Key Points
- David Duffield, a major Workday shareholder, sold 82,025 shares on Dec. 2 at an average price of $212.19, netting about $17.4 million and cutting his stake by 43.85% to 105,049 shares.
- Workday recently beat quarterly EPS expectations with $2.32 (vs. $2.17) and 12.6% revenue growth to $2.43 billion; the stock trades near $216.62 with a market cap of about $57.8 billion, a P/E of ~91, and an average analyst target of $281.16 (consensus: "Moderate Buy").
Workday, Inc. (NASDAQ:WDAY - Get Free Report) major shareholder David Duffield sold 82,025 shares of the company's stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $212.19, for a total transaction of $17,404,884.75. Following the sale, the insider directly owned 105,049 shares of the company's stock, valued at approximately $22,290,347.31. This represents a 43.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Workday Trading Up 0.8%
Shares of Workday stock opened at $216.62 on Friday. 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 stock has a market capitalization of $57.84 billion, a PE ratio of 91.02, a P/E/G ratio of 2.60 and a beta of 1.15. Workday, Inc. has a 1-year low of $205.33 and a 1-year high of $294.00. The company's fifty day simple moving average is $231.04 and its 200-day simple moving average is $234.36.
Workday (NASDAQ:WDAY - Get Free Report) last announced its earnings results on Tuesday, November 25th. The software maker reported $2.32 EPS for the quarter, topping analysts' consensus estimates of $2.17 by $0.15. Workday had a return on equity of 10.50% and a net margin of 6.95%.The company had revenue of $2.43 billion for the quarter, compared to analysts' expectations of $2.42 billion. During the same period last year, the firm earned $1.89 EPS. Workday's revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, equities analysts anticipate that Workday, Inc. will post 2.63 earnings per share for the current year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in WDAY. Verdence Capital Advisors LLC boosted its holdings in shares of Workday by 1.0% in the 2nd quarter. Verdence Capital Advisors LLC now owns 4,381 shares of the software maker's stock worth $1,051,000 after purchasing an additional 45 shares during the period. Bristlecone Advisors LLC raised its holdings in Workday by 1.6% during the 1st quarter. Bristlecone Advisors LLC now owns 2,968 shares of the software maker's stock valued at $693,000 after buying an additional 47 shares during the period. Perennial Investment Advisors LLC lifted its position in Workday by 2.8% in the second quarter. Perennial Investment Advisors LLC now owns 1,741 shares of the software maker's stock worth $418,000 after buying an additional 48 shares during the last quarter. Johnson Investment Counsel Inc. boosted its stake in Workday by 2.3% during the second quarter. Johnson Investment Counsel Inc. now owns 2,201 shares of the software maker's stock worth $528,000 after buying an additional 49 shares during the period. Finally, Bay Harbor Wealth Management LLC increased its position in Workday by 12.0% during the third quarter. Bay Harbor Wealth Management LLC now owns 458 shares of the software maker's stock valued at $110,000 after acquiring an additional 49 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on the stock. Evercore ISI raised their target price on shares of Workday from $275.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 17th. JMP Securities reiterated a "market outperform" rating and issued a $315.00 price target on shares of Workday in a research note on Wednesday, September 17th. KeyCorp dropped their price objective on Workday from $285.00 to $260.00 and set an "overweight" rating for the company in a research note on Wednesday, November 26th. Needham & Company LLC reissued a "buy" rating and set a $300.00 target price on shares of Workday in a research note on Wednesday, November 26th. Finally, Rosenblatt Securities started coverage on Workday in a report on Tuesday. They issued a "neutral" rating and a $235.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $281.16.
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About Workday
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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.
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