American Century Companies Inc. Purchases 71,219 Shares of Workday, Inc. $WDAY

Key Points

• American Century Companies Inc. increased its stake in Workday, Inc. by 3.7%, owning over 2 million shares valued at approximately $472 million as of the end of the first quarter.
• Several analysts upgraded Workday's stock rating, with a consensus rating of "Moderate Buy" and an average price target of $294.31.
• Workday reported a quarterly EPS of $2.23, exceeding analyst expectations, and noted a 12.6% year-over-year revenue growth.

American Century Companies Inc. increased its stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 3.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,021,193 shares of the software maker's stock after purchasing an additional 71,219 shares during the period. American Century Companies Inc. owned approximately 0.76% of Workday worth $472,009,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in WDAY. Vanguard Group Inc. lifted its holdings in Workday by 2.3% during the first quarter. Vanguard Group Inc. now owns 20,598,655 shares of the software maker's stock worth $4,810,404,000 after acquiring an additional 455,855 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Workday by 60.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock valued at $960,454,000 after purchasing an additional 1,406,088 shares in the last quarter. Brown Advisory Inc. lifted its holdings in shares of Workday by 1.5% in the fourth quarter. Brown Advisory Inc. now owns 3,530,701 shares of the software maker's stock valued at $911,027,000 after purchasing an additional 52,104 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in shares of Workday in the fourth quarter valued at about $658,735,000. Finally, Northern Trust Corp lifted its holdings in shares of Workday by 51.2% in the fourth quarter. Northern Trust Corp now owns 2,263,981 shares of the software maker's stock valued at $584,175,000 after purchasing an additional 767,034 shares in the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. KeyCorp cut their price target on Workday from $335.00 to $325.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. Wells Fargo & Company cut their price target on Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Piper Sandler restated an "underweight" rating and issued a $235.00 price target (down from $255.00) on shares of Workday in a report on Thursday, July 10th. Westpark Capital boosted their price target on Workday from $315.00 to $328.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, Morgan Stanley set a $255.00 price target on Workday and gave the company an "equal weight" rating in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Workday presently has a consensus rating of "Moderate Buy" and a consensus target price of $294.31.

Insider Buying and Selling at Workday

In related news, major shareholder David A. Duffield sold 72,551 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $239.61, for a total transaction of $17,383,945.11. Following the sale, the insider owned 102,997 shares of the company's stock, valued at $24,679,111.17. This represents a 41.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 451 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $234.86, for a total value of $105,921.86. Following the sale, the chief accounting officer directly owned 42,977 shares in the company, valued at $10,093,578.22. This represents a 1.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 329,005 shares of company stock valued at $79,203,523 over the last ninety days. 20.00% of the stock is owned by corporate insiders.

Workday Stock Performance

Shares of Workday stock traded up $4.17 on Friday, hitting $226.09. The stock had a trading volume of 2,888,429 shares, compared to its average volume of 2,942,249. Workday, Inc. has a twelve month low of $205.33 and a twelve month high of $294.00. The business's 50 day moving average is $234.67 and its two-hundred day moving average is $243.61. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.33. The stock has a market cap of $60.37 billion, a price-to-earnings ratio of 124.91, a price-to-earnings-growth ratio of 3.42 and a beta of 1.24.

Workday (NASDAQ:WDAY - Get Free Report) last posted its earnings results on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, beating 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 quarter in the prior year, the business earned $1.74 earnings per share. The firm's revenue for the quarter was up 12.6% on a year-over-year basis. Analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

Workday 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.