Glenmede Trust Co. NA Has $7.12 Million Holdings in Workday, Inc. $WDAY

Key Points

• Glenmede Trust cut its Workday stake by 38.7% in the first quarter, selling 34,621 shares and retaining 54,831 shares valued at approximately $7.12 million. Institutional investors collectively own 89.81% of Workday.
• Workday insiders have been net sellers, with executives and major shareholders selling 875,020 shares worth about $113.9 million over the past 90 days, including CFO Zane Rowe and founder David Duffield through pre-arranged trading plans.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $179.80 target price. Workday recently beat quarterly earnings and revenue estimates, reporting $2.66 EPS and $2.54 billion in revenue, up 13.5% year over year.

Glenmede Trust Co. NA lessened its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 38.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,831 shares of the software maker's stock after selling 34,621 shares during the quarter. Glenmede Trust Co. NA's holdings in Workday were worth $7,124,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Workday by 14.7% in the 4th quarter. Vanguard Group Inc. now owns 25,009,288 shares of the software maker's stock valued at $5,371,495,000 after acquiring an additional 3,210,232 shares during the last quarter. Auto Owners Insurance Co boosted its stake in Workday by 25,412.8% during the 4th quarter. Auto Owners Insurance Co now owns 10,230,616 shares of the software maker's stock worth $2,197,332,000 after acquiring an additional 10,190,516 shares during the last quarter. State Street Corp boosted its stake in Workday by 1.0% during the 4th quarter. State Street Corp now owns 9,770,707 shares of the software maker's stock worth $2,098,552,000 after acquiring an additional 96,139 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in Workday by 47.5% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker's stock valued at $1,406,463,000 after purchasing an additional 1,882,391 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Workday by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 5,091,926 shares of the software maker's stock valued at $1,089,970,000 after purchasing an additional 75,922 shares during the period. Institutional investors and hedge funds own 89.81% of the company's stock.

Insider Buying and Selling

In other Workday news, CFO Zane Rowe sold 6,000 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $143.70, for a total transaction of $862,200.00. Following the completion of the transaction, the chief financial officer owned 288,460 shares in the company, valued at approximately $41,451,702. This represents a 2.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder David A. Duffield sold 107,500 shares of Workday stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $122.04, for a total value of $13,119,300.00. Following the completion of the sale, the insider directly owned 105,049 shares in the company, valued at $12,820,179.96. This represents a 50.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 875,020 shares of company stock valued at $113,938,503. Company insiders own 18.64% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wells Fargo & Company upped their target price on shares of Workday from $180.00 to $185.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. CLSA assumed coverage on shares of Workday in a report on Monday, July 20th. They issued an "underperform" rating and a $92.00 price target for the company. Oppenheimer restated an "outperform" rating on shares of Workday in a research report on Thursday, June 11th. HC Wainwright set a $140.00 price objective on Workday in a research note on Wednesday, May 27th. Finally, Citigroup reaffirmed a "market perform" rating on shares of Workday in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Workday presently has a consensus rating of "Moderate Buy" and a consensus target price of $179.80.

Workday Stock Performance

Shares of WDAY opened at $165.05 on Tuesday. The firm has a market cap of $40.77 billion, a P/E ratio of 51.58, a PEG ratio of 1.71 and a beta of 1.08. Workday, Inc. has a twelve month low of $110.36 and a twelve month high of $249.85. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01. The firm's 50 day moving average price is $137.05 and its two-hundred day moving average price is $139.34.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings data on Thursday, May 21st. The software maker reported $2.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.51 by $0.15. Workday had a net margin of 8.60% and a return on equity of 14.75%. The company had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the prior year, the firm earned $2.23 earnings per share. The firm's revenue was up 13.5% compared to the same quarter last year. On average, analysts forecast that Workday, Inc. will post 5.38 EPS for the current fiscal year.

Workday Company Profile

Workday, Inc NASDAQ: WDAY is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday's platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company's product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.

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