Neo Ivy Capital Management Takes $801,000 Position in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Neo Ivy Capital Management acquired a new stake in Workday, purchasing 3,430 shares valued at $801,000 during the first quarter.
• Workday reported earnings of $2.23 per share, surpassing expectations and showing a 12.6% increase in revenue year-over-year, with a total revenue of $2.24 billion.
• Insiders have recently sold significant portions of their shares, with David A. Duffield selling 72,551 shares for over $17 million, reflecting a decrease in their ownership by 41.33%.

Neo Ivy Capital Management acquired a new stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 3,430 shares of the software maker's stock, valued at approximately $801,000.

Several other large investors also recently bought and sold shares of WDAY. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Workday in the 4th quarter valued at approximately $658,735,000. Norges Bank purchased a new stake in shares of Workday in the 4th quarter valued at approximately $645,710,000. Geode Capital Management LLC grew its stake in shares of Workday by 61.9% in the 4th quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock valued at $1,193,105,000 after buying an additional 1,772,223 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Workday by 60.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock valued at $960,454,000 after buying an additional 1,406,088 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Workday by 102.6% during the 4th quarter. Invesco Ltd. now owns 1,855,778 shares of the software maker's stock worth $478,846,000 after purchasing an additional 939,955 shares during the period. Hedge funds and other institutional investors own 89.81% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on WDAY. Needham & Company LLC reaffirmed a "buy" rating and set a $300.00 price objective on shares of Workday in a research report on Wednesday, May 21st. Stifel Nicolaus reduced their target price on shares of Workday from $310.00 to $275.00 and set a "hold" rating on the stock in a report on Friday, May 23rd. Royal Bank Of Canada reiterated an "outperform" rating and set a $340.00 target price on shares of Workday in a report on Friday, May 23rd. Guggenheim reiterated a "neutral" rating on shares of Workday in a report on Friday, May 23rd. Finally, DA Davidson increased their target price on shares of Workday from $230.00 to $250.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $296.88.

Workday Stock Down 1.5%

NASDAQ:WDAY traded down $3.70 during midday trading on Monday, hitting $238.04. 1,539,706 shares of the company were exchanged, compared to its average volume of 2,263,434. The company has a fifty day simple moving average of $242.57 and a 200 day simple moving average of $246.62. Workday, Inc. has a fifty-two week low of $199.81 and a fifty-two week high of $294.00. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $63.56 billion, a PE ratio of 131.51, a price-to-earnings-growth ratio of 3.65 and a beta of 1.21.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, beating analysts' consensus estimates of $2.01 by $0.22. The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.22 billion. Workday had a net margin of 5.60% and a return on equity of 8.00%. Workday's quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.74 earnings per share. As a group, equities analysts anticipate that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of Workday 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 transaction, the director directly owned 67,500 shares in the company, valued at approximately $16,767,675. The trade was a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 451 shares of Workday stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $234.86, for a total transaction of $105,921.86. Following the completion of the transaction, the chief accounting officer owned 42,977 shares in the company, valued at approximately $10,093,578.22. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 329,005 shares of company stock valued at $79,203,523 in the last quarter. Corporate insiders own 19.31% of the company's stock.

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.