Fjarde AP Fonden Fourth Swedish National Pension Fund Cuts Stock Holdings in Workday, Inc. $WDAY

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in Workday, Inc. by 10.8%, now holding 34,757 shares worth approximately $8.12 million.
• Insider sales included CEO Carl M. Eschenbach offloading 6,250 shares valued at nearly $1.5 million, significantly reducing his ownership by 80.94%.
• Workday reported a quarterly earnings per share (EPS) of $2.23, surpassing estimates, with a 12.6% increase in revenue from the same quarter last year.

Fjarde AP Fonden Fourth Swedish National Pension Fund lessened its holdings in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 10.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 34,757 shares of the software maker's stock after selling 4,200 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Workday were worth $8,117,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in WDAY. Vanguard Group Inc. boosted its holdings in Workday by 2.3% during the first quarter. Vanguard Group Inc. now owns 20,598,655 shares of the software maker's stock worth $4,810,404,000 after buying an additional 455,855 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Workday by 60.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock worth $960,454,000 after buying an additional 1,406,088 shares during the last quarter. Brown Advisory Inc. lifted its holdings in shares of Workday by 1.5% during the 4th quarter. Brown Advisory Inc. now owns 3,530,701 shares of the software maker's stock valued at $911,027,000 after purchasing an additional 52,104 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new position in shares of Workday during the 4th quarter valued at about $658,735,000. Finally, Northern Trust Corp lifted its holdings in shares of Workday by 51.2% during the 4th quarter. Northern Trust Corp now owns 2,263,981 shares of the software maker's stock valued at $584,175,000 after purchasing an additional 767,034 shares in the last quarter. Institutional investors own 89.81% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on WDAY shares. Wells Fargo & Company cut their price objective on Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC restated a "buy" rating and issued a $300.00 target price on shares of Workday in a research note on Wednesday, May 21st. Piper Sandler restated an "underweight" rating and issued a $235.00 target price (down previously from $255.00) on shares of Workday in a research note on Thursday, July 10th. Guggenheim restated a "neutral" rating on shares of Workday in a research note on Friday, May 23rd. Finally, Citigroup cut Workday from a "neutral" rating to a "mixed" rating in a research note on Friday, May 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $294.31.

Workday Trading Up 1.9%

Shares of WDAY stock traded up $4.17 during mid-day trading on Friday, reaching $226.09. 2,888,429 shares of the stock traded hands, compared to its average volume of 2,942,249. The stock's fifty day simple moving average is $234.67 and its two-hundred day simple moving average is $243.61. Workday, Inc. has a 1-year low of $205.33 and a 1-year high of $294.00. The company has a market cap of $60.37 billion, a price-to-earnings ratio of 124.91, a price-to-earnings-growth ratio of 3.42 and a beta of 1.24. 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 (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, beating analysts' consensus estimates of $2.01 by $0.22. Workday had a return on equity of 8.00% and a net margin of 5.60%. The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period last year, the firm posted $1.74 earnings per share. The business's revenue for the quarter was up 12.6% on a year-over-year basis. On average, research analysts anticipate that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Insider Activity at Workday

In other news, CAO Mark S. Garfield sold 451 shares of the firm's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $234.86, for a total transaction of $105,921.86. Following the completion of the transaction, the chief accounting officer directly owned 42,977 shares in the company, valued at $10,093,578.22. This trade represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David A. Duffield sold 73,971 shares of Workday stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $238.66, for a total value of $17,653,918.86. Following the completion of the sale, the insider owned 102,997 shares of the company's stock, valued at approximately $24,581,264.02. The trade was a 41.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 329,005 shares of company stock valued at $79,203,523 over the last ninety days. Insiders own 20.00% of the company's stock.

Workday Company Profile

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.