Munich Reinsurance Co Stock Corp in Munich Buys New Position in Workday, Inc. $WDAY

Key Points

• Munich Re established a new position in Workday during Q4, buying 18,617 shares valued at approximately $4.04 million.
• Large institutions continue to increase exposure—Vanguard, State Street, Hotchkis & Wiley, UBS and Parnassus all added shares—and 89.81% of Workday is held by hedge funds and other institutional investors.
• Workday beat Q4 EPS expectations with revenue up 14.5%, but several analysts have trimmed targets and ratings; consensus remains a Moderate Buy with a $199.71 target.

Munich Reinsurance Co Stock Corp in Munich bought a new position in Workday, Inc. (NASDAQ:WDAY - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 18,617 shares of the software maker's stock, valued at approximately $4,039,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Workday by 3.2% in the third quarter. Vanguard Group Inc. now owns 21,799,056 shares of the software maker's stock valued at $5,247,687,000 after acquiring an additional 684,872 shares in the last quarter. State Street Corp increased its holdings in shares of Workday by 0.8% in the third quarter. State Street Corp now owns 9,674,568 shares of the software maker's stock worth $2,328,959,000 after purchasing an additional 74,052 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Workday by 47.5% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker's stock worth $1,406,463,000 after purchasing an additional 1,882,391 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Workday by 41.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,761,599 shares of the software maker's stock worth $905,530,000 after purchasing an additional 1,103,421 shares during the last quarter. Finally, Parnassus Investments LLC increased its holdings in shares of Workday by 13.1% in the third quarter. Parnassus Investments LLC now owns 3,217,205 shares of the software maker's stock worth $774,478,000 after purchasing an additional 371,561 shares during the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Workday Price Performance

NASDAQ WDAY opened at $119.76 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $30.78 billion, a PE ratio of 46.42, a price-to-earnings-growth ratio of 1.11 and a beta of 1.14. The company has a 50 day moving average price of $131.74 and a two-hundred day moving average price of $183.93. Workday, Inc. has a 12-month low of $110.36 and a 12-month high of $276.00.

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

Insiders Place Their Bets

In related news, insider Gerrit S. Kazmaier sold 9,356 shares of the company's stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $128.39, for a total value of $1,201,216.84. Following the sale, the insider owned 165,074 shares of the company's stock, valued at $21,193,850.86. The trade was a 5.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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, major shareholder David A. Duffield sold 107,500 shares of the company's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $112.33, for a total transaction of $12,075,475.00. Following the completion of the sale, the insider directly owned 105,049 shares in the company, valued at approximately $11,800,154.17. The trade was a 50.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 989,814 shares of company stock valued at $131,576,291 in the last three months. Company insiders own 19.31% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on WDAY shares. TD Cowen lowered Workday from a "buy" rating to a "hold" rating and set a $155.00 target price for the company. in a report on Wednesday, February 25th. The Goldman Sachs Group lowered their target price on shares of Workday from $238.00 to $206.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 25th. Jefferies Financial Group lowered shares of Workday from a "buy" rating to a "hold" rating and lowered their target price for the stock from $325.00 to $150.00 in a research report on Monday, February 23rd. Citigroup lowered their price target on shares of Workday from $247.00 to $148.00 and set a "neutral" rating on the stock in a research report on Thursday, February 26th. Finally, Weiss Ratings lowered shares of Workday from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, March 20th. Nineteen analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Workday currently has a consensus 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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