Manning & Napier Advisors LLC Sells 219,663 Shares of Workday, Inc. $WDAY

Key Points

• Manning & Napier Advisors LLC cut its Workday stake by 43.6% in the fourth quarter, selling 219,663 shares and leaving it with 283,910 shares worth about $61.6 million.
• Workday reported better-than-expected quarterly results, posting EPS of $2.47 versus estimates of $2.32 and revenue of $2.53 billion, up 14.5% year over year.
• Analysts remain broadly constructive despite recent target cuts: Workday has a Moderate Buy consensus, with 19 Buy ratings and an average price target of $199.71.

Manning & Napier Advisors LLC reduced its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 43.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 283,910 shares of the software maker's stock after selling 219,663 shares during the quarter. Manning & Napier Advisors LLC owned approximately 0.11% of Workday worth $61,589,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Brighton Jones LLC raised its holdings in shares of Workday by 230.2% in the fourth quarter. Brighton Jones LLC now owns 4,005 shares of the software maker's stock valued at $1,033,000 after purchasing an additional 2,792 shares during the last quarter. Empowered Funds LLC boosted its holdings in Workday by 12.1% during the first quarter. Empowered Funds LLC now owns 11,142 shares of the software maker's stock worth $2,602,000 after purchasing an additional 1,206 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in Workday by 211.7% during the first quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker's stock worth $44,000 after purchasing an additional 127 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Workday in the 2nd quarter worth about $281,000. Finally, NewEdge Advisors LLC grew its position in Workday by 32.0% in the 2nd quarter. NewEdge Advisors LLC now owns 6,597 shares of the software maker's stock worth $1,583,000 after purchasing an additional 1,600 shares in the last quarter. 89.81% of the stock is currently owned by institutional investors.

Workday Stock Performance

NASDAQ WDAY opened at $127.83 on Friday. Workday, Inc. has a 1 year low of $110.36 and a 1 year high of $276.00. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market capitalization of $32.85 billion, a PE ratio of 49.55, a P/E/G ratio of 1.27 and a beta of 1.04. The company's 50 day simple moving average is $129.72 and its two-hundred day simple moving average is $177.74.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings results on Tuesday, February 24th. The software maker reported $2.47 EPS for the quarter, beating analysts' consensus estimates of $2.32 by $0.15. Workday had a net margin of 7.26% and a return on equity of 13.37%. The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same period in the previous year, the business earned $1.92 EPS. The business's revenue for the quarter was up 14.5% on a year-over-year basis. Analysts predict that Workday, Inc. will post 5.11 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Gerrit S. Kazmaier sold 9,356 shares of Workday stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $128.39, for a total transaction of $1,201,216.84. Following the completion of the sale, the insider owned 165,074 shares in the company, valued at approximately $21,193,850.86. This trade represents a 5.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 the business's stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $129.76, for a total value of $13,949,200.00. Following the transaction, the insider directly owned 105,049 shares of the company's stock, valued at $13,631,158.24. The trade was a 50.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 989,814 shares of company stock valued at $131,576,291. 19.31% of the stock is owned by company insiders.

Analysts Set New Price Targets

WDAY has been the topic of several recent analyst reports. Cantor Fitzgerald reissued an "overweight" rating and set a $200.00 target price on shares of Workday in a research report on Monday, February 23rd. BTIG Research reduced their target price on Workday from $230.00 to $175.00 and set a "buy" rating for the company in a report on Wednesday, February 25th. UBS Group decreased their price target on Workday from $170.00 to $130.00 and set a "neutral" rating for the company in a research report on Wednesday, February 25th. Rosenblatt Securities dropped their price target on Workday from $180.00 to $150.00 and set a "buy" rating on the stock in a report on Wednesday, February 25th. Finally, KeyCorp cut their price objective on Workday from $260.00 to $155.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 25th. Nineteen research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $199.71.

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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