Nordea Investment Management AB Cuts Stake in Workday, Inc. $WDAY

Nordea Investment Management AB lessened its holdings in shares of Workday, Inc. (NASDAQ:WDAY) by 0.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,393,596 shares of the software maker’s stock after selling 3,664 shares during the quarter. Nordea Investment Management AB owned about 0.52% of Workday worth $340,219,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Workday in the second quarter worth $442,702,000. AQR Capital Management LLC increased its holdings in Workday by 415.6% in the 2nd quarter. AQR Capital Management LLC now owns 675,148 shares of the software maker’s stock valued at $162,036,000 after acquiring an additional 544,192 shares during the last quarter. Vanguard Group Inc. lifted its stake in Workday by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 21,114,184 shares of the software maker’s stock worth $5,067,404,000 after purchasing an additional 515,529 shares in the last quarter. Fernbridge Capital Management LP boosted its holdings in shares of Workday by 58.6% during the 2nd quarter. Fernbridge Capital Management LP now owns 1,241,380 shares of the software maker’s stock valued at $297,931,000 after purchasing an additional 458,598 shares during the last quarter. Finally, Parnassus Investments LLC boosted its holdings in shares of Workday by 13.1% during the 3rd quarter. Parnassus Investments LLC now owns 3,217,205 shares of the software maker’s stock valued at $774,478,000 after purchasing an additional 371,561 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors.

Workday Price Performance

Workday stock opened at $207.91 on Tuesday. Workday, Inc. has a 12-month low of $202.22 and a 12-month high of $283.68. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.34. The firm has a 50-day moving average price of $219.25 and a 200-day moving average price of $228.15. The firm has a market capitalization of $54.68 billion, a PE ratio of 87.36, a price-to-earnings-growth ratio of 2.34 and a beta of 1.14.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Tuesday, November 25th. The software maker reported $2.32 earnings per share for the quarter, topping analysts’ consensus estimates of $2.17 by $0.15. Workday had a net margin of 6.95% and a return on equity of 10.50%. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.42 billion. During the same period in the prior year, the company posted $1.89 EPS. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. As a group, equities research analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on WDAY shares. UBS Group set a $260.00 price target on Workday in a research note on Wednesday, November 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Workday in a report on Wednesday, October 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Workday in a research report on Wednesday, November 26th. Oppenheimer reiterated an “outperform” rating on shares of Workday in a research report on Wednesday, November 26th. Finally, Wells Fargo & Company reduced their target price on shares of Workday from $300.00 to $290.00 and set an “overweight” rating on the stock in a report on Wednesday, November 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $278.09.

Insider Activity at Workday

In other news, major shareholder David A. Duffield sold 82,884 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $209.75, for a total transaction of $17,384,919.00. Following the completion of the sale, the insider directly owned 105,049 shares of the company’s stock, valued at approximately $22,034,027.75. The trade was a 44.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gerrit S. Kazmaier sold 6,547 shares of the company’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $218.77, for a total transaction of $1,432,287.19. Following the completion of the transaction, the insider owned 111,353 shares in the company, valued at approximately $24,360,695.81. The trade was a 5.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 370,321 shares of company stock worth $78,866,401 over the last quarter. 20.00% of the stock is owned by insiders.

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.