Sumitomo Mitsui Trust Group Inc. Sells 29,120 Shares of Workday, Inc. $WDAY

Key Points

• Sumitomo Mitsui Trust Group reduced its Workday stake by 5.8%, selling 29,120 shares and retaining 471,950 shares valued at approximately $89.9 million. Institutional investors collectively own 89.81% of Workday.
• Workday reported quarterly EPS of $2.75, beating estimates of $2.61, while revenue rose 12.8% year over year to $2.65 billion.
• Analyst sentiment remains mixed: Workday has a consensus “Hold” rating and an average price target of $202.10, while insiders sold nearly 988,104 shares worth about $188.8 million during the last quarter.

Sumitomo Mitsui Trust Group Inc. lowered its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 5.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 471,950 shares of the software maker's stock after selling 29,120 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.20% of Workday worth $89,888,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. CoreCap Advisors LLC boosted its stake in shares of Workday by 55.9% during the 3rd quarter. CoreCap Advisors LLC now owns 173 shares of the software maker's stock worth $33,000 after acquiring an additional 62 shares in the last quarter. Western Wealth Management LLC acquired a new stake in shares of Workday during the first quarter worth $39,000. Manning & Napier Advisors LLC acquired a new stake in shares of Workday during the second quarter worth $42,000. GK Wealth Management LLC purchased a new stake in shares of Workday during the third quarter valued at $72,000. Finally, Elevation Wealth Partners LLC lifted its holdings in shares of Workday by 1,097.0% during the second quarter. Elevation Wealth Partners LLC now owns 395 shares of the software maker's stock valued at $48,000 after purchasing an additional 362 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company's stock.

Insider Buying and Selling

In other Workday news, major shareholder David Duffield sold 100,780 shares of the company's stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $185.64, for a total value of $18,708,799.20. Following the transaction, the insider owned 105,049 shares in the company, valued at approximately $19,501,296.36. This represents a 48.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 988,104 shares of company stock worth $188,811,574 over the last quarter. Insiders own 18.64% of the company's stock.

Workday Trading Up 0.2%

NASDAQ:WDAY opened at $198.13 on Tuesday. The stock has a market cap of $47.75 billion, a PE ratio of 40.19, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. Workday, Inc. has a fifty-two week low of $110.36 and a fifty-two week high of $241.04. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.91 and a quick ratio of 0.91. The stock's 50-day moving average is $194.03 and its two-hundred day moving average is $156.30.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings results on Thursday, August 27th. The software maker reported $2.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.61 by $0.14. The business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.64 billion. Workday had a net margin of 12.32% and a return on equity of 20.95%. The firm's revenue was up 12.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.21 earnings per share. As a group, equities research analysts forecast that Workday, Inc. will post 5.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on WDAY shares. Loop Capital increased their price target on Workday from $135.00 to $200.00 and gave the company a "hold" rating in a research report on Friday, August 21st. BNP Paribas Exane boosted their price objective on Workday from $160.00 to $220.00 and gave the stock an "outperform" rating in a report on Friday, August 28th. William Blair reaffirmed an "outperform" rating on shares of Workday in a research note on Friday, August 28th. Piper Sandler raised their target price on shares of Workday from $145.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, August 28th. Finally, KeyCorp downgraded shares of Workday from an "overweight" rating to a "sector weight" rating in a research report on Thursday, October 15th. Twenty-two analysts have rated the stock with a Buy rating, nineteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $202.10.

Workday Company Profile

Workday, Inc is an enterprise software company that provides cloud-based applications for managing human resources, finance and business operations. Its platform is designed to help organizations manage workforce information, accounting, financial reporting, procurement, expenses and other core business processes through a unified software environment.

The company's products include human capital management, financial management, financial planning, spend management, payroll, recruiting, talent management, workforce planning, analytics and reporting solutions.

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