Focus Partners Wealth Raises Stake in Workday, Inc. $WDAY

Key Points

• Focus Partners Wealth increased its stake in Workday, Inc. by 6.6% in Q1 2023, holding a total of 186,096 shares valued at approximately $43.5 million.
• Workday reported earnings of $2.21 EPS for the last quarter, beating the consensus estimate of $2.09, with a revenue increase of 12.6% year-over-year.
• Analysts have set a current average target price of $286.81 for Workday, indicating a generally positive outlook with two "Strong Buy" ratings and nineteen "Buy" ratings.

Focus Partners Wealth raised its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 6.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 186,096 shares of the software maker's stock after buying an additional 11,492 shares during the quarter. Focus Partners Wealth owned approximately 0.07% of Workday worth $43,459,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC grew its holdings in Workday by 5.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 22,645 shares of the software maker's stock valued at $5,288,000 after buying an additional 1,070 shares in the last quarter. Kingswood Wealth Advisors LLC grew its holdings in Workday by 13.9% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,136 shares of the software maker's stock valued at $265,000 after buying an additional 139 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in Workday by 33.8% in the 1st quarter. Nisa Investment Advisors LLC now owns 32,055 shares of the software maker's stock valued at $7,486,000 after buying an additional 8,093 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in Workday in the 1st quarter valued at $290,000. Finally, D.A. Davidson & CO. grew its holdings in Workday by 27.8% in the 1st quarter. D.A. Davidson & CO. now owns 1,601 shares of the software maker's stock valued at $374,000 after buying an additional 348 shares in the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Workday Price Performance

WDAY opened at $226.48 on Thursday. The stock's 50-day moving average price is $229.96 and its 200 day moving average price is $239.55. Workday, Inc. has a 12-month low of $205.33 and a 12-month high of $294.00. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.33. The firm has a market cap of $60.47 billion, a price-to-earnings ratio of 104.85, a PEG ratio of 3.21 and a beta of 1.12.

Workday (NASDAQ:WDAY - Get Free Report) last posted its earnings results on Thursday, August 21st. The software maker reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.12. Workday had a return on equity of 9.74% and a net margin of 6.51%.The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the prior year, the company earned $1.75 EPS. Workday's revenue was up 12.6% on a year-over-year basis. Workday has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. As a group, sell-side analysts expect that Workday, Inc. will post 2.63 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on WDAY. Guggenheim restated a "neutral" rating on shares of Workday in a report on Friday, August 22nd. Westpark Capital increased their price target on Workday from $315.00 to $328.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Morgan Stanley set a $255.00 price target on Workday and gave the stock an "equal weight" rating in a report on Friday, May 23rd. DA Davidson increased their price target on Workday from $230.00 to $250.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $300.00 price target on shares of Workday in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Workday presently has an average rating of "Moderate Buy" and a consensus target price of $286.81.

Insider Transactions at Workday

In related news, major shareholder David A. Duffield sold 73,971 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $238.66, for a total transaction of $17,653,918.86. Following the transaction, the insider owned 102,997 shares of the company's stock, valued at approximately $24,581,264.02. This represents a 41.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Zane Rowe sold 6,000 shares of the stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $239.59, for a total value of $1,437,540.00. Following the completion of the sale, the chief financial officer directly owned 178,418 shares in the company, valued at $42,747,168.62. This represents a 3.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 318,380 shares of company stock worth $76,586,604 in the last 90 days. Insiders own 19.31% of the company's stock.

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.

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