Insider Selling: Workday (NASDAQ:WDAY) Major Shareholder Sells $17,263,196.16 in Stock

Workday, Inc. (NASDAQ:WDAY) major shareholder David Duffield sold 80,279 shares of Workday stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $215.04, for a total transaction of $17,263,196.16. Following the transaction, the insider directly owned 105,049 shares in the company, valued at approximately $22,589,736.96. This trade represents a 43.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Workday Price Performance

Workday stock opened at $214.78 on Thursday. The firm has a fifty day moving average of $223.81 and a 200-day moving average of $229.85. Workday, Inc. has a 52-week low of $205.33 and a 52-week high of $283.68. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $56.49 billion, a P/E ratio of 90.24, a PEG ratio of 2.45 and a beta of 1.15.

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

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. TD Cowen dropped their target price on Workday from $290.00 to $280.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Guggenheim reaffirmed a “buy” rating and issued a $285.00 price objective on shares of Workday in a research report on Wednesday, November 26th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Workday in a research note on Wednesday, November 26th. Piper Sandler upgraded shares of Workday from an “underweight” rating to a “neutral” rating and upped their target price for the company from $220.00 to $235.00 in a research note on Wednesday, September 17th. Finally, Morgan Stanley lifted their price target on shares of Workday from $255.00 to $280.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, Workday currently has an average rating of “Moderate Buy” and a consensus target price of $282.22.

Institutional Investors Weigh In On Workday

Hedge funds and other institutional investors have recently modified their holdings of the stock. Verdence Capital Advisors LLC grew its stake in Workday by 1.0% in the second quarter. Verdence Capital Advisors LLC now owns 4,381 shares of the software maker’s stock worth $1,051,000 after purchasing an additional 45 shares in the last quarter. Perennial Investment Advisors LLC lifted its holdings in Workday by 2.8% during the 2nd quarter. Perennial Investment Advisors LLC now owns 1,741 shares of the software maker’s stock worth $418,000 after buying an additional 48 shares during the last quarter. Finivi Inc. lifted its holdings in Workday by 3.3% during the 3rd quarter. Finivi Inc. now owns 1,516 shares of the software maker’s stock worth $365,000 after buying an additional 48 shares during the last quarter. Johnson Investment Counsel Inc. grew its position in shares of Workday by 2.3% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 2,201 shares of the software maker’s stock worth $528,000 after acquiring an additional 49 shares in the last quarter. Finally, Bay Harbor Wealth Management LLC increased its holdings in shares of Workday by 12.0% in the 3rd quarter. Bay Harbor Wealth Management LLC now owns 458 shares of the software maker’s stock valued at $110,000 after acquiring an additional 49 shares during the last quarter. Institutional investors own 89.81% of the company’s stock.

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.