National Bank of Canada FI Raises Stake in Workday, Inc. (NASDAQ:WDAY)

Key Points

• National Bank of Canada FI increased its stake in Workday, Inc. by 22.7% in Q1, now owning approximately 172,915 shares valued at about $40.4 million.
• Workday reported a net income of $2.24 billion for the last quarter, exceeding analysts' expectations, with an earnings per share (EPS) of $2.23, compared to $1.74 a year prior.
• After several large institutional investors made adjustments, about 89.81% of Workday's stock is now owned by hedge funds and other institutional investors.

National Bank of Canada FI raised its holdings in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 22.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 172,915 shares of the software maker's stock after acquiring an additional 31,989 shares during the period. National Bank of Canada FI owned about 0.07% of Workday worth $40,381,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Cornerstone Planning Group LLC raised its position in Workday by 76.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock worth $28,000 after purchasing an additional 54 shares during the period. Farmers & Merchants Investments Inc. bought a new position in shares of Workday during the first quarter valued at about $32,000. Financial Management Professionals Inc. increased its holdings in shares of Workday by 54.0% in the first quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker's stock worth $36,000 after buying an additional 54 shares during the period. Pinnacle Bancorp Inc. bought a new stake in shares of Workday in the 1st quarter valued at about $40,000. Finally, BankPlus Trust Department bought a new stake in shares of Workday in the 1st quarter valued at about $40,000. 89.81% of the stock is owned by hedge funds and other institutional investors.

Workday Trading Up 0.5%

Workday stock opened at $222.07 on Friday. Workday, Inc. has a 12 month low of $205.33 and a 12 month high of $294.00. The company has a market capitalization 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 business's fifty day simple moving average is $237.71 and its two-hundred day simple moving average is $245.22. 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 announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.01 by $0.22. Workday had a net margin of 5.60% and a return on equity of 8.00%. The company had revenue of $2.24 billion for the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter in the previous year, the business posted $1.74 EPS. Workday's revenue was up 12.6% compared to the same quarter last year. As a group, equities analysts predict that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Insider Transactions at Workday

In other Workday news, major shareholder David A. Duffield sold 73,971 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $238.66, for a total transaction of $17,653,918.86. Following the sale, the insider directly owned 102,997 shares in the company, valued at approximately $24,581,264.02. This trade represents a 41.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Carl M. Eschenbach sold 6,250 shares of Workday stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $239.43, for a total value of $1,496,437.50. Following the completion of the sale, the chief executive officer directly owned 1,472 shares of the company's stock, valued at approximately $352,440.96. The trade was a 80.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 329,005 shares of company stock valued at $79,203,523. 19.31% of the stock is currently owned by insiders.

Analyst Ratings Changes

WDAY has been the topic of several recent research reports. Stifel Nicolaus reduced their price target on Workday from $310.00 to $275.00 and set a "hold" rating on the stock in a research report on Friday, May 23rd. KeyCorp cut their target price on shares of Workday from $335.00 to $325.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. Mizuho decreased their target price on shares of Workday from $320.00 to $275.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. JMP Securities reissued a "market outperform" rating and set a $315.00 price target on shares of Workday in a research report on Friday, May 23rd. Finally, Guggenheim reissued a "neutral" rating on shares of Workday in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $296.88.

Workday 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.

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