PNC Financial Services Group Inc. Grows Stock Position in Workday, Inc. $WDAY

PNC Financial Services Group Inc. increased its holdings in Workday, Inc. (NASDAQ:WDAY) by 17.1% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 123,736 shares of the software maker’s stock after acquiring 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 and other institutional investors also recently added to or reduced their stakes in the company. Oslo Pensjonsforsikring AS purchased a new position in shares of Workday during the 1st quarter worth $229,000. Baader Bank Aktiengesellschaft purchased a new position in shares of Workday during the 1st quarter worth approximately $428,000. Andra AP fonden boosted its position in shares of Workday by 22.3% during the 1st quarter. Andra AP fonden now owns 96,070 shares of the software maker’s stock worth $12,481,000 after purchasing an additional 17,500 shares during the period. Meeder Advisory Services Inc. increased its holdings in Workday by 19.6% in the 1st quarter. Meeder Advisory Services Inc. now owns 5,099 shares of the software maker’s stock valued at $662,000 after purchasing an additional 837 shares during the last quarter. Finally, Ironwood Investment Counsel LLC increased its holdings in Workday by 19.6% in the 1st quarter. Ironwood Investment Counsel LLC now owns 34,948 shares of the software maker’s stock valued at $4,540,000 after purchasing an additional 5,726 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Sanford C. Bernstein reissued an “outperform” rating and issued a $216.00 target price on shares of Workday in a research report on Friday, May 22nd. Morgan Stanley cut shares of Workday from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $185.00 to $145.00 in a research report on Tuesday. Jefferies Financial Group raised their price objective on shares of Workday from $115.00 to $140.00 and gave the company a “hold” rating in a research note on Friday, May 22nd. Citigroup restated a “market perform” rating on shares of Workday in a research note on Friday, May 22nd. Finally, Summit Redstone set a $275.00 price objective on Workday in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $179.80.

Workday Trading Up 5.8%

WDAY opened at $135.34 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01. The business’s 50-day simple moving average is $133.13 and its 200-day simple moving average is $141.84. The company has a market cap of $33.43 billion, a P/E ratio of 42.29, a PEG ratio of 1.36 and a beta of 1.11. Workday, Inc. has a one year low of $110.36 and a one year high of $249.85.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 EPS for the quarter, topping 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 firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period last year, the business earned $2.23 EPS. Workday’s revenue for the quarter was up 13.5% compared to the same quarter last year. As a group, equities research analysts expect that Workday, Inc. will post 5.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Workday news, insider Robert Enslin sold 5,374 shares of Workday stock in a transaction that occurred on Sunday, July 5th. The stock was sold at an average price of $134.90, for a total transaction of $724,952.60. Following the transaction, the insider owned 239,469 shares of the company’s stock, valued at $32,304,368.10. The trade was a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $143.70, for a total transaction of $862,200.00. Following the completion of the transaction, the chief financial officer owned 288,460 shares in the company, valued at approximately $41,451,702. This represents a 2.04% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 875,020 shares of company stock worth $113,938,503 in the last quarter. 18.64% 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.