Insider Selling: Workday (NASDAQ:WDAY) Major Shareholder Sells $13,815,900.00 in Stock

Workday, Inc. (NASDAQ:WDAY) major shareholder David Duffield sold 107,500 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $128.52, for a total transaction of $13,815,900.00. Following the completion of the sale, the insider directly owned 105,049 shares in the company, valued at approximately $13,500,897.48. The trade was a 50.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Workday Trading Down 3.9%

Workday stock opened at $121.83 on Thursday. Workday, Inc. has a 52 week low of $110.36 and a 52 week high of $249.85. 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 stock has a market capitalization of $30.09 billion, a P/E ratio of 38.07, a PEG ratio of 1.34 and a beta of 1.09. The stock has a 50-day simple moving average of $127.78 and a 200 day simple moving average of $157.53.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.15. Workday had a return on equity of 14.75% and a net margin of 8.60%.The business had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter last year, the company posted $2.23 earnings per share. Workday’s quarterly revenue was up 13.5% on a year-over-year basis. Analysts expect that Workday, Inc. will post 5.4 earnings per share for the current year.

Hedge Funds Weigh In On Workday

A number of hedge funds have recently added to or reduced their stakes in WDAY. Rakuten Securities Inc. bought a new position in Workday during the 2nd quarter worth $25,000. Measured Wealth Private Client Group LLC acquired a new position in Workday during the third quarter valued at approximately $26,000. DT Investment Partners LLC acquired a new position in Workday during the fourth quarter valued at approximately $27,000. LRI Investments LLC acquired a new position in Workday during the fourth quarter valued at approximately $29,000. Finally, JPL Wealth Management LLC acquired a new position in Workday during the third quarter valued at approximately $30,000. Institutional investors own 89.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WDAY. Guggenheim reduced their price objective on Workday from $285.00 to $275.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Morgan Stanley reduced their price objective on Workday from $280.00 to $200.00 and set an “equal weight” rating for the company in a report on Monday, February 23rd. DA Davidson set a $135.00 price objective on Workday in a report on Tuesday, May 26th. The Goldman Sachs Group reduced their price objective on Workday from $206.00 to $151.00 and set a “neutral” rating for the company in a report on Tuesday, May 26th. Finally, TD Cowen reiterated a “hold” rating on shares of Workday in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $185.03.

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.