Comerica Bank Trims Stake in Workday, Inc. $WDAY

Comerica Bank lowered its stake in Workday, Inc. (NASDAQ:WDAY) by 10.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 36,420 shares of the software maker’s stock after selling 4,145 shares during the quarter. Comerica Bank’s holdings in Workday were worth $7,822,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Managed Asset Portfolios LLC purchased a new stake in Workday in the 4th quarter valued at approximately $9,935,000. Anchyra Partners LLC purchased a new stake in Workday in the 4th quarter valued at approximately $730,000. Kestra Private Wealth Services LLC lifted its stake in Workday by 12.9% in the 4th quarter. Kestra Private Wealth Services LLC now owns 2,105 shares of the software maker’s stock valued at $452,000 after buying an additional 240 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake in shares of Workday by 11.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,580,075 shares of the software maker’s stock worth $554,221,000 after purchasing an additional 257,621 shares during the period. Finally, Vanguard Group Inc. lifted its stake 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 during the period. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Workday Trading Up 1.0%

Shares of WDAY opened at $122.43 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $31.46 billion, a P/E ratio of 47.45, a price-to-earnings-growth ratio of 1.14 and a beta of 1.14. The stock’s fifty day simple moving average is $130.37 and its 200 day simple moving average is $181.15. Workday, Inc. has a twelve month low of $110.36 and a twelve month high of $276.00.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, February 24th. The software maker reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.15. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. Workday had a return on equity of 13.37% and a net margin of 7.26%.The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period last year, the company posted $1.92 EPS. On average, equities research analysts forecast that Workday, Inc. will post 5.11 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on WDAY shares. Evercore lowered Workday from an “outperform” rating to an “in-line” rating and set a $160.00 price target on the stock. in a research note on Wednesday, February 25th. Royal Bank Of Canada reduced their price target on Workday from $220.00 to $180.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. JPMorgan Chase & Co. reduced their price target on Workday from $270.00 to $230.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 24th. Needham & Company LLC reissued a “buy” rating and set a $300.00 price target on shares of Workday in a research note on Wednesday, February 25th. Finally, Oppenheimer reduced their price target on Workday from $200.00 to $165.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. Nineteen investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Workday currently has an average rating of “Moderate Buy” and a consensus price target of $199.71.

Insider Buying and Selling at Workday

In related news, insider Gerrit S. Kazmaier sold 9,356 shares of the stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $128.39, for a total value of $1,201,216.84. Following the transaction, the insider directly 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 A. Duffield sold 107,500 shares of the stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $129.76, for a total value of $13,949,200.00. Following the completion of the transaction, the insider directly owned 105,049 shares in the company, valued at $13,631,158.24. This trade represents a 50.58% 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. Insiders sold a total of 989,814 shares of company stock worth $131,576,291 over the last ninety days. Corporate insiders own 20.00% of the company’s stock.

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.