Trust Asset Management LLC Acquires New Position in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Trust Asset Management LLC has acquired a new stake in Workday, purchasing 2,453 shares for approximately $573,000. This acquisition highlights ongoing interest from institutional investors in the company's stock.
• Workday reported $2.23 earnings per share in its latest quarterly earnings, surpassing analysts' expectations of $2.01, and displaying a 12.6% year-over-year revenue increase.
• Currently, 20% of Workday's stock is owned by company insiders, with significant recent insider sales noted, including a major shareholder selling over 73,000 shares.

Trust Asset Management LLC acquired a new position in Workday, Inc. (NASDAQ:WDAY - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,453 shares of the software maker's stock, valued at approximately $573,000.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC grew its position in Workday by 230.2% during the fourth quarter. Brighton Jones LLC now owns 4,005 shares of the software maker's stock valued at $1,033,000 after acquiring an additional 2,792 shares during the last quarter. Bank Pictet & Cie Europe AG grew its position in Workday by 24.0% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,075 shares of the software maker's stock valued at $793,000 after acquiring an additional 595 shares during the last quarter. Advisory Services Network LLC grew its position in Workday by 27.6% during the fourth quarter. Advisory Services Network LLC now owns 703 shares of the software maker's stock valued at $181,000 after acquiring an additional 152 shares during the last quarter. Martingale Asset Management L P bought a new position in Workday during the fourth quarter valued at approximately $362,000. Finally, Bessemer Group Inc. grew its position in Workday by 20.7% during the fourth quarter. Bessemer Group Inc. now owns 3,279 shares of the software maker's stock valued at $847,000 after acquiring an additional 563 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on WDAY. JMP Securities reiterated a "market outperform" rating and set a $315.00 price target on shares of Workday in a research report on Friday, May 23rd. Needham & Company LLC restated a "buy" rating and issued a $300.00 target price on shares of Workday in a report on Wednesday, May 21st. KeyCorp dropped their price target on Workday from $335.00 to $325.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. Stifel Nicolaus dropped their price target on Workday from $310.00 to $275.00 and set a "hold" rating for the company in a research note on Friday, May 23rd. Finally, DA Davidson raised their price target on Workday from $230.00 to $250.00 and gave the stock a "neutral" rating in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $295.48.

Workday Stock Performance

NASDAQ:WDAY traded up $0.91 during mid-day trading on Tuesday, reaching $214.60. The company's stock had a trading volume of 4,286,623 shares, compared to its average volume of 2,655,733. Workday, Inc. has a 12-month low of $205.33 and a 12-month high of $294.00. The firm's fifty day moving average price is $236.30 and its two-hundred day moving average price is $244.62. 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 stock has a market cap of $57.30 billion, a P/E ratio of 118.56, a PEG ratio of 3.23 and a beta of 1.24.

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 analysts' consensus estimates of $2.01 by $0.22. Workday had a return on equity of 8.00% and a net margin of 5.60%. The business had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the previous year, the firm earned $1.74 EPS. Workday's revenue was up 12.6% on a year-over-year basis. On average, equities analysts forecast that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Insider Buying and Selling at Workday

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $248.41, for a total transaction of $1,863,075.00. Following the completion of the sale, the director directly owned 67,500 shares in the company, valued at $16,767,675. The trade was a 10.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Zane Rowe sold 6,000 shares of the business's stock in a transaction dated 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 sale, the chief financial officer owned 178,418 shares of the company's stock, valued at approximately $42,747,168.62. This represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 329,005 shares of company stock worth $79,203,523. 20.00% of the stock is owned by corporate insiders.

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.