Ironwood Investment Counsel LLC Acquires 1,279 Shares of Workday, Inc. (NASDAQ:WDAY)

Key Points

• Ironwood Investment Counsel LLC increased its stake in Workday, Inc. by 7.1%, owning 19,276 shares valued at $4.5 million after purchasing an additional 1,279 shares in the first quarter.
• Major shareholder David A. Duffield sold 72,551 shares for approximately $17.4 million, decreasing his stake by 41.33% to 102,997 shares.
• Workday's stock has a market cap of $61.16 billion, and the company recently reported a 12.6% year-over-year revenue increase and earnings per share of $2.23, surpassing analysts' expectations.

Ironwood Investment Counsel LLC raised its holdings in Workday, Inc. (NASDAQ:WDAY - Free Report) by 7.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,276 shares of the software maker's stock after buying an additional 1,279 shares during the quarter. Ironwood Investment Counsel LLC's holdings in Workday were worth $4,502,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Cornerstone Planning Group LLC grew its holdings in shares of Workday by 76.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock worth $28,000 after purchasing an additional 54 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new stake in shares of Workday in the 1st quarter worth about $32,000. Financial Management Professionals Inc. grew its holdings in shares of Workday by 54.0% in the 1st quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker's stock worth $36,000 after purchasing an additional 54 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in shares of Workday in the 1st quarter worth about $40,000. Finally, BankPlus Trust Department bought a new stake in shares of Workday in the 1st quarter worth about $40,000. Institutional investors own 89.81% of the company's stock.

Insiders Place Their Bets

In related news, CEO Carl M. Eschenbach sold 6,250 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $239.43, for a total value of $1,496,437.50. Following the sale, the chief executive officer directly owned 1,472 shares in the company, valued at $352,440.96. This trade represents a 80.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Zane Rowe sold 6,000 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 178,418 shares of the company's stock, valued at approximately $42,747,168.62. The trade was a 3.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 329,005 shares of company stock worth $79,203,523 over the last ninety days. Company insiders own 19.31% of the company's stock.

Workday Trading Up 0.5%

Shares of NASDAQ:WDAY traded up $1.09 during mid-day trading on Friday, reaching $222.07. The stock had a trading volume of 2,386,346 shares, compared to its average volume of 2,512,807. The firm has a market cap of $59.29 billion, a PE ratio of 122.69, a price-to-earnings-growth ratio of 3.34 and a beta of 1.24. The firm has a 50 day simple moving average of $237.71 and a two-hundred day simple moving average of $245.27. 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 twelve month low of $205.33 and a twelve month 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, beating analysts' consensus estimates of $2.01 by $0.22. The business had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.22 billion. Workday had a net margin of 5.60% and a return on equity of 8.00%. Workday's revenue for the quarter was up 12.6% on a year-over-year basis. During the same period last year, the company posted $1.74 EPS. On average, research analysts predict that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on WDAY shares. Oppenheimer lowered their target price on shares of Workday from $320.00 to $300.00 and set an "outperform" rating on the stock in a report on Friday, May 23rd. Piper Sandler reaffirmed an "underweight" rating and issued a $235.00 target price (down previously from $255.00) on shares of Workday in a report on Thursday, July 10th. 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. Wall Street Zen raised shares of Workday from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Loop Capital lowered their target price on shares of Workday from $285.00 to $250.00 and set a "hold" rating on the stock in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Workday presently has an average rating of "Moderate Buy" and a consensus target price of $296.88.

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.