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Nuveen LLC Takes Position in Workday, Inc. (NASDAQ:WDAY)

Workday logo with Computer and Technology background

Key Points

  • Nuveen LLC acquired a new position in Workday, buying approximately 1.95 million shares valued at about $456 million, constituting around 0.73% of the company's stock.
  • Institutional investors collectively own 89.81% of Workday's stock, indicating strong institutional interest in the company.
  • Wall Street analysts maintain a moderate buy rating on Workday, with an average target price of $296.88, highlighting various mixed outlooks from different firms.
  • Looking to export and analyze Workday data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Nuveen LLC bought a new position in Workday, Inc. (NASDAQ:WDAY - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 1,954,099 shares of the software maker's stock, valued at approximately $456,341,000. Nuveen LLC owned approximately 0.73% of Workday at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in WDAY. Brighton Jones LLC raised its position in shares of Workday by 230.2% during the 4th quarter. Brighton Jones LLC now owns 4,005 shares of the software maker's stock valued at $1,033,000 after buying an additional 2,792 shares in the last quarter. Bank Pictet & Cie Europe AG raised its position in Workday by 24.0% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,075 shares of the software maker's stock worth $793,000 after purchasing an additional 595 shares during the period. Advisory Services Network LLC raised its position in Workday by 27.6% in the 4th quarter. Advisory Services Network LLC now owns 703 shares of the software maker's stock worth $181,000 after purchasing an additional 152 shares during the period. Martingale Asset Management L P purchased a new position in Workday in the 4th quarter worth $362,000. Finally, Bessemer Group Inc. raised its position in Workday by 20.7% in the 4th quarter. Bessemer Group Inc. now owns 3,279 shares of the software maker's stock worth $847,000 after purchasing an additional 563 shares during the period. Hedge funds and other institutional investors own 89.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on WDAY shares. Wells Fargo & Company cut their price target on shares of Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Stifel Nicolaus cut their price target 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. DA Davidson lifted their target price on shares of Workday from $230.00 to $250.00 and gave the company a "neutral" rating in a research note on Friday, May 23rd. Morgan Stanley set a $255.00 price target on shares of Workday and gave the company an "equal weight" rating in a research report on Friday, May 23rd. Finally, Needham & Company LLC reissued a "buy" rating and set a $300.00 price target on shares of Workday in a research report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $295.48.

Check Out Our Latest Report on WDAY

Workday Stock Up 0.4%

Shares of Workday stock traded up $0.91 on Tuesday, reaching $214.60. 4,286,623 shares of the company were exchanged, compared to its average volume of 2,655,733. Workday, Inc. has a 1-year low of $205.33 and a 1-year high of $294.00. The company has a market cap of $57.30 billion, a P/E ratio of 118.56, a price-to-earnings-growth ratio of 3.23 and a beta of 1.24. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.07 and a quick ratio of 2.07. The stock's 50 day moving average price is $236.30 and its 200-day moving average price is $244.62.

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, beating analysts' consensus estimates of $2.01 by $0.22. The firm had revenue of $2.24 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company posted $1.74 earnings per share. As a group, equities analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

Insiders Place Their Bets

In other news, Director George J. Still, Jr. sold 7,500 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $248.41, for a total transaction of $1,863,075.00. Following the completion of the sale, the director owned 67,500 shares in the company, valued at $16,767,675. This represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Carl M. Eschenbach sold 6,250 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer owned 1,472 shares of the company's stock, valued at $352,440.96. This trade represents a 80.94% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 329,005 shares of company stock valued at $79,203,523. 20.00% of the stock is owned by insiders.

About Workday

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Workday (NASDAQ:WDAY)

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