Maryland State Retirement & Pension System Trims Stock Holdings in Workday, Inc. (NASDAQ:WDAY)

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Workday, Inc. by 12.4%, selling 1,407 shares to hold a total of 9,895 shares valued at approximately $2.31 million.
• Workday reported $2.23 EPS for the quarter, exceeding expectations, with revenue rising 12.6% year-over-year to $2.24 billion.
• Institutional ownership of Workday is high, with 89.81% of shares held by institutional investors, indicating strong confidence in the company.

Maryland State Retirement & Pension System lowered its stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 12.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,895 shares of the software maker's stock after selling 1,407 shares during the quarter. Maryland State Retirement & Pension System's holdings in Workday were worth $2,311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in WDAY. Private Trust Co. NA boosted its holdings in Workday by 15.2% in the first quarter. Private Trust Co. NA now owns 318 shares of the software maker's stock worth $74,000 after acquiring an additional 42 shares in the last quarter. CreativeOne Wealth LLC boosted its holdings in Workday by 1.5% in the fourth quarter. CreativeOne Wealth LLC now owns 2,889 shares of the software maker's stock worth $745,000 after acquiring an additional 43 shares in the last quarter. Salvus Wealth Management LLC boosted its holdings in Workday by 2.8% in the first quarter. Salvus Wealth Management LLC now owns 1,658 shares of the software maker's stock worth $387,000 after acquiring an additional 45 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its holdings in Workday by 15.0% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 353 shares of the software maker's stock worth $82,000 after acquiring an additional 46 shares in the last quarter. Finally, AE Wealth Management LLC boosted its holdings in Workday by 0.4% in the first quarter. AE Wealth Management LLC now owns 11,896 shares of the software maker's stock worth $2,778,000 after acquiring an additional 46 shares in the last quarter. Institutional investors own 89.81% of the company's stock.

Workday Price Performance

Shares of WDAY traded up $1.09 during trading hours on Friday, hitting $222.07. 2,386,346 shares of the stock were exchanged, compared to its average volume of 2,506,795. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.07 and a current ratio of 2.07. Workday, Inc. has a 12-month low of $205.33 and a 12-month high of $294.00. The company has a market cap of $59.29 billion, a price-to-earnings ratio of 122.69, a price-to-earnings-growth ratio of 3.36 and a beta of 1.24. The stock's 50-day moving average price is $237.71 and its two-hundred day moving average price is $245.15.

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on WDAY. Guggenheim reissued a "neutral" rating on shares of Workday in a report on Friday, May 23rd. Wells Fargo & Company lowered their price target on Workday from $360.00 to $325.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Needham & Company LLC reaffirmed a "buy" rating and set a $300.00 target price on shares of Workday in a report on Wednesday, May 21st. Morgan Stanley set a $255.00 target price on Workday and gave the stock an "equal weight" rating in a report on Friday, May 23rd. Finally, Citigroup downgraded Workday from a "neutral" rating to a "mixed" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Workday presently has a consensus rating of "Moderate Buy" and a consensus price target of $296.88.

Insider Buying and Selling

In other Workday news, major shareholder David A. Duffield sold 72,551 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $239.61, for a total value of $17,383,945.11. Following the completion of the sale, the insider directly owned 102,997 shares in the company, valued at $24,679,111.17. This represents a 41.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director George J. Still, Jr. sold 7,500 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $248.41, for a total value of $1,863,075.00. Following the completion of the sale, the director owned 67,500 shares of the company's stock, valued at approximately $16,767,675. The trade was a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 329,005 shares of company stock worth $79,203,523 over the last quarter. Corporate insiders own 20.00% of the company's stock.

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.