ICICI Prudential Asset Management Co Ltd Increases Stake in Workday, Inc. $WDAY

Key Points

• ICICI Prudential Asset Management increased its stake in Workday by 25.1% in the fourth quarter, ending with 40,318 shares valued at about $8.66 million.
• Analyst sentiment on Workday is mixed but generally positive, with a consensus rating of “Moderate Buy” and an average price target of $185.03.
• Workday reported strong quarterly results, posting EPS of $2.66 versus the $2.51 estimate and revenue of $2.54 billion, while the stock was trading around $130.53 after falling 5%.

ICICI Prudential Asset Management Co Ltd raised its stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 25.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,318 shares of the software maker's stock after buying an additional 8,086 shares during the quarter. ICICI Prudential Asset Management Co Ltd's holdings in Workday were worth $8,660,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Rakuten Securities Inc. purchased a new stake in Workday during the 2nd quarter valued at approximately $25,000. Measured Wealth Private Client Group LLC purchased a new stake in Workday during the 3rd quarter valued at approximately $26,000. DT Investment Partners LLC purchased a new stake in Workday during the 4th quarter valued at approximately $27,000. LRI Investments LLC purchased a new stake in Workday during the 4th quarter valued at approximately $29,000. Finally, JPL Wealth Management LLC purchased a new stake in Workday during the 3rd quarter valued at approximately $30,000. 89.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WDAY has been the subject of a number of research analyst reports. Citigroup reaffirmed a "market perform" rating on shares of Workday in a report on Friday, May 22nd. Barclays raised shares of Workday from an "overweight" rating to a "buy" rating in a report on Friday, May 22nd. Citizens Jmp lowered shares of Workday from an "outperform" rating to a "market perform" rating in a report on Wednesday, February 18th. Wolfe Research reissued an "outperform" rating and issued a $160.00 target price on shares of Workday in a report on Friday, May 22nd. Finally, Robert W. Baird set a $195.00 target price on shares of Workday in a report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $185.03.

Insider Buying and Selling

In related news, insider Gerrit S. Kazmaier sold 9,356 shares of the firm's stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $128.39, for a total value of $1,201,216.84. Following the completion of the sale, the insider directly owned 165,074 shares in the company, valued at $21,193,850.86. This trade represents a 5.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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, insider Robert Enslin sold 5,373 shares of the firm's stock in a transaction on Monday, April 6th. The stock was sold at an average price of $129.41, for a total value of $695,319.93. Following the completion of the sale, the insider owned 165,414 shares of the company's stock, valued at approximately $21,406,225.74. This represents a 3.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold 774,814 shares of company stock valued at $102,709,316 over the last 90 days. 18.64% of the stock is currently owned by insiders.

Workday Trading Down 5.0%

WDAY stock opened at $130.53 on Friday. The firm has a fifty day moving average price of $128.07 and a 200 day moving average price of $160.22. Workday, Inc. has a fifty-two week low of $110.36 and a fifty-two week high of $253.54. 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 has a market cap of $32.24 billion, a PE ratio of 40.79, a price-to-earnings-growth ratio of 1.46 and a beta of 1.09.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.51 by $0.15. The company had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.52 billion. Workday had a return on equity of 14.75% and a net margin of 8.60%.Workday's revenue was up 13.5% on a year-over-year basis. During the same period last year, the company earned $2.23 earnings per share. Sell-side analysts anticipate that Workday, Inc. will post 5.4 earnings per share 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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