Workday (NASDAQ:WDAY) Major Shareholder Sells $17,404,884.75 in Stock

Workday, Inc. (NASDAQ:WDAY) major shareholder David Duffield sold 82,025 shares of Workday stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $212.19, for a total transaction of $17,404,884.75. Following the completion of the sale, the insider owned 105,049 shares of the company’s stock, valued at $22,290,347.31. This represents a 43.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Workday Stock Performance

Workday stock traded up $1.78 during midday trading on Thursday, reaching $216.62. 2,669,165 shares of the company traded hands, compared to its average volume of 2,636,639. Workday, Inc. has a 12 month low of $205.33 and a 12 month high of $294.00. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.83. The business has a 50 day moving average of $231.57 and a two-hundred day moving average of $234.49. The firm has a market capitalization of $57.84 billion, a price-to-earnings ratio of 91.02, a price-to-earnings-growth ratio of 2.57 and a beta of 1.15.

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

Hedge Funds Weigh In On Workday

Institutional investors and hedge funds have recently made changes to their positions in the business. AlphaQuest LLC lifted its stake in Workday by 636.7% in the second quarter. AlphaQuest LLC now owns 1,886 shares of the software maker’s stock worth $453,000 after acquiring an additional 1,630 shares during the period. Norges Bank purchased a new position in Workday during the 2nd quarter valued at about $442,702,000. Chicago Capital LLC raised its holdings in shares of Workday by 2.2% in the 2nd quarter. Chicago Capital LLC now owns 175,802 shares of the software maker’s stock valued at $42,193,000 after purchasing an additional 3,824 shares in the last quarter. State of Alaska Department of Revenue lifted its position in shares of Workday by 21.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 30,370 shares of the software maker’s stock worth $7,288,000 after purchasing an additional 5,300 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Workday by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 21,114,184 shares of the software maker’s stock worth $5,067,404,000 after purchasing an additional 515,529 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WDAY. Cowen reissued a “buy” rating on shares of Workday in a research report on Wednesday, November 26th. Guggenheim restated a “buy” rating and set a $285.00 target price on shares of Workday in a research report on Wednesday, November 26th. Sanford C. Bernstein decreased their price target on shares of Workday from $304.00 to $298.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 26th. DA Davidson lowered their price target on shares of Workday from $260.00 to $250.00 and set a “hold” rating on the stock in a report on Wednesday, November 26th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Workday from $290.00 to $270.00 and set an “overweight” rating for the company in a research note on Wednesday, November 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $281.16.

About Workday

Workday, Inc provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations.