First Citizens Bank & Trust Co. Reduces Stock Position in Workday, Inc. (NASDAQ:WDAY)

First Citizens Bank & Trust Co. lowered its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 50.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,113 shares of the software maker's stock after selling 1,116 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Workday were worth $260,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of WDAY. Vanguard Group Inc. grew its holdings in shares of Workday by 28.9% in the fourth quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker's stock valued at $5,197,447,000 after purchasing an additional 4,517,272 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in shares of Workday in the 4th quarter worth about $658,735,000. Norges Bank purchased a new position in Workday in the fourth quarter worth about $645,710,000. Parnassus Investments LLC increased its stake in 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 acquiring an additional 2,078,097 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Workday by 61.9% during the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock valued at $1,193,105,000 after purchasing an additional 1,772,223 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director George J. Still, Jr. sold 7,500 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $248.41, for a total transaction of $1,863,075.00. Following the transaction, the director now owns 67,500 shares in the company, valued at $16,767,675. The trade was a 10.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 497 shares of the firm's stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $226.55, for a total transaction of $112,595.35. Following the completion of the sale, the chief accounting officer now directly owns 34,385 shares of the company's stock, valued at approximately $7,789,921.75. This represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 252,338 shares of company stock valued at $59,928,801. Corporate insiders own 19.31% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on WDAY. Wells Fargo & Company decreased their price target 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. Morgan Stanley set a $255.00 price objective on Workday and gave the company an "equal weight" rating in a report on Friday, May 23rd. Scotiabank decreased their target price on Workday from $355.00 to $305.00 and set a "sector outperform" rating on the stock in a research report on Monday, March 17th. Guggenheim reiterated a "neutral" rating on shares of Workday in a report on Friday, May 23rd. Finally, Oppenheimer lowered their price target on Workday from $320.00 to $300.00 and set an "outperform" rating for the company in a report on Friday, May 23rd. Nine research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Workday currently has an average rating of "Moderate Buy" and an average target price of $293.54.

Workday Trading Down 0.3%

Shares of NASDAQ:WDAY traded down $0.67 during trading on Thursday, reaching $250.69. The stock had a trading volume of 1,963,815 shares, compared to its average volume of 2,461,087. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. The firm's fifty day moving average is $244.11 and its 200 day moving average is $252.77. Workday, Inc. has a 52 week low of $199.81 and a 52 week high of $294.00. The stock has a market cap of $66.93 billion, a price-to-earnings ratio of 41.57, a P/E/G ratio of 3.55 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 for the quarter, beating the consensus estimate of $2.01 by $0.22. Workday had a net margin of 19.86% and a return on equity of 6.13%. The company 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 posted $1.74 EPS. Workday's revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, equities analysts forecast that Workday, Inc. will post 2.63 EPS 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.