Federated Hermes Inc. Has $36.94 Million Holdings in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Federated Hermes Inc. reduced its holdings in Workday, Inc. by 6.3% in Q1, selling 10,555 shares and retaining approximately 0.06% ownership valued at $36.9 million.
• Analysts have mixed views on Workday, with Piper Sandler downgrading their price target to $235, while Royal Bank of Canada set theirs at $340, indicating a range of opinions among investors.
• Insider trading activity includes a major shareholder selling 72,551 shares and the CEO selling 6,250 shares, indicating significant insider selling and a decrease in ownership stakes.

Federated Hermes Inc. decreased its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 158,190 shares of the software maker's stock after selling 10,555 shares during the period. Federated Hermes Inc. owned approximately 0.06% of Workday worth $36,942,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. TCTC Holdings LLC boosted its holdings in shares of Workday by 158.8% in the first quarter. TCTC Holdings LLC now owns 352 shares of the software maker's stock valued at $82,000 after acquiring an additional 216 shares in the last quarter. Meeder Advisory Services Inc. boosted its holdings in shares of Workday by 17.4% in the first quarter. Meeder Advisory Services Inc. now owns 5,318 shares of the software maker's stock valued at $1,242,000 after acquiring an additional 787 shares in the last quarter. Picton Mahoney Asset Management boosted its holdings in shares of Workday by 989,875.0% in the first quarter. Picton Mahoney Asset Management now owns 39,599 shares of the software maker's stock valued at $9,249,000 after acquiring an additional 39,595 shares in the last quarter. LPL Financial LLC boosted its holdings in shares of Workday by 11.4% in the first quarter. LPL Financial LLC now owns 188,665 shares of the software maker's stock valued at $43,693,000 after acquiring an additional 19,372 shares in the last quarter. Finally, Resolute Wealth Strategies LLC boosted its holdings in shares of Workday by 18.9% in the first quarter. Resolute Wealth Strategies LLC now owns 1,889 shares of the software maker's stock valued at $441,000 after acquiring an additional 300 shares in the last quarter. Institutional investors own 89.81% of the company's stock.

Insider Activity at Workday

In other news, CFO Zane Rowe sold 6,000 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $239.59, for a total transaction of $1,437,540.00. Following the transaction, the chief financial officer owned 178,418 shares in the company, valued at $42,747,168.62. This represents a 3.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Carl M. Eschenbach sold 6,250 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $239.43, for a total transaction of $1,496,437.50. Following the transaction, the chief executive officer owned 1,472 shares in the company, valued at approximately $352,440.96. This trade represents a 80.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 329,005 shares of company stock worth $79,203,523 over the last quarter. 19.31% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on WDAY shares. Mizuho decreased their price objective on shares of Workday from $320.00 to $275.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Wall Street Zen raised shares of Workday from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Oppenheimer cut their target price on shares of Workday from $320.00 to $300.00 and set an "outperform" rating for the company in a research note on Friday, May 23rd. Royal Bank Of Canada reissued an "outperform" rating and set a $340.00 target price on shares of Workday in a research note on Friday, May 23rd. Finally, Wells Fargo & Company cut their target price on shares of Workday from $360.00 to $325.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $296.88.

Workday Stock Down 3.1%

WDAY stock traded down $7.16 during midday trading on Friday, reaching $222.22. The company had a trading volume of 4,088,210 shares, compared to its average volume of 2,235,786. Workday, Inc. has a 1 year low of $199.81 and a 1 year 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 company has a market capitalization of $59.33 billion, a P/E ratio of 122.77, a PEG ratio of 3.47 and a beta of 1.24. The company has a 50 day moving average of $239.40 and a two-hundred day moving average of $246.15.

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