Skandinaviska Enskilda Banken AB publ Increases Stake in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Skandinaviska Enskilda Banken AB increased its stake in Workday, Inc. by 12.9%, acquiring an additional 8,000 shares during the first quarter, raising its total holdings to 70,163 shares worth approximately $16.4 million.
• For the latest quarter, Workday reported $2.23 earnings per share (EPS), outperforming analysts' expectations of $2.01, with revenue increasing by 12.6% year-over-year.
• Recent analysis shows that 89.81% of Workday’s stock is held by hedge funds and institutional investors, indicating significant institutional interest in the company.

Skandinaviska Enskilda Banken AB publ boosted its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 12.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 70,163 shares of the software maker's stock after acquiring an additional 8,000 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Workday were worth $16,385,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. acquired a new stake in Workday in the fourth quarter valued at about $658,735,000. Norges Bank acquired a new stake in shares of Workday during the 4th quarter valued at $645,710,000. Geode Capital Management LLC grew its position in Workday by 61.9% during the 4th quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock worth $1,193,105,000 after acquiring an additional 1,772,223 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Workday by 60.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock worth $960,454,000 after purchasing an additional 1,406,088 shares in the last quarter. Finally, Invesco Ltd. raised its position in Workday by 102.6% in the fourth quarter. Invesco Ltd. now owns 1,855,778 shares of the software maker's stock valued at $478,846,000 after purchasing an additional 939,955 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on WDAY. Citigroup downgraded shares of Workday from a "neutral" rating to a "mixed" rating in a research note on Friday, May 16th. Royal Bank Of Canada restated an "outperform" rating and set a $340.00 target price on shares of Workday in a research report on Friday, May 23rd. Mizuho reduced their price target on shares of Workday from $320.00 to $275.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. DA Davidson upped their price objective on shares of Workday from $230.00 to $250.00 and gave the company a "neutral" rating in a report on Friday, May 23rd. Finally, Wells Fargo & Company dropped 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $296.88.

Workday Stock Down 1.5%

Workday stock traded down $3.70 on Monday, hitting $238.04. 1,539,706 shares of the stock traded hands, compared to its average volume of 2,263,434. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.33. The business's fifty day simple moving average is $242.57 and its 200 day simple moving average is $246.62. The firm has a market cap of $63.56 billion, a P/E ratio of 131.51, a price-to-earnings-growth ratio of 3.65 and a beta of 1.21. Workday, Inc. has a 1 year low of $199.81 and a 1 year high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.22. The firm had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.22 billion. Workday had a return on equity of 8.00% and a net margin of 5.60%. Workday's quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.74 EPS. As a group, sell-side analysts forecast that Workday, Inc. will post 2.63 earnings per share for the current year.

Insider Activity

In other Workday news, CFO Zane Rowe sold 6,000 shares of the firm's stock in a transaction 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 completion of the transaction, the chief financial officer owned 178,418 shares of the company's stock, valued at approximately $42,747,168.62. This trade represents a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Carl M. Eschenbach sold 6,250 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $239.43, for a total value of $1,496,437.50. Following the completion of the sale, the chief executive officer owned 1,472 shares in the company, valued at approximately $352,440.96. This represents a 80.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 329,005 shares of company stock valued at $79,203,523. 19.31% of the stock is owned by corporate insiders.

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.