Manning & Napier Advisors LLC Lowers Stake in Workday, Inc. $WDAY

Manning & Napier Advisors LLC reduced its position in Workday, Inc. (NASDAQ:WDAY) by 98.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,528 shares of the software maker’s stock after selling 280,382 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Workday were worth $458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Rakuten Securities Inc. purchased a new position in shares of Workday during the 2nd quarter valued at $25,000. Measured Wealth Private Client Group LLC bought a new stake in Workday during the third quarter valued at about $26,000. DT Investment Partners LLC bought a new stake in Workday during the fourth quarter valued at about $27,000. LRI Investments LLC purchased a new position in shares of Workday in the fourth quarter valued at about $29,000. Finally, JPL Wealth Management LLC bought a new position in shares of Workday in the third quarter worth about $30,000. 89.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Workday

In other news, insider Gerrit S. Kazmaier sold 2,728 shares of the business’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $143.62, for a total value of $391,795.36. Following the sale, the insider directly owned 266,388 shares in the company, valued at $38,258,644.56. The trade was a 1.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $135.24, for a total transaction of $14,538,300.00. Following the sale, the insider owned 105,049 shares in the company, valued at $14,206,826.76. This 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 766,602 shares of company stock worth $99,108,423 in the last ninety days. Company insiders own 18.64% of the company’s stock.

Workday Stock Performance

NASDAQ WDAY opened at $138.95 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01. Workday, Inc. has a 1-year low of $110.36 and a 1-year high of $249.85. The business has a 50 day simple moving average of $129.78 and a two-hundred day simple moving average of $146.63. The stock has a market capitalization of $34.32 billion, a PE ratio of 43.42, a P/E/G ratio of 1.49 and a beta of 1.11.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, May 21st. The software maker reported $2.66 EPS for the quarter, beating analysts’ consensus estimates of $2.51 by $0.15. Workday had a return on equity of 14.75% and a net margin of 8.60%.The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the prior year, the company earned $2.23 EPS. The company’s quarterly revenue was up 13.5% compared to the same quarter last year. On average, research analysts predict that Workday, Inc. will post 5.34 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Workday in a research note on Wednesday, June 17th. Needham & Company LLC dropped their price target on Workday from $300.00 to $180.00 and set a “buy” rating for the company in a research note on Friday, May 22nd. HC Wainwright set a $140.00 price objective on shares of Workday in a research report on Wednesday, May 27th. Piper Sandler boosted their target price on shares of Workday from $135.00 to $145.00 and gave the stock a “neutral” rating in a report on Friday, May 22nd. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Workday in a research report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $184.00.

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.