Vestcor Inc Has $989,000 Stock Holdings in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Vestcor Inc reduced its holdings in Workday, Inc. by 69.4%, selling 9,581 shares and now owning just 4,234 shares valued at approximately $989,000.
• Several institutional investors increased their stakes in Workday during the fourth quarter, with The Manufacturers Life Insurance Company boosting its holdings by 60.7% to own 3,722,255 shares valued at $960.5 million.
• Workday's stock has experienced a 3.1% decline recently, with analysts providing mixed ratings and adjusting price targets, reflecting ongoing market fluctuations.

Vestcor Inc decreased its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 69.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,234 shares of the software maker's stock after selling 9,581 shares during the quarter. Vestcor Inc's holdings in Workday were worth $989,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Janney Montgomery Scott LLC grew its position in Workday by 5.0% during the first quarter. Janney Montgomery Scott LLC now owns 22,645 shares of the software maker's stock worth $5,288,000 after buying an additional 1,070 shares in the last quarter. Kingswood Wealth Advisors LLC grew its position in Workday by 13.9% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,136 shares of the software maker's stock worth $265,000 after buying an additional 139 shares in the last quarter. Sowell Financial Services LLC acquired a new stake in Workday during the first quarter worth approximately $290,000. Nisa Investment Advisors LLC grew its position in Workday by 33.8% during the first quarter. Nisa Investment Advisors LLC now owns 32,055 shares of the software maker's stock worth $7,486,000 after buying an additional 8,093 shares in the last quarter. Finally, D.A. Davidson & CO. grew its position in Workday by 27.8% during the first quarter. D.A. Davidson & CO. now owns 1,601 shares of the software maker's stock worth $374,000 after buying an additional 348 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company's stock.

Insider Transactions at Workday

In other news, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $239.59, for a total value of $1,437,540.00. Following the completion of the transaction, the chief financial officer directly owned 178,418 shares of the company's stock, valued at approximately $42,747,168.62. This trade represents a 3.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Carl M. Eschenbach sold 6,250 shares of Workday stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,472 shares of the company's stock, valued at approximately $352,440.96. This trade represents a 80.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 329,005 shares of company stock worth $79,203,523. Corporate insiders own 20.00% of the company's stock.

Workday Trading Down 3.1%

NASDAQ:WDAY traded down $7.16 during trading hours on Friday, hitting $222.22. 4,088,210 shares of the company were exchanged, compared to its average volume of 2,440,214. The stock has a market capitalization of $59.33 billion, a price-to-earnings ratio of 122.77, a price-to-earnings-growth 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. Workday, Inc. has a one year low of $199.81 and a one year high of $294.00. The company has a fifty day simple moving average of $239.40 and a 200 day simple moving average of $246.10.

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Piper Sandler reissued an "underweight" rating and set a $235.00 price target (down previously from $255.00) on shares of Workday in a research report on Thursday, July 10th. Wells Fargo & Company reduced their target price on Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $340.00 target price on shares of Workday in a report on Friday, May 23rd. JMP Securities reaffirmed a "market outperform" rating and issued a $315.00 target price on shares of Workday in a report on Friday, May 23rd. Finally, KeyCorp reduced their target price on Workday from $335.00 to $325.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $296.88.

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.