Parallel Advisors LLC Acquires 6,689 Shares of Workday, Inc. $WDAY

Parallel Advisors LLC raised its holdings in shares of Workday, Inc. (NASDAQ:WDAY) by 220.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,727 shares of the software maker’s stock after buying an additional 6,689 shares during the quarter. Parallel Advisors LLC’s holdings in Workday were worth $2,342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. First Eagle Investment Management LLC bought a new position in Workday during the third quarter worth $556,252,000. Norges Bank bought a new stake in Workday in the 2nd quarter valued at $442,702,000. Generation Investment Management LLP boosted its holdings in Workday by 50.4% in the 3rd quarter. Generation Investment Management LLP now owns 3,087,395 shares of the software maker’s stock valued at $743,229,000 after purchasing an additional 1,034,589 shares during the period. Vanguard Group Inc. grew its position in Workday by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 21,799,056 shares of the software maker’s stock worth $5,247,687,000 after purchasing an additional 684,872 shares during the last quarter. Finally, Citigroup Inc. increased its holdings in shares of Workday by 112.9% during the 3rd quarter. Citigroup Inc. now owns 1,042,219 shares of the software maker’s stock worth $250,893,000 after purchasing an additional 552,721 shares during the period. Institutional investors and hedge funds own 89.81% of the company’s stock.

Workday Trading Down 1.9%

Shares of Workday stock opened at $148.14 on Tuesday. The stock has a market capitalization of $38.96 billion, a P/E ratio of 57.42, a price-to-earnings-growth ratio of 1.47 and a beta of 1.17. The company has a quick ratio of 1.83, a current ratio of 1.32 and a debt-to-equity ratio of 0.38. The company has a 50-day simple moving average of $170.76 and a 200 day simple moving average of $208.28. Workday, Inc. has a 12-month low of $117.76 and a 12-month high of $276.00.

Workday (NASDAQ:WDAY) last released its quarterly earnings results on Tuesday, February 24th. The software maker reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.15. The firm had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. Workday had a net margin of 7.26% and a return on equity of 13.37%. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.92 earnings per share. Research analysts expect that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Workday news, major shareholder David A. Duffield sold 107,500 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $134.40, for a total value of $14,448,000.00. Following the completion of the transaction, the insider directly owned 105,049 shares of the company’s stock, valued at approximately $14,118,585.60. The trade was a 50.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Carl M. Eschenbach sold 3,125 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $210.00, for a total transaction of $656,250.00. Following the transaction, the chief executive officer owned 17,097 shares in the company, valued at $3,590,370. The trade was a 15.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 503,296 shares of company stock valued at $91,729,216 in the last ninety days. 20.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Macquarie Infrastructure reaffirmed a “buy” rating on shares of Workday in a research report on Wednesday, November 26th. BTIG Research decreased their target price on Workday from $230.00 to $175.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of Workday in a research note on Monday, February 23rd. Morgan Stanley cut their price target on Workday from $280.00 to $200.00 and set an “equal weight” rating for the company in a report on Monday, February 23rd. Finally, Piper Sandler decreased their price objective on Workday from $200.00 to $135.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. Twenty investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $205.19.

Workday Company 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.