Townsquare Capital LLC Decreases Holdings in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Townsquare Capital LLC reduced its stake in Workday, Inc. by 2.0%, selling 2,129 shares and now holding 104,540 shares worth approximately $24.4 million.
• Several analysts have adjusted their target prices for Workday, with DA Davidson increasing it to $250.00, while Stifel Nicolaus decreased it to $275.00; the average target price is currently $296.88.
• Major shareholder David A. Duffield sold 72,551 shares of Workday stock in a transaction valued at approximately $17.4 million, resulting in a 41.33% decrease in his ownership level.

Townsquare Capital LLC trimmed its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 104,540 shares of the software maker's stock after selling 2,129 shares during the quarter. Townsquare Capital LLC's holdings in Workday were worth $24,413,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Private Trust Co. NA lifted its holdings in shares of Workday by 15.2% during the first quarter. Private Trust Co. NA now owns 318 shares of the software maker's stock valued at $74,000 after purchasing an additional 42 shares during the last quarter. CreativeOne Wealth LLC lifted its holdings in shares of Workday by 1.5% during the fourth quarter. CreativeOne Wealth LLC now owns 2,889 shares of the software maker's stock valued at $745,000 after purchasing an additional 43 shares during the last quarter. Salvus Wealth Management LLC lifted its holdings in shares of Workday by 2.8% during the first quarter. Salvus Wealth Management LLC now owns 1,658 shares of the software maker's stock valued at $387,000 after purchasing an additional 45 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Workday by 15.0% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 353 shares of the software maker's stock valued at $82,000 after purchasing an additional 46 shares during the last quarter. Finally, AE Wealth Management LLC raised its holdings in Workday by 0.4% in the 1st quarter. AE Wealth Management LLC now owns 11,896 shares of the software maker's stock worth $2,778,000 after acquiring an additional 46 shares during the last quarter. 89.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on WDAY shares. Westpark Capital boosted their price objective on shares of Workday from $315.00 to $328.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. DA Davidson boosted their price objective on shares of Workday from $230.00 to $250.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. Oppenheimer decreased their price objective on shares of Workday from $320.00 to $300.00 and set an "outperform" rating for the company in a report on Friday, May 23rd. Piper Sandler restated an "underweight" rating and issued a $235.00 price objective (down from $255.00) on shares of Workday in a report on Thursday, July 10th. Finally, Loop Capital decreased their price objective on shares of Workday from $285.00 to $250.00 and set a "hold" rating for the company in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Workday has a consensus rating of "Moderate Buy" and an average price target of $296.88.

Insiders Place Their Bets

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $248.41, for a total value of $1,863,075.00. Following the sale, the director owned 67,500 shares in the company, valued at $16,767,675. The trade was a 10.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 451 shares of the business's stock in a transaction 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 completion of the sale, the chief accounting officer owned 42,977 shares in the company, valued at approximately $10,093,578.22. The trade was a 1.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 329,005 shares of company stock worth $79,203,523. 19.31% of the stock is owned by corporate insiders.

Workday Price Performance

Workday stock traded up $1.09 during mid-day trading on Friday, hitting $222.07. The stock had a trading volume of 2,386,346 shares, compared to its average volume of 2,512,807. The firm has a market capitalization of $59.29 billion, a P/E ratio of 122.69, a P/E/G ratio of 3.36 and a beta of 1.24. 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 firm's 50 day moving average is $237.71 and its 200 day moving average is $245.22. Workday, Inc. has a one year low of $205.33 and a one year high of $294.00.

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