Zions Bancorporation National Association UT Acquires New Stake in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Zions Bancorporation National Association has invested approximately $5.01 million in Workday, acquiring 21,442 shares in the first quarter of the year.
• Institutional investors currently own 89.81% of Workday's stock, highlighting strong investment interest in the company.
• Workday reported $2.23 earnings per share for the last quarter, exceeding analysts' expectations and demonstrating a 12.6% increase in quarterly revenue compared to the previous year.

Zions Bancorporation National Association UT bought a new position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 21,442 shares of the software maker's stock, valued at approximately $5,007,000.

Several other hedge funds have also recently modified their holdings of the company. Cornerstone Planning Group LLC grew its position in shares of Workday by 76.1% during the 1st quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker's stock valued at $28,000 after purchasing an additional 54 shares in the last quarter. Farmers & Merchants Investments Inc. bought a new stake in shares of Workday during the 1st quarter worth $32,000. Financial Management Professionals Inc. lifted its stake in Workday by 54.0% in the first quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker's stock worth $36,000 after purchasing an additional 54 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in Workday in the first quarter worth $40,000. Finally, BankPlus Trust Department bought a new stake in Workday in the first quarter worth $40,000. Institutional investors own 89.81% of the company's stock.

Workday Trading Up 0.5%

WDAY stock traded up $1.09 during mid-day trading on Friday, hitting $222.07. 2,386,346 shares of the company were exchanged, compared to its average volume of 2,506,795. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $59.29 billion, a P/E ratio of 122.69, a PEG ratio of 3.36 and a beta of 1.24. The business has a fifty day simple moving average of $237.71 and a 200-day simple moving average of $245.15. Workday, Inc. has a 12-month low of $205.33 and a 12-month high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last issued its earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.22. The firm had revenue of $2.24 billion for 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 firm's revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.74 earnings per share. On average, equities research analysts predict that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on WDAY shares. Piper Sandler reaffirmed an "underweight" rating and set a $235.00 price objective (down from $255.00) on shares of Workday in a research note on Thursday, July 10th. Guggenheim restated a "neutral" rating on shares of Workday in a report on Friday, May 23rd. Oppenheimer cut 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. Wells Fargo & Company cut their price target on shares of Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Workday from $310.00 to $295.00 and set an "overweight" rating on the stock in a research report 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 assigned a strong buy rating to the stock. According to MarketBeat, Workday currently has an average rating of "Moderate Buy" and an average target price of $296.88.

Insider Transactions at Workday

In other Workday news, CFO Zane Rowe sold 6,000 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $239.59, for a total value of $1,437,540.00. Following the transaction, the chief financial officer directly owned 178,418 shares in the company, valued at $42,747,168.62. This represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Carl M. Eschenbach sold 6,250 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 1,472 shares in the company, valued at $352,440.96. This represents a 80.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 329,005 shares of company stock valued at $79,203,523 over the last quarter. Insiders own 20.00% of the company's stock.

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.