Polen Capital Management LLC Has $921.16 Million Holdings in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Polen Capital Management LLC reduced its holdings in Workday, Inc. by 8.0%, now owning approximately $921.16 million worth of shares, which represents 2.9% of its portfolio.
• Other significant investors, including Vanguard Group Inc. and The Manufacturers Life Insurance Company, have increased their stakes, highlighting confidence in Workday as institutional ownership has reached 89.81%.
• Workday's stock has seen recent analyst ratings adjustments, with a current consensus target price of $296.88 and an average rating of "Moderate Buy" among analysts.

Polen Capital Management LLC cut its holdings in Workday, Inc. (NASDAQ:WDAY - Free Report) by 8.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,944,506 shares of the software maker's stock after selling 343,117 shares during the quarter. Workday makes up 2.9% of Polen Capital Management LLC's holdings, making the stock its 17th biggest holding. Polen Capital Management LLC owned approximately 1.48% of Workday worth $921,160,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Workday by 2.3% in the first quarter. Vanguard Group Inc. now owns 20,598,655 shares of the software maker's stock valued at $4,810,404,000 after buying an additional 455,855 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Workday by 60.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock valued at $960,454,000 after purchasing an additional 1,406,088 shares in the last quarter. Brown Advisory Inc. boosted its stake in shares of Workday by 1.5% during the fourth quarter. Brown Advisory Inc. now owns 3,530,701 shares of the software maker's stock valued at $911,027,000 after purchasing an additional 52,104 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Workday during the fourth quarter valued at about $658,735,000. Finally, Northern Trust Corp boosted its stake in shares of Workday by 51.2% during the fourth quarter. Northern Trust Corp now owns 2,263,981 shares of the software maker's stock valued at $584,175,000 after purchasing an additional 767,034 shares in the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

WDAY has been the topic of a number of recent research reports. Royal Bank Of Canada reissued an "outperform" rating and set a $340.00 price target on shares of Workday in a research note on Friday, May 23rd. Guggenheim reissued a "neutral" rating on shares of Workday in a research note 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. Wells Fargo & Company cut their price target on Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, Loop Capital cut their price target on Workday from $285.00 to $250.00 and set a "hold" rating on the stock in a research note on Friday, May 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Workday presently has an average rating of "Moderate Buy" and a consensus target price of $296.88.

Insider Transactions at Workday

In related news, Director George J. Still, Jr. sold 7,500 shares of the company's stock in a transaction on Thursday, June 5th. The stock was 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 of the company's stock, valued at $16,767,675. This represents a 10.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Zane Rowe sold 6,000 shares of the stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $239.59, for a total value of $1,437,540.00. Following the sale, the chief financial officer directly owned 178,418 shares in the company, valued at $42,747,168.62. This represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 329,005 shares of company stock worth $79,203,523 over the last 90 days. Insiders own 19.31% of the company's stock.

Workday Stock Up 0.5%

Workday stock opened at $222.07 on Friday. The business has a fifty day moving average of $237.71 and a two-hundred day moving average of $245.22. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.33. The firm has a market cap of $59.29 billion, a P/E ratio of 122.69, a P/E/G ratio of 3.36 and a beta of 1.24. Workday, Inc. has a twelve month low of $205.33 and a twelve 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. Workday had a return on equity of 8.00% and a net margin of 5.60%. The firm had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the prior year, the business posted $1.74 EPS. The business's revenue for the quarter was up 12.6% compared to the same quarter last year. On average, analysts forecast that Workday, Inc. will post 2.63 earnings per share for the current fiscal 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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