Synovus Financial Corp Lowers Position in Workday, Inc. $WDAY

Key Points

• Synovus Financial Corp has significantly reduced its stake in Workday, Inc. by 79.3% during the 1st quarter, leaving it with 3,022 shares valued at approximately $706,000.
• Other institutional investors have increased their holdings in Workday, with notable raises including Jump Financial LLC, which grew its position by 823.1% to own 109,687 shares worth about $25.6 million.
• Analysts have a generally positive outlook on Workday, with the consensus rating at "Moderate Buy" and a consensus price target of $286.81, despite some price adjustments from various firms.

Synovus Financial Corp lowered its holdings in Workday, Inc. (NASDAQ:WDAY - Free Report) by 79.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,022 shares of the software maker's stock after selling 11,552 shares during the period. Synovus Financial Corp's holdings in Workday were worth $706,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. ICONIQ Capital LLC raised its holdings in shares of Workday by 18.3% in the 1st quarter. ICONIQ Capital LLC now owns 1,378 shares of the software maker's stock valued at $322,000 after acquiring an additional 213 shares in the last quarter. Jump Financial LLC raised its holdings in shares of Workday by 823.1% in the 1st quarter. Jump Financial LLC now owns 109,687 shares of the software maker's stock valued at $25,615,000 after acquiring an additional 97,804 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Workday by 35.6% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 3,479,105 shares of the software maker's stock valued at $812,475,000 after acquiring an additional 913,613 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Workday by 4.7% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the software maker's stock valued at $417,000 after acquiring an additional 78 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Workday by 305.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 26,023 shares of the software maker's stock valued at $6,077,000 after acquiring an additional 19,612 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $300.00 price target on shares of Workday in a report on Friday, August 22nd. Stifel Nicolaus decreased their price objective on Workday from $275.00 to $255.00 and set a "hold" rating on the stock in a report on Friday, August 22nd. Oppenheimer decreased their price objective on Workday from $300.00 to $270.00 and set an "outperform" rating on the stock in a report on Friday, August 22nd. Deutsche Bank Aktiengesellschaft decreased their price objective on Workday from $330.00 to $280.00 and set a "buy" rating on the stock in a report on Friday, August 22nd. Finally, Cantor Fitzgerald set a $265.00 price objective on Workday in a report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $286.81.

Insider Buying and Selling at Workday

In related news, CAO Mark S. Garfield sold 451 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $234.86, for a total transaction of $105,921.86. Following the transaction, the chief accounting officer directly owned 42,977 shares in the company, valued at $10,093,578.22. This trade represents a 1.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Carl M. Eschenbach sold 6,250 shares of Workday stock in a transaction that occurred on Tuesday, July 1st. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 325,880 shares of company stock worth $78,449,679 over the last quarter. Company insiders own 19.31% of the company's stock.

Workday Price Performance

WDAY opened at $229.71 on Thursday. The stock's 50 day simple moving average is $231.40 and its 200 day simple moving average is $241.68. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.10 and a quick ratio of 2.07. Workday, Inc. has a 1 year low of $205.33 and a 1 year high of $294.00. The firm has a market cap of $61.33 billion, a price-to-earnings ratio of 106.35, a PEG ratio of 3.31 and a beta of 1.24.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings results on Thursday, August 21st. The software maker reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.12. Workday had a return on equity of 9.74% and a net margin of 6.51%.The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same period last year, the company earned $1.75 EPS. Workday's revenue for the quarter was up 12.6% compared to the same quarter last year. Workday has set its FY 2026 guidance at EPS. Q3 2026 guidance at EPS. As a group, analysts predict that Workday, Inc. will post 2.63 earnings per share for the current year.

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.

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