Westpac Banking Corp Reduces Position in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Westpac Banking Corp reduced its stake in Workday, Inc. by 52.6%, now owning 1,236 shares valued at approximately $289,000 as of the end of the first quarter.
• Workday reported a quarterly EPS of $2.23, exceeding analysts' expectations, with revenue of $2.24 billion, a 12.6% increase compared to the same quarter last year.
• Several institutional investors, including Cornerstone Planning Group LLC and Farmers & Merchants Investments Inc., have recently either increased or established new positions in Workday.

Westpac Banking Corp lessened its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 52.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,236 shares of the software maker's stock after selling 1,371 shares during the period. Westpac Banking Corp's holdings in Workday were worth $289,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Cornerstone Planning Group LLC increased its stake in Workday by 76.1% in the first quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock valued at $28,000 after purchasing an additional 54 shares in the last quarter. Farmers & Merchants Investments Inc. bought a new stake in shares of Workday during the first quarter worth $32,000. Financial Management Professionals Inc. increased its position in shares of Workday by 54.0% during the first quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker's stock worth $36,000 after acquiring an additional 54 shares in the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Workday during the first quarter worth $40,000. Finally, BankPlus Trust Department bought a new stake in shares of Workday during the first quarter worth $40,000. Institutional investors own 89.81% of the company's stock.

Insider Activity at Workday

In related 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 transaction of $1,863,075.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder David A. Duffield sold 73,971 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $238.66, for a total transaction of $17,653,918.86. Following the transaction, the insider owned 102,997 shares in the company, valued at $24,581,264.02. The trade was a 41.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 329,005 shares of company stock worth $79,203,523 over the last ninety days. 19.31% of the stock is owned by corporate insiders.

Workday Trading Up 1.9%

Shares of NASDAQ WDAY traded up $4.17 during midday trading on Friday, reaching $226.09. The stock had a trading volume of 2,888,429 shares, compared to its average volume of 2,927,709. The firm has a market cap of $60.37 billion, a price-to-earnings ratio of 124.91, a price-to-earnings-growth ratio of 3.35 and a beta of 1.24. Workday, Inc. has a twelve month low of $205.33 and a twelve month high of $294.00. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.07 and a current ratio of 2.07. The company's 50 day moving average price is $234.67 and its 200 day moving average price is $243.88.

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on WDAY shares. JPMorgan Chase & Co. lowered their price objective on shares of Workday from $310.00 to $295.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Stifel Nicolaus decreased their target price on shares of Workday from $310.00 to $275.00 and set a "hold" rating for the company in a research report on Friday, May 23rd. DA Davidson raised their target price on shares of Workday from $230.00 to $250.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. Wells Fargo & Company decreased their target price on shares of Workday from $360.00 to $325.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Piper Sandler reaffirmed an "underweight" rating and issued a $235.00 target price (down previously from $255.00) on shares of Workday in a research report on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $294.31.

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.