Workday, Inc. (NASDAQ:WDAY) Shares Sold by ING Groep NV

Key Points

• ING Groep NV reduced its stake in Workday, Inc. by 43%, now holding 15,568 shares valued at approximately $3.636 million.
• Multiple institutional investors increased their positions in Workday during the fourth quarter, with T. Rowe Price acquiring shares worth about $658 million.
• Workday reported a quarterly earnings per share of $2.23, exceeding analysts' estimates of $2.01, alongside a 12.6% year-over-year revenue growth.

ING Groep NV trimmed its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 43.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,568 shares of the software maker's stock after selling 11,741 shares during the period. ING Groep NV's holdings in Workday were worth $3,636,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Manchester Capital Management LLC boosted its position in shares of Workday by 31.8% in the first quarter. Manchester Capital Management LLC now owns 261 shares of the software maker's stock valued at $61,000 after acquiring an additional 63 shares during the period. Banco Santander S.A. grew its position in shares of Workday by 18.6% during the 1st quarter. Banco Santander S.A. now owns 11,575 shares of the software maker's stock valued at $2,703,000 after purchasing an additional 1,815 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of Workday by 298.8% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 24,521 shares of the software maker's stock worth $5,726,000 after purchasing an additional 18,373 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Workday by 9.0% in the first quarter. PNC Financial Services Group Inc. now owns 92,446 shares of the software maker's stock worth $21,589,000 after buying an additional 7,664 shares in the last quarter. Finally, TIAA Trust National Association boosted its stake in Workday by 1,368.1% during the first quarter. TIAA Trust National Association now owns 79,735 shares of the software maker's stock valued at $18,620,000 after buying an additional 74,304 shares during the period. 89.81% of the stock is currently owned by institutional investors.

Workday Trading Up 0.5%

WDAY traded up $1.09 during mid-day trading on Friday, hitting $222.07. 2,386,346 shares of the stock were exchanged, compared to its average volume of 2,512,807. The firm's fifty day moving average is $237.71 and its two-hundred day moving average is $245.27. Workday, Inc. has a 1-year low of $205.33 and a 1-year high of $294.00. The company has a market cap of $59.29 billion, a PE ratio of 122.69, a PEG ratio of 3.34 and a beta of 1.24. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.33.

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

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 451 shares of Workday stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $234.86, for a total transaction of $105,921.86. Following the sale, the chief accounting officer directly owned 42,977 shares in the company, valued at $10,093,578.22. This trade represents a 1.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director George J. Still, Jr. sold 7,500 shares of Workday stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $248.41, for a total value of $1,863,075.00. Following the sale, the director owned 67,500 shares in the company, valued at $16,767,675. This trade represents a 10.00% decrease in their position. 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. Corporate insiders own 19.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on WDAY. Westpark Capital increased their price objective on Workday from $315.00 to $328.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Citigroup cut shares of Workday from a "neutral" rating to a "mixed" rating in a research report on Friday, May 16th. Morgan Stanley set a $255.00 price objective on shares of Workday and gave the company an "equal weight" rating in a research note on Friday, May 23rd. Needham & Company LLC reiterated a "buy" rating and issued a $300.00 target price on shares of Workday in a research report on Wednesday, May 21st. Finally, Stifel Nicolaus cut their price target on shares of Workday from $310.00 to $275.00 and set a "hold" rating for the company in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $296.88.

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.