Hyperion Asset Management Ltd Sells 459,000 Shares of Workday, Inc. $WDAY

Key Points

• Hyperion Asset Management cut its stake in Workday by 76.1% in Q3, selling 459,000 shares and leaving it with 144,395 shares (about $34.8M), making WDAY roughly 1.0% of Hyperion’s holdings.
• Workday beat the latest quarter with EPS $2.47 vs. $2.32 expected and revenue $2.53B (up 14.5% year-over-year); the stock trades with a market cap around $34.2B and a P/E near 51.6.
• Analysts are mixed—MarketBeat’s consensus is a “Moderate Buy” with a $203 target while several firms have recently cut price targets—meanwhile insiders have sold about 610,796 shares in the past 90 days and still own ~20% of the company.

Hyperion Asset Management Ltd trimmed its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 76.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,395 shares of the software maker's stock after selling 459,000 shares during the period. Workday makes up approximately 1.0% of Hyperion Asset Management Ltd's holdings, making the stock its 18th biggest holding. Hyperion Asset Management Ltd owned approximately 0.05% of Workday worth $34,760,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Rakuten Securities Inc. bought a new stake in Workday in the second quarter worth $25,000. Berbice Capital Management LLC grew its stake in shares of Workday by 136.4% in the 2nd quarter. Berbice Capital Management LLC now owns 130 shares of the software maker's stock worth $31,000 after buying an additional 75 shares in the last quarter. Root Financial Partners LLC purchased a new position in shares of Workday in the 3rd quarter worth $40,000. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Workday in the 2nd quarter worth about $41,000. Finally, Geneos Wealth Management Inc. raised its position in shares of Workday by 211.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker's stock valued at $44,000 after buying an additional 127 shares in the last quarter. 89.81% of the stock is currently owned by institutional investors.

Workday Trading Down 0.8%

WDAY opened at $133.09 on Monday. The stock has a market cap of $34.20 billion, a price-to-earnings ratio of 51.59, a P/E/G ratio of 1.29 and a beta of 1.17. The stock's 50 day moving average price is $164.66 and its 200-day moving average price is $205.82. Workday, Inc. has a one year low of $117.76 and a one year high of $276.00. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.32 and a current ratio of 1.32.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings results on Tuesday, February 24th. The software maker reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.15. Workday had a return on equity of 13.37% and a net margin of 7.26%.The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the prior year, the business posted $1.92 earnings per share. The company's revenue for the quarter was up 14.5% on a year-over-year basis. On average, equities analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

Wall Street Analyst Weigh In

WDAY has been the subject of several analyst reports. Evercore lowered Workday from an "outperform" rating to an "in-line" rating and set a $160.00 price objective for the company. in a research note on Wednesday, February 25th. Citigroup cut their target price on Workday from $247.00 to $148.00 and set a "neutral" rating on the stock in a research report on Thursday, February 26th. BMO Capital Markets decreased their price target on Workday from $204.00 to $182.00 and set an "outperform" rating on the stock in a report on Wednesday, February 25th. Needham & Company LLC restated a "buy" rating and issued a $300.00 price target on shares of Workday in a research report on Wednesday, February 25th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $200.00 price objective on shares of Workday in a research note on Monday, February 23rd. Twenty equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to MarketBeat, Workday presently has an average rating of "Moderate Buy" and a consensus target price of $203.00.

Insiders Place Their Bets

In other news, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $208.75, for a total transaction of $1,252,500.00. Following the completion of the sale, the chief financial officer directly owned 159,158 shares in the company, valued at approximately $33,224,232.50. This trade represents a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 953 shares of the business's stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $209.56, for a total transaction of $199,710.68. Following the sale, the chief accounting officer directly owned 35,336 shares of the company's stock, valued at $7,405,012.16. This represents a 2.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 610,796 shares of company stock valued at $107,013,566. Insiders own 20.00% of the company's stock.

Workday 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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