Rakuten Investment Management Inc. Has $8.82 Million Stake in Workday, Inc. $WDAY

Key Points

• Rakuten Investment Management slashed its Workday stake by 92.2% in the fourth quarter, selling 477,792 shares and ending with 40,291 shares worth about $8.82 million.
• Workday insiders have been selling stock, including CFO Zane Rowe and insider Robert Enslin, with total insider sales over the past 90 days reaching 774,814 shares worth about $102.3 million.
• Despite mixed analyst sentiment, Workday recently beat earnings and revenue estimates for its latest quarter, reporting $2.66 EPS on $2.54 billion in revenue, while analysts currently rate the stock Moderate Buy on average.

Rakuten Investment Management Inc. reduced its holdings in Workday, Inc. (NASDAQ:WDAY - Free Report) by 92.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 40,291 shares of the software maker's stock after selling 477,792 shares during the period. Rakuten Investment Management Inc.'s holdings in Workday were worth $8,823,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Finivi Inc. lifted its holdings in Workday by 3.3% in the third quarter. Finivi Inc. now owns 1,516 shares of the software maker's stock valued at $365,000 after buying an additional 48 shares during the period. Strategic Investment Advisors MI lifted its holdings in Workday by 1.6% in the second quarter. Strategic Investment Advisors MI now owns 3,263 shares of the software maker's stock valued at $777,000 after buying an additional 50 shares during the period. Legacy Financial Advisors Inc. lifted its holdings in Workday by 5.1% in the third quarter. Legacy Financial Advisors Inc. now owns 1,113 shares of the software maker's stock valued at $268,000 after buying an additional 54 shares during the period. Sagespring Wealth Partners LLC lifted its holdings in Workday by 3.0% in the fourth quarter. Sagespring Wealth Partners LLC now owns 2,052 shares of the software maker's stock valued at $441,000 after buying an additional 59 shares during the period. Finally, CVA Family Office LLC lifted its holdings in Workday by 35.3% in the fourth quarter. CVA Family Office LLC now owns 249 shares of the software maker's stock valued at $53,000 after buying an additional 65 shares during the period. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Workday

In other Workday news, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $128.22, for a total value of $769,320.00. Following the sale, the chief financial officer directly owned 217,930 shares in the company, valued at approximately $27,942,984.60. The trade was a 2.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Robert Enslin sold 5,373 shares of Workday stock in a transaction on Monday, April 6th. The shares were sold at an average price of $129.41, for a total transaction of $695,319.93. Following the completion of the sale, the insider owned 165,414 shares in the company, valued at $21,406,225.74. The trade was a 3.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 774,814 shares of company stock worth $102,272,866. 18.64% of the stock is owned by insiders.

Wall Street Analyst Weigh In

WDAY has been the topic of several analyst reports. Wolfe Research restated an "outperform" rating and issued a $160.00 price objective on shares of Workday in a report on Friday, May 22nd. Wall Street Zen upgraded shares of Workday from a "hold" rating to a "buy" rating in a report on Saturday, March 28th. Piper Sandler upped their target price on shares of Workday from $135.00 to $145.00 and gave the company a "neutral" rating in a research note on Friday, May 22nd. HC Wainwright set a $140.00 target price on shares of Workday in a research note on Wednesday, May 27th. Finally, Citigroup reaffirmed a "market perform" rating on shares of Workday in a research note on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Workday presently has an average rating of "Moderate Buy" and an average target price of $185.03.

Workday Stock Down 2.2%

Workday stock opened at $126.77 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.30. Workday, Inc. has a 1-year low of $110.36 and a 1-year high of $249.85. The company has a fifty day simple moving average of $127.94 and a 200 day simple moving average of $158.19. The company has a market cap of $31.31 billion, a P/E ratio of 39.62, a price-to-earnings-growth ratio of 1.37 and a beta of 1.09.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.15. Workday had a net margin of 8.60% and a return on equity of 14.75%. The firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period in the previous year, the business earned $2.23 EPS. The company's revenue was up 13.5% compared to the same quarter last year. Research analysts anticipate that Workday, Inc. will post 5.4 earnings per share for the current fiscal year.

About Workday

Workday, Inc NASDAQ: WDAY is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday's platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company's product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.

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