OVERSEA CHINESE BANKING Corp Ltd Acquires 18,373 Shares of Workday, Inc. (NASDAQ:WDAY)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd significantly increased its stake in Workday, Inc. by 298.8%, acquiring an additional 18,373 shares and bringing its total to 24,521 shares, valued at approximately $5.7 million.
• Institutional investors hold a substantial 89.81% of Workday's stock, with several firms recently boosting their stakes, including Cornerstone Planning Group LLC, which increased its share by 76.1%.
• Workday reported a 12.6% increase in quarterly revenue compared to the previous year, with an earnings per share (EPS) of $2.23, surpassing analysts' expectations.

OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Workday, Inc. (NASDAQ:WDAY - Free Report) by 298.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,521 shares of the software maker's stock after purchasing an additional 18,373 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Workday were worth $5,726,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Cornerstone Planning Group LLC lifted its stake 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 in the last quarter. Farmers & Merchants Investments Inc. purchased a new stake in Workday in the 1st quarter worth approximately $32,000. Financial Management Professionals Inc. lifted its stake in Workday by 54.0% in the 1st quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker's stock worth $36,000 after purchasing an additional 54 shares in the last quarter. Pinnacle Bancorp Inc. purchased a new stake in Workday in the 1st quarter worth approximately $40,000. Finally, BankPlus Trust Department purchased a new stake in Workday in the 1st quarter worth approximately $40,000. Institutional investors own 89.81% of the company's stock.

Insider Activity

In other news, CAO Mark S. Garfield sold 451 shares of the company's stock in a transaction dated 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 directly owned 42,977 shares of the company's stock, valued at approximately $10,093,578.22. This represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Carl M. Eschenbach sold 6,250 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $239.43, for a total transaction of $1,496,437.50. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 329,005 shares of company stock valued at $79,203,523. 19.31% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on WDAY. Citigroup cut shares of Workday from a "neutral" rating to a "mixed" rating in a research note on Friday, May 16th. KeyCorp lowered their target price on shares of Workday from $335.00 to $325.00 and set an "overweight" rating on the stock in a research note on Friday, May 23rd. Stifel Nicolaus decreased 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. Oppenheimer decreased their price target on shares of Workday from $320.00 to $300.00 and set an "outperform" rating on the stock in a report on Friday, May 23rd. Finally, Wall Street Zen raised shares of Workday from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $296.88.

Workday Stock Performance

Shares of NASDAQ:WDAY opened at $222.22 on Friday. The company has a market cap of $59.33 billion, a price-to-earnings ratio of 122.77, a price-to-earnings-growth ratio of 3.47 and a beta of 1.24. The company has a 50-day moving average price of $239.40 and a 200-day moving average price of $246.15. 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, Inc. has a 12 month low of $199.81 and a 12 month high of $294.00.

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

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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