M&T Bank Corp Trims Holdings in Workday, Inc. (NASDAQ:WDAY)

M&T Bank Corp reduced its stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 6.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,378 shares of the software maker's stock after selling 1,212 shares during the quarter. M&T Bank Corp's holdings in Workday were worth $4,059,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of WDAY. TCTC Holdings LLC purchased a new stake in shares of Workday during the fourth quarter worth about $35,000. Farmers & Merchants Investments Inc. purchased a new stake in shares of Workday during the first quarter worth about $32,000. Rakuten Securities Inc. boosted its holdings in shares of Workday by 78.6% during the fourth quarter. Rakuten Securities Inc. now owns 150 shares of the software maker's stock worth $39,000 after purchasing an additional 66 shares during the period. Financial Management Professionals Inc. boosted its holdings in shares of Workday by 54.0% during the first 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 period. Finally, Pinnacle Bancorp Inc. purchased a new stake in shares of Workday during the first quarter worth about $40,000. 89.81% of the stock is owned by institutional investors.

Workday Price Performance

Shares of NASDAQ WDAY traded down $5.93 during trading on Friday, hitting $223.37. The company had a trading volume of 2,494,795 shares, compared to its average volume of 2,482,412. The stock has a fifty day simple moving average of $248.80 and a two-hundred day simple moving average of $248.82. Workday, Inc. has a fifty-two week low of $199.81 and a fifty-two week high of $294.00. The firm has a market capitalization of $59.64 billion, a price-to-earnings ratio of 123.41, a price-to-earnings-growth ratio of 3.46 and a beta of 1.21. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.33.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, topping analysts' consensus estimates of $2.01 by $0.22. The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.22 billion. Workday had a net margin of 5.60% and a return on equity of 8.00%. Workday's quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.74 earnings per share. On average, research analysts expect that Workday, Inc. will post 2.63 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on WDAY shares. Westpark Capital raised their price objective on shares of Workday from $315.00 to $328.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Oppenheimer lowered their price objective on shares of Workday from $320.00 to $300.00 and set an "outperform" rating for the company in a report on Friday, May 23rd. Royal Bank Of Canada restated an "outperform" rating and issued a $340.00 price objective on shares of Workday in a report on Friday, May 23rd. Stifel Nicolaus lowered their price objective on shares of Workday from $310.00 to $275.00 and set a "hold" rating for the company in a report on Friday, May 23rd. Finally, DA Davidson raised their price objective on shares of Workday from $230.00 to $250.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Workday currently has an average rating of "Moderate Buy" and a consensus target price of $296.88.

Insider Buying and Selling at Workday

In related news, major shareholder David A. Duffield sold 73,971 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $238.66, for a total transaction of $17,653,918.86. Following the transaction, the insider directly owned 102,997 shares in the company, valued at approximately $24,581,264.02. The trade was a 41.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Zane Rowe sold 6,000 shares of the business'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 completion of the transaction, the chief financial officer owned 178,418 shares in the company, valued at $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. Over the last ninety days, insiders have sold 328,554 shares of company stock valued at $79,097,601. Insiders own 19.31% of the company's stock.

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.