of 8.60%.The business had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter last year, the company earned $2.23 earnings per share. The company's quarterly revenue was up 13.5% on a year-over-year basis. On average, research analysts predict that Workday, Inc. will post 5.38 earnings per share for the current fiscal year.

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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