Workday, Inc. (NASDAQ:WDAY) Position Lifted by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd increased its stake in Workday, Inc. by 110.5% in the first quarter, owning 26,384 shares valued at approximately $6.16 million.
• Several institutional investors significantly raised their positions in Workday during the fourth quarter, with Brighton Jones LLC leading with a 230.2% increase.
• Insiders have sold a total of 329,005 shares of Workday stock worth approximately $79.20 million in the last three months, indicating notable insider activity.

Harvest Fund Management Co. Ltd lifted its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 110.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,384 shares of the software maker's stock after purchasing an additional 13,848 shares during the period. Harvest Fund Management Co. Ltd's holdings in Workday were worth $6,161,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. T. Rowe Price Investment Management Inc. purchased a new stake in Workday in the fourth quarter valued at $658,735,000. Geode Capital Management LLC increased its stake in shares of Workday by 61.9% during the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock worth $1,193,105,000 after acquiring an additional 1,772,223 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Workday by 60.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock worth $960,454,000 after acquiring an additional 1,406,088 shares during the period. Invesco Ltd. increased its stake in shares of Workday by 102.6% during the fourth quarter. Invesco Ltd. now owns 1,855,778 shares of the software maker's stock worth $478,846,000 after acquiring an additional 939,955 shares during the period. Finally, Northern Trust Corp boosted its holdings in Workday by 51.2% during the fourth quarter. Northern Trust Corp now owns 2,263,981 shares of the software maker's stock worth $584,175,000 after buying an additional 767,034 shares in the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Royal Bank Of Canada reissued an "outperform" rating and set a $340.00 price objective on shares of Workday in a report on Friday, May 23rd. Oppenheimer reduced their price target on shares of Workday from $320.00 to $300.00 and set an "outperform" rating on the stock in a report on Friday, May 23rd. DA Davidson upped their price target on shares of Workday from $230.00 to $250.00 and gave the company a "neutral" rating in a report on Friday, May 23rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $300.00 price target on shares of Workday in a report on Wednesday, May 21st. Finally, Guggenheim reissued a "neutral" rating on shares of Workday in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Workday has a consensus rating of "Moderate Buy" and an average target price of $296.88.

Insider Buying and Selling at Workday

In related news, Director George J. Still, Jr. sold 7,500 shares of the firm's stock in a transaction on 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 directly owned 67,500 shares of the company's stock, valued at approximately $16,767,675. This trade represents a 10.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Carl M. Eschenbach sold 6,250 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $239.43, for a total transaction of $1,496,437.50. Following the sale, the chief executive officer directly owned 1,472 shares of the company's stock, valued at approximately $352,440.96. The trade was a 80.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 329,005 shares of company stock worth $79,203,523. 19.31% of the stock is currently owned by insiders.

Workday Trading Down 0.8%

Shares of Workday stock traded down $1.95 during trading hours on Wednesday, hitting $237.68. The company's stock had a trading volume of 1,323,990 shares, compared to its average volume of 2,111,376. Workday, Inc. has a 1-year low of $199.81 and a 1-year high of $294.00. The business has a fifty day moving average of $240.57 and a 200 day moving average of $246.43. The company has a market capitalization of $63.46 billion, a PE ratio of 131.31, a P/E/G ratio of 3.62 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 released its quarterly earnings data on Thursday, May 22nd. The software maker reported $2.23 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the prior year, the business earned $1.74 earnings per share. The business's quarterly revenue was up 12.6% compared to the same quarter last year. As a group, equities analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

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.