Rathbones Group PLC Decreases Stock Position in Workday, Inc. $WDAY

Key Points

• Rathbones Group cut its Workday stake by 72% in the first quarter, selling 10,810 shares and retaining 4,200 shares valued at approximately $546,000. Institutional investors collectively own 89.81% of Workday.
• Workday reported quarterly EPS of $2.66, beating estimates of $2.51, while revenue rose 13.5% year over year to $2.54 billion. Shares opened at $170.63, below their 52-week high of $249.85.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $179.80 target price, though recent ratings ranged from a $150 buy target to a $145 underweight target. Insiders sold roughly $113.9 million of stock over the past three months.

Rathbones Group PLC lessened its stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 72.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,200 shares of the software maker's stock after selling 10,810 shares during the period. Rathbones Group PLC's holdings in Workday were worth $546,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. Brighton Jones LLC grew its holdings in 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. Empowered Funds LLC grew its holdings in shares of Workday by 12.1% in the first quarter. Empowered Funds LLC now owns 11,142 shares of the software maker's stock valued at $2,602,000 after purchasing an additional 1,206 shares in the last quarter. Geneos Wealth Management Inc. increased its position in Workday by 211.7% in the first quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker's stock worth $44,000 after purchasing an additional 127 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Workday in the second quarter worth $281,000. Finally, NewEdge Advisors LLC raised its stake in Workday by 32.0% during the second quarter. NewEdge Advisors LLC now owns 6,597 shares of the software maker's stock valued at $1,583,000 after purchasing an additional 1,600 shares in the last quarter. 89.81% of the stock is owned by institutional investors.

Workday Stock Down 0.4%

Shares of NASDAQ:WDAY opened at $170.63 on Thursday. The stock has a market cap of $42.15 billion, a P/E ratio of 53.32, a price-to-earnings-growth ratio of 1.82 and a beta of 1.08. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. Workday, Inc. has a 52-week low of $110.36 and a 52-week high of $249.85. The business's 50 day moving average is $138.92 and its 200 day moving average is $139.03.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings data on Thursday, May 21st. The software maker reported $2.66 EPS for the quarter, topping analysts' consensus estimates of $2.51 by $0.15. The company had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.52 billion. Workday had a net margin of 8.60% and a return on equity of 14.75%. Workday's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.23 earnings per share. Sell-side analysts predict that Workday, Inc. will post 5.38 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on WDAY shares. Monness Crespi & Hardt raised shares of Workday from a "neutral" rating to a "buy" rating and set a $150.00 price objective for the company in a research note on Thursday, June 25th. Morgan Stanley cut shares of Workday from an "equal weight" rating to an "underweight" rating and decreased their target price for the company from $185.00 to $145.00 in a research report on Tuesday, July 21st. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Workday in a report on Wednesday, June 17th. HC Wainwright set a $140.00 price target on Workday in a research report on Wednesday, May 27th. Finally, Summit Redstone set a $275.00 price objective on Workday in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Workday currently has a consensus rating of "Moderate Buy" and a consensus target price of $179.80.

Insider Transactions at Workday

In other Workday news, CAO Mark S. Garfield sold 918 shares of Workday stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $142.19, for a total transaction of $130,530.42. Following the completion of the transaction, the chief accounting officer owned 73,718 shares in the company, valued at approximately $10,481,962.42. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $143.70, for a total transaction of $862,200.00. Following the transaction, the chief financial officer directly owned 288,460 shares of the company's stock, valued at approximately $41,451,702. This trade represents a 2.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last three months, insiders have sold 875,020 shares of company stock valued at $113,938,503. 18.64% of the stock is owned by corporate insiders.

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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