KBC Group NV Acquires 324,766 Shares of Workday, Inc. $WDAY

Key Points

• KBC Group NV boosted its Workday stake by 671.4% in the first quarter, buying an additional 324,766 shares and bringing its total holding to 373,141 shares worth about $48.5 million.
• Workday reported better-than-expected quarterly results, with EPS of $2.66 versus $2.51 expected and revenue of $2.54 billion, up 13.5% year over year.
• Analysts remain cautiously positive overall: Workday has a Moderate Buy consensus rating with a consensus price target of $179.80, while insiders have sold a significant amount of stock over the last 90 days.

KBC Group NV increased its holdings in Workday, Inc. (NASDAQ:WDAY - Free Report) by 671.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 373,141 shares of the software maker's stock after purchasing an additional 324,766 shares during the quarter. KBC Group NV owned 0.15% of Workday worth $48,479,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in WDAY. SEB Asset Management AB purchased a new position in shares of Workday in the first quarter worth about $9,752,000. Swiss National Bank boosted its holdings in Workday by 5.1% during the 1st quarter. Swiss National Bank now owns 625,100 shares of the software maker's stock valued at $81,213,000 after acquiring an additional 30,400 shares during the period. Aurora Investment Counsel boosted its holdings in Workday by 25.4% during the 1st quarter. Aurora Investment Counsel now owns 13,757 shares of the software maker's stock valued at $1,787,000 after acquiring an additional 2,783 shares during the period. Ceera Investments LLC grew its position in Workday by 80.8% during the 1st quarter. Ceera Investments LLC now owns 34,013 shares of the software maker's stock worth $4,419,000 after acquiring an additional 15,201 shares during the last quarter. Finally, Kera Capital Partners Inc. grew its position in Workday by 217.4% during the 1st quarter. Kera Capital Partners Inc. now owns 4,126 shares of the software maker's stock worth $536,000 after acquiring an additional 2,826 shares during the last quarter. 89.81% of the stock is owned by institutional investors.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $147.22 on Tuesday. 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 $36.36 billion, a price-to-earnings ratio of 46.01, a price-to-earnings-growth ratio of 1.55 and a beta of 1.11. The business has a 50-day simple moving average of $131.97 and a two-hundred day simple moving average of $143.53. Workday, Inc. has a fifty-two week low of $110.36 and a fifty-two week high of $249.85.

Workday (NASDAQ:WDAY - Get Free Report) last issued its earnings results 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. The company had revenue of $2.54 billion for the quarter, compared to analysts' expectations of $2.52 billion. Workday had a net margin of 8.60% and a return on equity of 14.75%. The firm's quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter last year, the company posted $2.23 earnings per share. On average, analysts expect that Workday, Inc. will post 5.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

WDAY has been the topic of several analyst reports. William Blair raised Workday to a "strong-buy" rating in a report on Friday, May 22nd. DA Davidson set a $135.00 price target on Workday in a report on Tuesday, May 26th. Bank of America assumed coverage on Workday in a research report on Wednesday, May 27th. They issued a "neutral" rating and a $140.00 price target for the company. Wolfe Research reissued an "outperform" rating and set a $160.00 price objective on shares of Workday in a research report on Friday, May 22nd. Finally, Summit Redstone set a $275.00 price objective on shares of Workday in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $179.80.

Insider Transactions at Workday

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 value of $862,200.00. Following the transaction, the chief financial officer owned 288,460 shares of the company's stock, valued at approximately $41,451,702. This represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 the firm's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $122.04, for a total value of $13,119,300.00. Following the completion of the transaction, the insider directly owned 105,049 shares in the company, valued at $12,820,179.96. The trade was a 50.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 875,020 shares of company stock worth $113,938,503 in the last ninety days. Insiders own 18.64% 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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