Vestmark Advisory Solutions Inc. Raises Position in Workday, Inc. $WDAY

Key Points

• Vestmark Advisory Solutions Inc. increased its stake in Workday, Inc. by 78.4% in Q1 2023, acquiring an additional 4,536 shares, resulting in total holdings valued at $2.41 million.
• Several institutional investors, including Vanguard Group and The Manufacturers Life Insurance Company, also raised their stakes in Workday, highlighting strong investment interest with 89.81% of the stock owned by institutional investors.
• Workday's stock is currently rated as a "Moderate Buy" with a consensus target price of $294.31, despite recent price cuts in analyst forecasts.

Vestmark Advisory Solutions Inc. raised its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 78.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,322 shares of the software maker's stock after buying an additional 4,536 shares during the quarter. Vestmark Advisory Solutions Inc.'s holdings in Workday were worth $2,410,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Janney Montgomery Scott LLC grew its holdings in shares of Workday by 5.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 22,645 shares of the software maker's stock worth $5,288,000 after purchasing an additional 1,070 shares in the last quarter. Kingswood Wealth Advisors LLC grew its stake 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 purchasing an additional 139 shares during the period. Nisa Investment Advisors LLC grew its stake 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 purchasing an additional 8,093 shares during the period. Sowell Financial Services LLC bought a new position in shares of Workday in the first quarter valued at approximately $290,000. Finally, D.A. Davidson & CO. lifted its holdings 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 acquiring an additional 348 shares during the period. 89.81% of the stock is owned by institutional investors and hedge funds.

Workday Stock Down 0.7%

WDAY stock traded down $1.49 during trading on Thursday, hitting $226.00. 1,401,207 shares of the company's stock traded hands, compared to its average volume of 2,382,379. The firm has a market capitalization of $60.34 billion, a P/E ratio of 125.04, a PEG ratio of 3.47 and a beta of 1.24. The business has a fifty day simple moving average of $233.31 and a two-hundred day simple moving average of $243.20. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.33. Workday, Inc. has a 1 year low of $205.33 and a 1 year high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly 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. Workday had a return on equity of 8.00% and a net margin of 5.60%.The company had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period last year, the firm earned $1.74 EPS. The firm's revenue for the quarter was up 12.6% compared to the same quarter last year. Sell-side analysts anticipate that Workday, Inc. will post 2.63 EPS for the current year.

Insider Buying and Selling at Workday

In related news, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 178,418 shares in the company, valued at approximately $42,747,168.62. This trade represents a 3.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director George J. Still, Jr. sold 7,500 shares of Workday stock in a transaction that occurred on Thursday, June 5th. The shares were 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 owned 67,500 shares of the company's stock, valued at $16,767,675. This trade represents a 10.00% decrease in their position. The disclosure for this sale can be found here. Over the last three months, 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

Several research firms recently commented on WDAY. Barclays reduced their target price on Workday from $321.00 to $298.00 and set an "overweight" rating for the company in a research report on Monday. DA Davidson upped their target price on Workday from $230.00 to $250.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. Wall Street Zen upgraded Workday from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Cantor Fitzgerald set a $265.00 price target on Workday in a research note on Thursday, August 14th. Finally, Stifel Nicolaus lowered their price target on Workday from $310.00 to $275.00 and set a "hold" rating on the stock in a report on Friday, May 23rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $292.92.

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.