Keenan Capital LLC Sells 126,000 Shares of Workday, Inc. $WDAY

Keenan Capital LLC trimmed its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 37.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 211,241 shares of the software maker’s stock after selling 126,000 shares during the period. Workday comprises about 5.1% of Keenan Capital LLC’s holdings, making the stock its 10th biggest holding. Keenan Capital LLC’s holdings in Workday were worth $25,860,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of WDAY. Arizona State Retirement System lifted its stake in Workday by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 60,364 shares of the software maker’s stock worth $7,390,000 after acquiring an additional 2,005 shares in the last quarter. Nykredit A S purchased a new stake in shares of Workday in the second quarter worth approximately $9,245,000. Parkside Financial Bank & Trust boosted its holdings in shares of Workday by 26.3% during the second quarter. Parkside Financial Bank & Trust now owns 591 shares of the software maker’s stock worth $72,000 after purchasing an additional 123 shares during the period. Cygnus Capital Advisors LLC increased its stake in Workday by 14.5% in the 2nd quarter. Cygnus Capital Advisors LLC now owns 24,960 shares of the software maker’s stock valued at $3,056,000 after buying an additional 3,160 shares during the period. Finally, California State Teachers Retirement System lifted its position in Workday by 11,770.8% in the 2nd quarter. California State Teachers Retirement System now owns 36,907,426 shares of the software maker’s stock worth $4,518,207,000 after buying an additional 36,596,516 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

Insider Activity

In other Workday news, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $143.70, for a total value 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. The trade was a 2.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through 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, major shareholder David Duffield sold 94,961 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $199.29, for a total value of $18,924,777.69. Following the completion of the transaction, the insider directly owned 105,049 shares in the company, valued at approximately $20,935,215.21. This represents a 47.48% decrease in their position. 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. Over the last three months, insiders sold 754,981 shares of company stock worth $101,916,181. 18.64% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. DA Davidson boosted their price target on shares of Workday from $135.00 to $190.00 and gave the company a “neutral” rating in a report on Friday, August 28th. Lake Street Capital set a $205.00 price objective on Workday in a report on Friday, August 14th. Capital One Financial set a $219.00 price objective on Workday and gave the company an “equal weight” rating in a research report on Friday, August 28th. Monness Crespi & Hardt boosted their target price on Workday from $202.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Finally, TD Cowen dropped their target price on Workday from $220.00 to $210.00 and set a “hold” rating on the stock in a research report on Friday, August 28th. Twenty research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $206.34.

Workday Stock Down 4.9%

Shares of WDAY stock opened at $186.28 on Wednesday. Workday, Inc. has a one year low of $110.36 and a one year high of $249.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a fifty day moving average price of $168.73 and a 200 day moving average price of $143.28. The stock has a market cap of $44.89 billion, a P/E ratio of 37.79, a price-to-earnings-growth ratio of 1.98 and a beta of 1.08.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Thursday, August 27th. The software maker reported $2.75 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.14. Workday had a return on equity of 20.95% and a net margin of 12.32%.The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same period in the prior year, the company posted $2.21 EPS. The company’s revenue was up 12.8% compared to the same quarter last year. Analysts predict that Workday, Inc. will post 5.3 earnings per share for the current year.

Workday Profile

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.