ABC Arbitrage SA Has $1.57 Million Stock Holdings in Workday, Inc. (NASDAQ:WDAY)

Key Points

• ABC Arbitrage SA increased its stake in Workday, Inc. by 23.9%, now owning 6,710 shares valued at approximately $1.57 million.
• Several hedge funds made significant changes to their positions in Workday, with Cornerstone Planning Group LLC boosting their stake by 76.1% in the same quarter.
• Insider selling was observed, with major shareholder David A. Duffield selling 72,551 shares for over $17 million, representing a 41.33% decrease in his position.

ABC Arbitrage SA boosted its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 23.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,710 shares of the software maker's stock after buying an additional 1,295 shares during the quarter. ABC Arbitrage SA's holdings in Workday were worth $1,567,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of WDAY. Janney Montgomery Scott LLC boosted its holdings in shares of Workday by 5.0% in 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 during the period. Kingswood Wealth Advisors LLC boosted its stake in Workday by 13.9% in the 1st 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 position in Workday by 33.8% during the 1st 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 in the last quarter. Sowell Financial Services LLC acquired a new stake in Workday during the 1st quarter valued at $290,000. Finally, D.A. Davidson & CO. raised its stake in Workday by 27.8% during the 1st quarter. D.A. Davidson & CO. now owns 1,601 shares of the software maker's stock valued at $374,000 after purchasing an additional 348 shares during the period. 89.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Wells Fargo & Company decreased their target price on Workday from $360.00 to $325.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Loop Capital decreased their price objective on Workday from $285.00 to $250.00 and set a "hold" rating for the company in a research report on Friday, May 23rd. JPMorgan Chase & Co. dropped their target price on Workday from $310.00 to $295.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. Needham & Company LLC reissued a "buy" rating and issued a $300.00 price target on shares of Workday in a research report on Wednesday, May 21st. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Workday in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Workday has an average rating of "Moderate Buy" and a consensus price target of $296.88.

Workday Stock Performance

NASDAQ:WDAY traded down $8.10 during mid-day trading on Thursday, hitting $220.98. 3,596,920 shares of the company's stock traded hands, compared to its average volume of 2,540,779. The firm has a market capitalization of $59.00 billion, a price-to-earnings ratio of 122.09, a price-to-earnings-growth ratio of 3.46 and a beta of 1.24. The firm has a 50 day moving average of $238.22 and a two-hundred day moving average of $245.47. 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 12 month low of $205.33 and a 12 month high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.22. The company had revenue of $2.24 billion during the quarter, compared to analysts' expectations 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 in the prior year, the business earned $1.74 earnings per share. On average, equities analysts forecast that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Insider Transactions at Workday

In related news, major shareholder David A. Duffield sold 72,551 shares of Workday stock in a transaction dated 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 directly owned 102,997 shares of the company's stock, valued at $24,679,111.17. This trade represents a 41.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Carl M. Eschenbach sold 6,250 shares of Workday stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 1,472 shares in the company, valued at $352,440.96. The trade was a 80.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 329,005 shares of company stock worth $79,203,523. 19.31% of the stock is currently owned by insiders.

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.