Pacer Advisors Inc. Purchases 8,760 Shares of Workday, Inc. (NASDAQ:WDAY)

Key Points

• Pacer Advisors Inc. increased its stake in Workday, Inc. by 19.2% in the first quarter, owning 54,400 shares valued at approximately $12.7 million.
• CEO Carl M. Eschenbach sold 6,250 shares of Workday stock, representing an 80.94% decrease in his position, while CFO Zane Rowe also sold shares, contributing to a significant insider selling trend.
• Analysts have provided mixed ratings for Workday, with a consensus "Moderate Buy" rating and a target price of approximately $296.88.

Pacer Advisors Inc. increased its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 19.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 54,400 shares of the software maker's stock after purchasing an additional 8,760 shares during the period. Pacer Advisors Inc.'s holdings in Workday were worth $12,704,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cornerstone Planning Group LLC grew its position in Workday by 76.1% in the first quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock valued at $28,000 after acquiring an additional 54 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new position in Workday in the first quarter valued at about $32,000. Financial Management Professionals Inc. grew its position in Workday by 54.0% in the first quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker's stock valued at $36,000 after acquiring an additional 54 shares during the last quarter. Pinnacle Bancorp Inc. bought a new position in Workday in the first quarter valued at about $40,000. Finally, BankPlus Trust Department bought a new position in Workday in the first quarter valued at about $40,000. Institutional investors own 89.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Guggenheim reiterated a "neutral" rating on shares of Workday in a research report on Friday, May 23rd. Westpark Capital lifted their price target on Workday from $315.00 to $328.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Needham & Company LLC reissued a "buy" rating and set a $300.00 price target on shares of Workday in a research note on Wednesday, May 21st. Oppenheimer cut their price target on Workday from $320.00 to $300.00 and set an "outperform" rating on the stock in a research note on Friday, May 23rd. Finally, Jefferies Financial Group cut their price target on Workday from $350.00 to $325.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Workday has an average rating of "Moderate Buy" and a consensus target price of $296.88.

Insiders Place Their Bets

In other news, CEO Carl M. Eschenbach sold 6,250 shares of the business'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 transaction of $1,496,437.50. Following the completion of the sale, the chief executive officer owned 1,472 shares in the company, valued at $352,440.96. The trade was a 80.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Zane Rowe sold 6,000 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $239.59, for a total value of $1,437,540.00. Following the sale, the chief financial officer owned 178,418 shares of the company's stock, valued at approximately $42,747,168.62. This represents a 3.25% decrease in their position. 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 90 days. Company insiders own 19.31% of the company's stock.

Workday Trading Down 1.5%

WDAY stock traded down $3.70 during mid-day trading on Monday, reaching $238.04. The company's stock had a trading volume of 1,539,706 shares, compared to its average volume of 2,263,434. The company has a market cap of $63.56 billion, a price-to-earnings ratio of 131.51, a price-to-earnings-growth ratio of 3.65 and a beta of 1.21. The business's 50 day moving average price is $242.57 and its 200 day moving average price is $246.62. 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 earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, topping analysts' consensus estimates of $2.01 by $0.22. The business 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 revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.74 earnings per share. On average, equities research analysts predict that Workday, Inc. will post 2.63 EPS for the current year.

Workday Company 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.