Workday, Inc. $WDAY Shares Purchased by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC increased its Workday stake by 25.3% in the first quarter, buying 143,274 additional shares and ending with 710,309 shares worth about $92.4 million.
• Workday reported better-than-expected quarterly results, with EPS of $2.66 versus the $2.51 consensus and revenue of $2.54 billion, up 13.5% year over year.
• Despite the solid results, insider selling has been notable, including recent sales by CFO Zane Rowe and major shareholder David A. Duffield; analysts currently rate the stock a Moderate Buy with an average target price of $184.

Hsbc Holdings PLC boosted its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 25.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 710,309 shares of the software maker's stock after purchasing an additional 143,274 shares during the period. Hsbc Holdings PLC owned approximately 0.28% of Workday worth $92,374,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of WDAY. Rakuten Securities Inc. purchased a new stake in shares of Workday during the 2nd quarter valued at approximately $25,000. Measured Wealth Private Client Group LLC acquired a new position in Workday in the third quarter valued at approximately $26,000. DT Investment Partners LLC purchased a new position in Workday in the fourth quarter worth approximately $27,000. LRI Investments LLC purchased a new position in Workday in the fourth quarter worth approximately $29,000. Finally, JPL Wealth Management LLC acquired a new stake in Workday during the third quarter worth $30,000. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Workday Stock Performance

Shares of NASDAQ WDAY opened at $144.78 on Monday. Workday, Inc. has a twelve month low of $110.36 and a twelve month high of $249.85. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.30. The stock has a fifty day simple moving average of $131.46 and a 200-day simple moving average of $144.02. The stock has a market capitalization of $35.76 billion, a PE ratio of 45.24, a PEG ratio of 1.55 and a beta of 1.11.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings data on Thursday, May 21st. The software maker reported $2.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.15. Workday had a return on equity of 14.75% and a net margin of 8.60%.The firm had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the previous year, the business earned $2.23 EPS. The company's quarterly revenue was up 13.5% compared to the same quarter last year. On average, equities analysts forecast that Workday, Inc. will post 5.34 earnings per share for the current year.

Insider Activity at Workday

In other news, CFO Zane Rowe sold 6,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $143.70, for a total value of $862,200.00. Following the completion of the transaction, the chief financial officer owned 288,460 shares of the company's stock, valued at approximately $41,451,702. This trade represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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. Also, major shareholder David A. Duffield sold 107,500 shares of Workday stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $136.74, for a total transaction of $14,699,550.00. Following the completion of the transaction, the insider owned 105,049 shares of the company's stock, valued at $14,364,400.26. This trade represents a 50.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 875,020 shares of company stock valued at $113,938,503. 18.64% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Citigroup restated a "market perform" rating on shares of Workday in a research report on Friday, May 22nd. BTIG Research reiterated a "buy" rating and set a $175.00 price target on shares of Workday in a report on Monday, May 18th. DA Davidson set a $135.00 price objective on Workday in a research report on Tuesday, May 26th. Wells Fargo & Company boosted their price objective on shares of Workday from $180.00 to $185.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. Finally, UBS Group upped their target price on shares of Workday from $130.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $184.00.

About Workday

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.

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