Workday, Inc. $WDAY Position Raised by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its stake in Workday by 11.1% in Q4, adding 257,621 shares to hold 2,580,075 shares valued at about $554.2 million (≈0.98% of the company).
• Workday beat Q4 expectations with EPS of $2.47 versus $2.32 estimated and revenue of $2.53 billion, up 14.5% year-over-year.
• Several analysts have recently trimmed price targets (e.g., Citigroup to $148, Barclays to $200), yet the consensus average target remains about $199.71 while the stock trades near $119.76.

Pictet Asset Management Holding SA lifted its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 11.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,580,075 shares of the software maker's stock after acquiring an additional 257,621 shares during the period. Pictet Asset Management Holding SA owned 0.98% of Workday worth $554,221,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Workday by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 25,009,288 shares of the software maker's stock valued at $5,371,495,000 after purchasing an additional 3,210,232 shares during the period. State Street Corp grew its position in Workday by 0.8% in the 3rd quarter. State Street Corp now owns 9,674,568 shares of the software maker's stock worth $2,328,959,000 after purchasing an additional 74,052 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in shares of Workday by 47.5% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker's stock valued at $1,406,463,000 after purchasing an additional 1,882,391 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Workday by 41.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,761,599 shares of the software maker's stock valued at $905,530,000 after buying an additional 1,103,421 shares during the last quarter. Finally, Parnassus Investments LLC raised its holdings in shares of Workday by 13.1% during the third quarter. Parnassus Investments LLC now owns 3,217,205 shares of the software maker's stock valued at $774,478,000 after buying an additional 371,561 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Barclays decreased their price objective on Workday from $230.00 to $200.00 and set an "overweight" rating for the company in a report on Wednesday, February 25th. Robert W. Baird set a $195.00 target price on Workday in a research note on Tuesday, February 24th. Citigroup reduced their price target on Workday from $247.00 to $148.00 and set a "neutral" rating for the company in a research report on Thursday, February 26th. Mizuho lowered their price target on Workday from $275.00 to $210.00 and set an "outperform" rating on the stock in a report on Wednesday, February 25th. Finally, Sanford C. Bernstein cut their price objective on shares of Workday from $298.00 to $214.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 25th. Nineteen equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $199.71.

Workday Price Performance

NASDAQ:WDAY opened at $119.76 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.38. The business's 50-day moving average price is $131.74 and its 200 day moving average price is $183.20. Workday, Inc. has a 52-week low of $110.36 and a 52-week high of $276.00. The firm has a market cap of $30.78 billion, a P/E ratio of 46.42, a PEG ratio of 1.16 and a beta of 1.14.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings results on Tuesday, February 24th. The software maker reported $2.47 earnings per share for the quarter, beating analysts' consensus estimates of $2.32 by $0.15. Workday had a net margin of 7.26% and a return on equity of 13.37%. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the prior year, the company earned $1.92 EPS. Workday's revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts predict that Workday, Inc. will post 5.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Workday news, major shareholder David A. Duffield sold 107,500 shares of the company's stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $112.33, for a total value of $12,075,475.00. Following the transaction, the insider owned 105,049 shares of the company's stock, valued at approximately $11,800,154.17. This represents a 50.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Zane Rowe sold 6,000 shares of the company's stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $128.22, for a total value of $769,320.00. Following the completion of the transaction, the chief financial officer directly owned 217,930 shares in the company, valued at $27,942,984.60. This represents a 2.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 989,814 shares of company stock worth $131,576,291. Company insiders own 20.00% of the company's stock.

Workday Company Profile

Workday, Inc NASDAQ: WDAY is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday's platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company's product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.

Want to see what other hedge funds are holding WDAY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Workday, Inc. (NASDAQ:WDAY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.