Workday, Inc. $WDAY Shares Purchased by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services increased its Workday stake by 17.1% in the first quarter, ending with 123,736 shares valued at about $16.1 million.
• Workday reported stronger-than-expected quarterly results, with EPS of $2.66 versus $2.51 expected and revenue of $2.54 billion, up 13.5% year over year.
• Analyst sentiment remains mixed but broadly positive: Workday has a “Moderate Buy” consensus rating and an average price target of $179.80, while recent insider sales totaled 875,020 shares over the last three months.

PNC Financial Services Group Inc. grew its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 17.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 123,736 shares of the software maker's stock after buying an additional 18,028 shares during the period. PNC Financial Services Group Inc.'s holdings in Workday were worth $16,076,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Rakuten Securities Inc. purchased a new stake in Workday during the 2nd quarter valued at about $25,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Workday in the third quarter valued at about $26,000. JPL Wealth Management LLC purchased a new position in Workday during the 3rd quarter worth approximately $30,000. DT Investment Partners LLC purchased a new stake in shares of Workday in the 4th quarter valued at $27,000. Finally, LRI Investments LLC acquired a new stake in shares of Workday in the fourth quarter worth $29,000. 89.81% of the stock is owned by institutional investors and hedge funds.

Workday Stock Performance

WDAY opened at $135.34 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. The company has a market cap of $33.43 billion, a price-to-earnings ratio of 42.29, a PEG ratio of 1.36 and a beta of 1.11. Workday, Inc. has a 52-week low of $110.36 and a 52-week high of $249.85. The firm's fifty day simple moving average is $133.13 and its two-hundred day simple moving average is $141.84.

Workday (NASDAQ:WDAY - Get Free Report) last announced its earnings results 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 net margin of 8.60% and a return on equity of 14.75%. The business had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter last year, the business earned $2.23 earnings per share. The company's revenue for the quarter was up 13.5% compared to the same quarter last year. Equities analysts anticipate that Workday, Inc. will post 5.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

WDAY has been the subject of several recent research reports. UBS Group raised their target price on shares of Workday from $130.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 22nd. Monness Crespi & Hardt raised shares of Workday from a "neutral" rating to a "buy" rating and set a $150.00 price target on the stock in a report on Thursday, June 25th. The Goldman Sachs Group decreased their price target on Workday from $206.00 to $151.00 and set a "neutral" rating for the company in a report on Tuesday, May 26th. Wells Fargo & Company upped their price objective on Workday from $180.00 to $185.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Finally, Piper Sandler raised their price objective on shares of Workday from $135.00 to $145.00 and gave the stock a "neutral" rating in a research note on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $179.80.

Insider Transactions at Workday

In other Workday news, insider Robert Enslin sold 5,374 shares of the stock in a transaction dated Sunday, July 5th. The shares were sold at an average price of $134.90, for a total value of $724,952.60. Following the completion of the sale, the insider owned 239,469 shares in the company, valued at approximately $32,304,368.10. This represents a 2.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $136.74, for a total value of $14,699,550.00. Following the transaction, the insider owned 105,049 shares in the company, valued at approximately $14,364,400.26. The trade was a 50.58% 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. Over the last three months, insiders sold 875,020 shares of company stock valued at $113,938,503. Insiders own 18.64% 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.

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