Workday, Inc. (NASDAQ:WDAY) Stake Cut by Forsta AP Fonden

Key Points

• Forsta AP Fonden reduced its stake in Workday, Inc. by 34.7%, selling 26,300 shares, which left them with 49,400 shares valued at approximately $11.5 million.
• Other major investors such as Vanguard Group and The Manufacturers Life Insurance Company have increased their holdings in Workday, reflecting a strong institutional interest with 89.81% of the company's stock owned by institutions.
• Workday's recent quarterly earnings surpassed expectations, reporting $2.23 earnings per share against forecasts of $2.01, alongside a 12.6% year-over-year revenue increase.

Forsta AP Fonden decreased its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 34.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,400 shares of the software maker's stock after selling 26,300 shares during the quarter. Forsta AP Fonden's holdings in Workday were worth $11,536,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in WDAY. Private Trust Co. NA increased its stake in Workday by 15.2% in the first quarter. Private Trust Co. NA now owns 318 shares of the software maker's stock valued at $74,000 after purchasing an additional 42 shares during the last quarter. CreativeOne Wealth LLC increased its stake in Workday by 1.5% in the fourth quarter. CreativeOne Wealth LLC now owns 2,889 shares of the software maker's stock valued at $745,000 after purchasing an additional 43 shares during the last quarter. Salvus Wealth Management LLC increased its stake in Workday by 2.8% in the first quarter. Salvus Wealth Management LLC now owns 1,658 shares of the software maker's stock valued at $387,000 after purchasing an additional 45 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in Workday by 15.0% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 353 shares of the software maker's stock valued at $82,000 after purchasing an additional 46 shares during the last quarter. Finally, AE Wealth Management LLC grew its position in shares of Workday by 0.4% during the first quarter. AE Wealth Management LLC now owns 11,896 shares of the software maker's stock worth $2,778,000 after acquiring an additional 46 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company's stock.

Insider Activity at Workday

In related news, CFO Zane Rowe sold 6,000 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $239.59, for a total transaction of $1,437,540.00. Following the transaction, the chief financial officer directly owned 178,418 shares in the company, valued at $42,747,168.62. This trade represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 451 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $234.86, for a total value of $105,921.86. Following the transaction, the chief accounting officer 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 329,005 shares of company stock worth $79,203,523. 20.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company lowered their target price on shares of Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $300.00 price objective on shares of Workday in a research report on Wednesday, May 21st. Citigroup lowered shares of Workday from a "neutral" rating to a "mixed" rating in a research report on Friday, May 16th. KeyCorp lowered their price objective on shares of Workday from $335.00 to $325.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. Finally, Mizuho lowered their price objective on shares of Workday from $320.00 to $275.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Workday currently has a consensus rating of "Moderate Buy" and an average price target of $296.88.

Workday Stock Up 0.5%

NASDAQ WDAY traded up $1.09 on Friday, reaching $222.07. The company had a trading volume of 2,386,346 shares, compared to its average volume of 2,506,795. The firm has a market capitalization of $59.29 billion, a PE ratio of 122.69, a P/E/G ratio of 3.36 and a beta of 1.24. Workday, Inc. has a 1 year low of $205.33 and a 1 year high of $294.00. The firm has a 50-day moving average of $237.71 and a 200-day moving average of $245.15. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.07 and a quick ratio of 2.07.

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

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.