Tidal Investments LLC Buys 437,175 Shares of Workday, Inc. $WDAY

Key Points

• Tidal Investments increased its Workday stake by 43.6% in the second quarter, buying 437,175 shares for a total holding of 1.44 million shares valued at approximately $176.2 million. Institutional investors collectively own 89.81% of the company.
• Workday reported quarterly earnings of $2.75 per share, beating estimates of $2.61, while revenue rose 12.8% year over year to $2.65 billion. The stock opened at $186.05, below the analyst consensus price target of $206.34.
• Analyst sentiment remains mixed but generally favorable: 20 analysts rate Workday a Buy, 17 rate it Hold and two rate it Sell. Recent price targets range from $180 to $240, while insiders sold $119.9 million of stock over the past 90 days, primarily under 10b5-1 plans to cover tax obligations.

Tidal Investments LLC raised its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 43.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,439,456 shares of the software maker's stock after purchasing an additional 437,175 shares during the period. Tidal Investments LLC owned 0.60% of Workday worth $176,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Strategic Investment Advisors MI boosted its holdings in shares of Workday by 1.6% in the 2nd quarter. Strategic Investment Advisors MI now owns 3,263 shares of the software maker's stock valued at $777,000 after buying an additional 50 shares in the last quarter. L2 Asset Management LLC raised its stake in shares of Workday by 7.8% during the 4th quarter. L2 Asset Management LLC now owns 1,079 shares of the software maker's stock worth $232,000 after acquiring an additional 78 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Workday by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 24,798 shares of the software maker's stock worth $5,326,000 after acquiring an additional 80 shares in the last quarter. Colonial Trust Co SC lifted its position in Workday by 45.8% during the fourth quarter. Colonial Trust Co SC now owns 280 shares of the software maker's stock valued at $60,000 after acquiring an additional 88 shares during the last quarter. Finally, Scotia Capital Inc. lifted its position in Workday by 5.4% during the third quarter. Scotia Capital Inc. now owns 1,759 shares of the software maker's stock valued at $423,000 after acquiring an additional 90 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Workday news, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $143.70, for a total transaction of $862,200.00. Following the completion of the sale, the chief financial officer owned 288,460 shares of the company's stock, valued at approximately $41,451,702. The trade was a 2.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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. Also, insider Robert Enslin sold 5,374 shares of the business's stock in a transaction dated Sunday, July 5th. The shares were sold at an average price of $134.90, for a total value of $724,952.60. Following the sale, the insider owned 239,469 shares in the company, valued at approximately $32,304,368.10. The trade was a 2.19% decrease in their position. 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. Insiders sold 845,596 shares of company stock worth $119,870,637 in the last 90 days. Insiders own 18.64% of the company's stock.

Workday Trading Down 0.1%

NASDAQ WDAY opened at $186.05 on Thursday. The company has a fifty day simple moving average of $169.85 and a two-hundred day simple moving average of $143.60. The stock has a market cap of $44.84 billion, a P/E ratio of 37.74, a P/E/G ratio of 1.88 and a beta of 1.08. Workday, Inc. has a 12-month low of $110.36 and a 12-month high of $249.85. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.31.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings data on Thursday, August 27th. The software maker reported $2.75 EPS for the quarter, topping the consensus estimate of $2.61 by $0.14. The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.64 billion. Workday had a net margin of 12.32% and a return on equity of 20.95%. The business's revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.21 earnings per share. On average, analysts forecast that Workday, Inc. will post 5.3 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Monness Crespi & Hardt lifted their price target on shares of Workday from $202.00 to $218.00 and gave the stock a "buy" rating in a report on Friday, August 28th. Jefferies Financial Group set a $220.00 price objective on Workday in a report on Friday, August 28th. Royal Bank Of Canada raised their price objective on Workday from $220.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, August 28th. KeyCorp boosted their target price on Workday from $158.00 to $215.00 and gave the stock an "overweight" rating in a research note on Friday, August 28th. Finally, Morgan Stanley upped their target price on Workday from $145.00 to $180.00 and gave the company an "underweight" rating in a research report on Friday, August 28th. Twenty equities research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $206.34.

Workday Profile

Workday, Inc develops cloud-based enterprise software designed to help organizations manage finance, human resources and related business operations. Its platform provides tools for financial management, accounting, procurement, expenses, payroll, workforce management, recruiting, talent management, employee experience and enterprise planning.

The company also offers analytics, reporting and artificial intelligence capabilities that support budgeting, forecasting, workforce planning and business decision-making.

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