Resona Asset Management Co. Ltd. Increases Stake in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Resona Asset Management Co. Ltd. increased its position in Workday, Inc. (NASDAQ:WDAY) by 8.3%, owning 70,558 shares valued at approximately $16.5 million after acquiring over 5,000 additional shares.
• Several institutional investors, including Vanguard Group Inc. and Northern Trust Corp, also raised their stakes in Workday during recent quarters, leading to about 89.81% of the stock being owned by such funds.
• Wall Street analysts have a generally positive outlook for Workday, with a consensus rating of "Moderate Buy" and an average price target of $295.48.

Resona Asset Management Co. Ltd. boosted its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 70,558 shares of the software maker's stock after buying an additional 5,391 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Workday were worth $16,532,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Workday by 2.3% during the first quarter. Vanguard Group Inc. now owns 20,598,655 shares of the software maker's stock valued at $4,810,404,000 after purchasing an additional 455,855 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in 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 valued at $960,454,000 after purchasing an additional 1,406,088 shares in the last quarter. Brown Advisory Inc. lifted its stake in shares of Workday by 1.5% in the fourth quarter. Brown Advisory Inc. now owns 3,530,701 shares of the software maker's stock worth $911,027,000 after buying an additional 52,104 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new position in shares of Workday in the fourth quarter worth about $658,735,000. Finally, Northern Trust Corp lifted its stake in shares of Workday by 51.2% in 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. Institutional investors and hedge funds own 89.81% of the company's stock.

Insider Activity at Workday

In other Workday news, CFO Zane Rowe sold 6,000 shares of the business's stock in a transaction that occurred on 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 position. The transaction was disclosed in a legal 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 transaction of $1,863,075.00. Following 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 disclosure for this sale can be found here. Insiders have sold a total of 329,005 shares of company stock worth $79,203,523 over the last ninety days. 19.31% of the stock is currently owned by insiders.

Analysts Set New Price Targets

WDAY has been the topic of several research reports. Guggenheim reissued a "neutral" rating on shares of Workday in a research note on Friday, May 23rd. UBS Group set a $250.00 target price on shares of Workday and gave the stock a "neutral" rating in a research note on Tuesday. Stifel Nicolaus reduced their target price on shares of Workday from $310.00 to $275.00 and set a "hold" rating on the stock in a research note on Friday, May 23rd. Wells Fargo & Company reduced their target price on shares of Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, Morgan Stanley set a $255.00 target price on shares of Workday and gave the stock an "equal weight" rating in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $294.31.

Workday Stock Down 0.5%

Shares of WDAY stock traded down $1.15 during trading on Thursday, reaching $221.92. The company's stock had a trading volume of 3,254,754 shares, compared to its average volume of 2,875,696. 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 company has a market capitalization of $59.25 billion, a price-to-earnings ratio of 122.61, a P/E/G ratio of 3.37 and a beta of 1.24. The stock's 50-day moving average price is $235.20 and its 200 day moving average price is $244.18. Workday, Inc. has a 1-year low of $205.33 and a 1-year high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, beating analysts' consensus estimates of $2.01 by $0.22. The firm had revenue of $2.24 billion during 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%. The business's quarterly 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 earnings per share. On average, research analysts anticipate that Workday, Inc. will post 2.63 EPS for the current 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.