Sumitomo Mitsui Trust Group Inc. Purchases 12,755 Shares of Workday, Inc. (NASDAQ:WDAY)

Sumitomo Mitsui Trust Group Inc. boosted its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 2.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 557,048 shares of the software maker's stock after purchasing an additional 12,755 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.21% of Workday worth $130,087,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Workday by 28.9% during the fourth quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker's stock worth $5,197,447,000 after buying an additional 4,517,272 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in Workday during the fourth quarter valued at approximately $658,735,000. Norges Bank acquired a new position in Workday during the fourth quarter valued at approximately $645,710,000. Parnassus Investments LLC boosted its position in Workday by 562.2% during the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker's stock valued at $631,589,000 after purchasing an additional 2,078,097 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Workday by 61.9% during the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock valued at $1,193,105,000 after purchasing an additional 1,772,223 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

WDAY has been the subject of several recent research reports. DA Davidson increased their price target on Workday from $230.00 to $250.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. Jefferies Financial Group reduced their price target on Workday from $350.00 to $325.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Westpark Capital increased their price target on Workday from $315.00 to $328.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Needham & Company LLC reissued a "buy" rating and set 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. Nine investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $297.68.

Insiders Place Their Bets

In other news, major shareholder David A. Duffield sold 81,275 shares of Workday stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $214.68, for a total value of $17,448,117.00. Following the transaction, the insider owned 102,997 shares in the company, valued at approximately $22,111,395.96. This trade represents a 44.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 497 shares of Workday stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $226.55, for a total value of $112,595.35. Following the completion of the transaction, the chief accounting officer owned 34,385 shares in the company, valued at approximately $7,789,921.75. The trade was a 1.42% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 255,733 shares of company stock worth $59,649,301. 20.00% of the stock is currently owned by company insiders.

Workday Price Performance

Workday stock traded down $0.77 during mid-day trading on Tuesday, reaching $239.23. 2,601,513 shares of the company were exchanged, compared to its average volume of 2,459,876. The company has a fifty day simple moving average of $248.50 and a 200-day simple moving average of $250.34. Workday, Inc. has a 12 month low of $199.81 and a 12 month 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. The firm has a market cap of $63.87 billion, a PE ratio of 132.17, a PEG ratio of 3.63 and a beta of 1.21.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share (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 analyst estimates of $2.22 billion. During the same quarter last year, the company posted $1.74 EPS. The company's revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, equities research analysts expect 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.