Insider Selling: Workday (NASDAQ:WDAY) Major Shareholder Sells $17,954,456.10 in Stock

Key Points

• Major shareholder David Duffield sold 90,615 Workday shares for approximately $17.95 million at an average price of $198.14, reducing his position by 46.31% under a pre-arranged Rule 10b5-1 plan.
• Workday’s latest quarter exceeded expectations, with adjusted earnings of $2.75 per share and revenue of $2.65 billion, up 12.8% year over year.
• Analysts maintain a broadly neutral outlook: Workday has a consensus “Hold” rating and an average price target of $206.34, while institutional investors own 89.81% of the company.

Workday, Inc. (NASDAQ:WDAY - Get Free Report) major shareholder David Duffield sold 90,615 shares of the firm's stock in a transaction on Friday, September 4th. The shares were sold at an average price of $198.14, for a total transaction of $17,954,456.10. Following the transaction, the insider directly owned 105,049 shares of the company's stock, valued at $20,814,408.86. The trade was a 46.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

Workday Trading Down 0.1%

Shares of WDAY stock traded down $0.23 on Wednesday, hitting $186.05. The company had a trading volume of 2,308,070 shares, compared to its average volume of 5,035,185. The firm has a market cap of $44.84 billion, a P/E ratio of 37.74, a P/E/G ratio of 1.98 and a beta of 1.08. The stock's 50-day moving average is $168.73 and its two-hundred day moving average is $143.28. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.91 and a current ratio of 0.91. Workday, Inc. has a twelve month low of $110.36 and a twelve month high of $249.85.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings data on Thursday, August 27th. The software maker reported $2.75 EPS for the quarter, topping analysts' consensus estimates of $2.61 by $0.14. Workday had a return on equity of 20.95% and a net margin of 12.32%.The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same period in the previous year, the firm earned $2.21 earnings per share. The firm's quarterly revenue was up 12.8% on a year-over-year basis. On average, equities research analysts anticipate that Workday, Inc. will post 5.3 earnings per share for the current fiscal year.

Institutional Trading of Workday

Several hedge funds have recently modified their holdings of the stock. Strategic Investment Advisors MI boosted its stake in Workday by 1.6% during the second quarter. Strategic Investment Advisors MI now owns 3,263 shares of the software maker's stock worth $777,000 after acquiring an additional 50 shares in the last quarter. L2 Asset Management LLC grew its holdings in Workday by 7.8% in the fourth quarter. L2 Asset Management LLC now owns 1,079 shares of the software maker's stock worth $232,000 after purchasing an additional 78 shares during the period. Oregon Public Employees Retirement Fund increased its stake in Workday by 0.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 24,798 shares of the software maker's stock valued at $5,326,000 after purchasing an additional 80 shares in the last quarter. Colonial Trust Co SC increased its stake in Workday by 45.8% in the fourth quarter. Colonial Trust Co SC now owns 280 shares of the software maker's stock valued at $60,000 after purchasing an additional 88 shares in the last quarter. Finally, Scotia Capital Inc. raised its holdings in shares of Workday by 5.4% during the third quarter. Scotia Capital Inc. now owns 1,759 shares of the software maker's stock valued at $423,000 after purchasing an additional 90 shares during the period. Institutional investors own 89.81% of the company's stock.

Analysts Set New Price Targets

WDAY has been the topic of a number of analyst reports. HC Wainwright set a $140.00 price objective on shares of Workday in a research note on Wednesday, May 27th. Piper Sandler lifted their target price on shares of Workday from $145.00 to $190.00 and gave the stock a "neutral" rating in a research note on Friday, August 28th. Capital One Financial set a $219.00 target price on shares of Workday and gave the company an "equal weight" rating in a report on Friday, August 28th. Jefferies Financial Group set a $220.00 price target on shares of Workday in a research report on Friday, August 28th. Finally, Freedom Broker downgraded Workday from a "buy" rating to a "hold" rating and increased their price target for the stock from $180.00 to $200.00 in a report on Friday, August 28th. Twenty equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $206.34.

About Workday

Workday, Inc develops cloud-based enterprise software designed to help organizations manage finance, human resources and related business operations. Its platform provides tools for financial management, accounting, procurement, expenses, payroll, workforce management, recruiting, talent management, employee experience and enterprise planning.

The company also offers analytics, reporting and artificial intelligence capabilities that support budgeting, forecasting, workforce planning and business decision-making.

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.