Deepwater Asset Management LLC Lowers Stake in Workday, Inc. $WDAY

Deepwater Asset Management LLC lowered its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 18.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 43,483 shares of the software maker’s stock after selling 9,753 shares during the quarter. Workday accounts for 2.7% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 16th biggest position. Deepwater Asset Management LLC’s holdings in Workday were worth $9,339,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Rakuten Securities Inc. purchased a new stake in shares of Workday during the 2nd quarter valued at $25,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Workday during the 3rd quarter valued at $26,000. JPL Wealth Management LLC purchased a new stake in shares of Workday during the 3rd quarter valued at $30,000. DT Investment Partners LLC purchased a new stake in shares of Workday during the 4th quarter valued at $27,000. Finally, LRI Investments LLC purchased a new stake in shares of Workday during the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insider Activity

In other Workday news, CFO Zane Rowe sold 6,000 shares of the business’s stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $128.22, for a total value of $769,320.00. Following the transaction, the chief financial officer owned 217,930 shares in the company, valued at approximately $27,942,984.60. The trade was a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 business’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $129.76, for a total transaction of $13,949,200.00. Following the completion of the transaction, the insider owned 105,049 shares in the company, valued at $13,631,158.24. The trade was a 50.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 774,814 shares of company stock worth $101,308,591 over the last ninety days. 18.64% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on WDAY shares. Summit Redstone set a $275.00 price objective on shares of Workday in a research report on Wednesday, May 27th. Rosenblatt Securities lowered their price objective on shares of Workday from $180.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. KeyCorp raised their price objective on shares of Workday from $155.00 to $158.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Workday from $270.00 to $230.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 24th. Finally, Guggenheim decreased their target price on shares of Workday from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Workday currently has an average rating of “Moderate Buy” and an average target price of $185.03.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $144.28 on Monday. The stock has a market cap of $35.64 billion, a PE ratio of 45.09, a PEG ratio of 1.52 and a beta of 1.09. The company’s fifty day moving average is $127.25 and its 200 day moving average is $162.62. Workday, Inc. has a 52 week low of $110.36 and a 52 week high of $257.09. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30.

Workday (NASDAQ:WDAY) last issued its 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. The company had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.52 billion. Workday had a net margin of 8.60% and a return on equity of 14.75%. The firm’s revenue was up 13.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.23 EPS. Research analysts anticipate that Workday, Inc. will post 5.41 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.