EULAV Asset Management Sells 16,000 Shares of Workday, Inc. $WDAY

Key Points

• EULAV Asset Management cut its Workday stake by 26.2% in the fourth quarter, selling 16,000 shares and leaving it with 45,000 shares valued at about $9.67 million.
• Several hedge funds also adjusted their positions in Workday, while institutional ownership remains very high at 89.81% of the company’s stock.
• Workday reported strong quarterly results, with EPS of $2.66 and revenue of $2.54 billion, both ahead of expectations; analysts currently rate the stock Moderate Buy with a consensus price target of $185.03.

EULAV Asset Management lessened its holdings in Workday, Inc. (NASDAQ:WDAY - Free Report) by 26.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,000 shares of the software maker's stock after selling 16,000 shares during the period. EULAV Asset Management's holdings in Workday were worth $9,665,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in WDAY. Finivi Inc. increased its holdings in shares of Workday by 3.3% during the third quarter. Finivi Inc. now owns 1,516 shares of the software maker's stock worth $365,000 after buying an additional 48 shares in the last quarter. Strategic Investment Advisors MI increased its holdings in shares of Workday by 1.6% during the second quarter. Strategic Investment Advisors MI now owns 3,263 shares of the software maker's stock worth $777,000 after buying an additional 50 shares in the last quarter. Legacy Financial Advisors Inc. increased its holdings in shares of Workday by 5.1% during the third quarter. Legacy Financial Advisors Inc. now owns 1,113 shares of the software maker's stock worth $268,000 after buying an additional 54 shares in the last quarter. Sagespring Wealth Partners LLC increased its holdings in shares of Workday by 3.0% during the fourth quarter. Sagespring Wealth Partners LLC now owns 2,052 shares of the software maker's stock worth $441,000 after buying an additional 59 shares in the last quarter. Finally, CVA Family Office LLC increased its holdings in shares of Workday by 35.3% in the fourth quarter. CVA Family Office LLC now owns 249 shares of the software maker's stock valued at $53,000 after purchasing an additional 65 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company's stock.

Wall Street Analyst Weigh In

WDAY has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Workday from $265.00 to $190.00 and set a "buy" rating for the company in a report on Wednesday, February 18th. BTIG Research reissued a "buy" rating and issued a $175.00 price target on shares of Workday in a report on Monday, May 18th. UBS Group raised their price target on shares of Workday from $130.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 22nd. Monness Crespi & Hardt raised shares of Workday to a "hold" rating in a report on Friday, May 22nd. Finally, Oppenheimer reissued an "outperform" rating and issued a $165.00 price target on shares of Workday in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $185.03.

Insider Activity

In other news, insider Robert Enslin sold 5,373 shares of Workday stock in a transaction on Monday, April 6th. The shares were sold at an average price of $129.41, for a total transaction of $695,319.93. Following the transaction, the insider directly owned 165,414 shares of the company's stock, valued at $21,406,225.74. This trade represents a 3.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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, CFO Zane Rowe sold 6,000 shares of the business's stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $128.22, for a total transaction of $769,320.00. Following the completion of the sale, the chief financial officer directly owned 217,930 shares in the company, valued at $27,942,984.60. This represents a 2.68% 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. In the last three months, insiders sold 774,814 shares of company stock valued at $101,308,591. 18.64% of the stock is owned by company insiders.

Workday Price Performance

Shares of WDAY stock opened at $144.28 on Friday. The firm's 50 day moving average price is $127.25 and its two-hundred day moving average price is $163.05. The stock has a market cap of $35.64 billion, a PE ratio of 45.09, a PEG ratio of 1.63 and a beta of 1.09. Workday, Inc. has a 52-week low of $110.36 and a 52-week high of $257.09. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share for the quarter, topping analysts' consensus estimates of $2.51 by $0.15. The company had revenue of $2.54 billion for the quarter, compared to analysts' expectations of $2.52 billion. Workday had a net margin of 8.60% and a return on equity of 14.75%. The business's quarterly revenue was up 13.5% compared to the same quarter last year. During the same period last year, the firm posted $2.23 earnings per share. As a group, analysts forecast that Workday, Inc. will post 5.18 EPS for the current year.

About Workday

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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