Rakuten Investment Management Inc. Sells 477,792 Shares of Workday, Inc. $WDAY

Rakuten Investment Management Inc. lowered its holdings in Workday, Inc. (NASDAQ:WDAY) by 92.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 40,291 shares of the software maker’s stock after selling 477,792 shares during the period. Rakuten Investment Management Inc.’s holdings in Workday were worth $8,823,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in WDAY. Vanguard Group Inc. grew its position in shares of Workday by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 25,009,288 shares of the software maker’s stock worth $5,371,495,000 after purchasing an additional 3,210,232 shares in the last quarter. First Eagle Investment Management LLC acquired a new position in shares of Workday during the 3rd quarter worth approximately $556,252,000. Norges Bank acquired a new position in shares of Workday during the 4th quarter worth approximately $448,804,000. Hotchkis & Wiley Capital Management LLC grew its position in shares of Workday by 47.5% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker’s stock worth $1,406,463,000 after purchasing an additional 1,882,391 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Workday by 41.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,761,599 shares of the software maker’s stock worth $905,530,000 after purchasing an additional 1,103,421 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Cantor Fitzgerald decreased their target price on shares of Workday from $200.00 to $160.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 20th. Weiss Ratings downgraded shares of Workday from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 20th. Oppenheimer reaffirmed an “outperform” rating on shares of Workday in a report on Thursday, June 11th. Citigroup reaffirmed a “market perform” rating on shares of Workday in a report on Friday, May 22nd. Finally, DA Davidson set a $135.00 price target on shares of Workday in a report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $185.03.

Workday Trading Down 2.2%

Shares of NASDAQ WDAY opened at $126.77 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01. Workday, Inc. has a 52-week low of $110.36 and a 52-week high of $249.85. The firm has a 50 day moving average price of $127.94 and a two-hundred day moving average price of $158.19. The stock has a market cap of $31.31 billion, a P/E ratio of 39.62, a price-to-earnings-growth ratio of 1.37 and a beta of 1.09.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $2.52 billion. During the same period in the prior year, the company posted $2.23 EPS. The company’s revenue was up 13.5% on a year-over-year basis. As a group, equities analysts forecast that Workday, Inc. will post 5.4 EPS for the current year.

Insider Buying and Selling at Workday

In other Workday news, major shareholder David A. Duffield sold 107,500 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $128.52, for a total value of $13,815,900.00. Following the completion of the transaction, the insider directly owned 105,049 shares in the company, valued at approximately $13,500,897.48. This represents a 50.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gerrit S. Kazmaier sold 9,356 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $128.39, for a total transaction of $1,201,216.84. Following the completion of the transaction, the insider owned 165,074 shares of the company’s stock, valued at approximately $21,193,850.86. This trade represents a 5.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last quarter, insiders have sold 774,814 shares of company stock valued at $102,272,866. Insiders own 18.64% 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.