iA Global Asset Management Inc. Has $7.97 Million Holdings in Workday, Inc. (NASDAQ:WDAY)

Key Points

• iA Global Asset Management Inc. increased its stake in Workday, Inc. by 13.4%, owning 34,110 shares valued at approximately $7.97 million at the end of the quarter.
• Workday received varied ratings from analysts, with JMP Securities giving a price target of $315.00, while Wells Fargo lowered its target to $325.00.
• A director of Workday sold 7,500 shares for roughly $1.86 million, leading to a 10% decrease in ownership, as insiders have sold a total of $79.2 million worth of stock in the last 90 days.

iA Global Asset Management Inc. lifted its holdings in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 13.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 34,110 shares of the software maker's stock after purchasing an additional 4,030 shares during the period. iA Global Asset Management Inc.'s holdings in Workday were worth $7,966,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cornerstone Planning Group LLC boosted its holdings 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 acquiring an additional 54 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Workday during the 1st quarter valued at about $32,000. Financial Management Professionals Inc. boosted its stake 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 valued at $36,000 after purchasing an additional 54 shares during the last quarter. Pinnacle Bancorp Inc. acquired a new stake in shares of Workday during the 1st quarter worth approximately $40,000. Finally, BankPlus Trust Department bought a new stake in shares of Workday during the first quarter worth approximately $40,000. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 72,551 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $239.61, for a total value of $17,383,945.11. Following the completion of 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 SEC, which is available at this link. Also, Director George J. Still, Jr. sold 7,500 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $248.41, for a total value of $1,863,075.00. Following the transaction, the director directly owned 67,500 shares in the company, valued at $16,767,675. The trade was a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 329,005 shares of company stock worth $79,203,523 in the last 90 days. 19.31% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. Guggenheim reiterated a "neutral" rating on shares of Workday in a research report on Friday, May 23rd. JPMorgan Chase & Co. lowered their price target on Workday from $310.00 to $295.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Mizuho cut their price objective on Workday from $320.00 to $275.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Stifel Nicolaus lowered their target price on Workday from $310.00 to $275.00 and set a "hold" rating for the company in a research note on Friday, May 23rd. Finally, Morgan Stanley set a $255.00 price target on shares of Workday and gave the company an "equal weight" rating in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $296.88.

Workday Stock Up 0.5%

WDAY stock traded up $1.09 during mid-day trading on Friday, reaching $222.07. The company had a trading volume of 2,386,346 shares, compared to its average volume of 2,512,807. The company has a market capitalization of $59.29 billion, a price-to-earnings ratio of 122.69, a PEG ratio of 3.34 and a beta of 1.24. Workday, Inc. has a 52 week low of $205.33 and a 52 week high of $294.00. The stock 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 debt-to-equity ratio of 0.33, a current ratio of 2.07 and a quick ratio of 2.07.

Workday (NASDAQ:WDAY - Get Free Report) last released its earnings results 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. Workday had a net margin of 5.60% and a return on equity of 8.00%. The business had revenue of $2.24 billion during the quarter, compared to analysts' expectations of $2.22 billion. During the same period last year, the business earned $1.74 earnings per share. The firm's revenue was up 12.6% on a year-over-year basis. As a group, equities analysts predict that Workday, Inc. will post 2.63 earnings per share for the current fiscal 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.