TD Asset Management Inc Sells 7,930 Shares of Workday, Inc. (NASDAQ:WDAY)

Key Points

• TD Asset Management Inc reduced its position in Workday, Inc. by 4.0%, selling 7,930 shares, leaving it with 192,689 shares valued at approximately $44.999 million.
• Insider trading revealed that Director George J. Still, Jr. sold 7,500 shares for over $1.86 million, decreasing his ownership by 10% to 67,500 shares.
• Workday recently reported earnings of $2.23 per share, beating estimates, with revenue up 12.6% year-over-year, and analysts have a consensus target price of $296.88 for the stock.

TD Asset Management Inc lessened its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 4.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 192,689 shares of the software maker's stock after selling 7,930 shares during the period. TD Asset Management Inc owned approximately 0.07% of Workday worth $44,999,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cornerstone Planning Group LLC raised its holdings in shares of Workday by 76.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock worth $28,000 after acquiring an additional 54 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new position in Workday in the 1st quarter valued at $32,000. Financial Management Professionals Inc. boosted its holdings in Workday by 54.0% in the 1st quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker's stock valued at $36,000 after purchasing an additional 54 shares during the period. Pinnacle Bancorp Inc. bought a new position in Workday in the 1st quarter valued at $40,000. Finally, BankPlus Trust Department bought a new stake in shares of Workday during the 1st quarter worth $40,000. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Workday news, CEO Carl M. Eschenbach sold 6,250 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 1,472 shares of the company's stock, valued at $352,440.96. This trade represents a 80.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the chief financial officer directly owned 178,418 shares in the company, valued at $42,747,168.62. This trade represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 329,005 shares of company stock worth $79,203,523. Insiders own 19.31% of the company's stock.

Wall Street Analysts Forecast Growth

WDAY has been the topic of a number of analyst reports. Stifel Nicolaus decreased their price objective on shares of Workday from $310.00 to $275.00 and set a "hold" rating on the stock in a research report on Friday, May 23rd. Loop Capital decreased their price objective on shares of Workday from $285.00 to $250.00 and set a "hold" rating on the stock in a research report on Friday, May 23rd. Mizuho dropped their price objective on shares of Workday from $320.00 to $275.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Morgan Stanley set a $255.00 price target on shares of Workday and gave the stock an "equal weight" rating in a research note on Friday, May 23rd. Finally, DA Davidson lifted 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $296.88.

Workday Price Performance

Shares of NASDAQ WDAY traded down $2.92 during trading on Friday, hitting $226.46. 1,517,285 shares of the company were exchanged, compared to its average volume of 2,263,804. Workday, Inc. has a 1 year low of $199.81 and a 1 year high of $294.00. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.07 and a quick ratio of 2.07. The firm's fifty day moving average price is $239.71 and its 200 day moving average price is $246.31. The company has a market cap of $60.46 billion, a price-to-earnings ratio of 125.12, a PEG ratio of 3.59 and a beta of 1.21.

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

About Workday

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.