PNC Financial Services Group Inc. Boosts Stock Position in Workday, Inc. (NASDAQ:WDAY)

Key Points

• PNC Financial Services Group Inc. increased its stake in Workday, Inc. by 9.0% during Q1, acquiring an additional 7,664 shares, bringing its total holdings to 92,446 shares valued at approximately $21.6 million.
• Insider activity included sales by CAO Mark S. Garfield and Director George J. Still, Jr., with insiders collectively selling 329,005 shares worth around $79.2 million over the past ninety days, indicating a potential drop in their confidence.
• Analysts have a consensus rating of "Moderate Buy" for Workday's stock, with a price target of $296.88, while several firms have adjusted their price targets downward, reflecting varied market sentiment.

PNC Financial Services Group Inc. increased its stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 9.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,446 shares of the software maker's stock after purchasing an additional 7,664 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Workday were worth $21,589,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in WDAY. Private Trust Co. NA boosted its stake in Workday by 15.2% during the first quarter. Private Trust Co. NA now owns 318 shares of the software maker's stock worth $74,000 after acquiring an additional 42 shares in the last quarter. CreativeOne Wealth LLC boosted its stake in Workday by 1.5% during the fourth quarter. CreativeOne Wealth LLC now owns 2,889 shares of the software maker's stock worth $745,000 after acquiring an additional 43 shares in the last quarter. Salvus Wealth Management LLC boosted its stake in Workday by 2.8% during the first quarter. Salvus Wealth Management LLC now owns 1,658 shares of the software maker's stock worth $387,000 after acquiring an additional 45 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in Workday by 15.0% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 353 shares of the software maker's stock worth $82,000 after acquiring an additional 46 shares in the last quarter. Finally, AE Wealth Management LLC raised its holdings in Workday by 0.4% during the first quarter. AE Wealth Management LLC now owns 11,896 shares of the software maker's stock worth $2,778,000 after buying an additional 46 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Workday Stock Up 1.8%

Workday stock traded up $4.10 during mid-day trading on Wednesday, reaching $229.08. The stock had a trading volume of 2,316,191 shares, compared to its average volume of 2,509,101. The company has a market capitalization of $61.16 billion, a price-to-earnings ratio of 126.56, a PEG ratio of 3.40 and a beta of 1.24. The company has a 50-day moving average price of $238.85 and a two-hundred day moving average price of $245.78. Workday, Inc. has a one year low of $205.33 and a one year high of $294.00. 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 announced 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. The company had revenue of $2.24 billion for the quarter, compared to analysts' expectations of $2.22 billion. Workday had a net margin of 5.60% and a return on equity of 8.00%. Workday's revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.74 EPS. On average, analysts expect that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Insider Buying and Selling at Workday

In other news, Director George J. Still, Jr. sold 7,500 shares of the company's stock in a transaction dated 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 completion of the sale, the director owned 67,500 shares of the company's stock, valued at $16,767,675. This represents a 10.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Zane Rowe sold 6,000 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $239.59, for a total transaction of $1,437,540.00. Following the sale, the chief financial officer directly owned 178,418 shares of the company's stock, valued at $42,747,168.62. The trade was a 3.25% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 329,005 shares of company stock worth $79,203,523. 19.31% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on WDAY shares. Piper Sandler reiterated 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. Citigroup lowered shares of Workday from a "neutral" rating to a "mixed" rating in a research report on Friday, May 16th. Guggenheim restated a "neutral" rating on shares of Workday in a research report on Friday, May 23rd. Mizuho dropped their target price on shares of Workday from $320.00 to $275.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Finally, Oppenheimer dropped their target price on shares of Workday from $320.00 to $300.00 and set an "outperform" rating for the company in a research report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, 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.