Park Avenue Securities LLC Raises Stock Holdings in Workday, Inc. (NASDAQ:WDAY)

Park Avenue Securities LLC lifted its holdings in Workday, Inc. (NASDAQ:WDAY) by 37.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,139 shares of the software maker’s stock after buying an additional 2,511 shares during the quarter. Park Avenue Securities LLC’s holdings in Workday were worth $2,043,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Workday by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker’s stock worth $4,029,244,000 after purchasing an additional 324,540 shares in the last quarter. Norges Bank bought a new position in Workday in the fourth quarter worth approximately $1,491,149,000. Sustainable Growth Advisers LP grew its stake in Workday by 9.7% in the first quarter. Sustainable Growth Advisers LP now owns 3,402,374 shares of the software maker’s stock worth $927,998,000 after purchasing an additional 301,463 shares in the last quarter. Clearbridge Investments LLC grew its stake in Workday by 12.4% in the first quarter. Clearbridge Investments LLC now owns 2,542,189 shares of the software maker’s stock worth $693,382,000 after purchasing an additional 281,207 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its stake in Workday by 5.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,511,764 shares of the software maker’s stock worth $417,338,000 after purchasing an additional 75,903 shares in the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WDAY. Wells Fargo & Company dropped their target price on Workday from $325.00 to $275.00 and set an “overweight” rating on the stock in a research report on Friday, June 21st. Robert W. Baird dropped their target price on Workday from $316.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, May 24th. Royal Bank of Canada dropped their target price on Workday from $310.00 to $300.00 and set an “outperform” rating on the stock in a research report on Friday, May 24th. UBS Group dropped their target price on Workday from $280.00 to $255.00 and set a “neutral” rating on the stock in a research report on Friday, May 24th. Finally, Citigroup dropped their target price on Workday from $293.00 to $255.00 and set a “neutral” rating on the stock in a research report on Friday, May 24th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $281.44.

Workday Price Performance

WDAY stock traded down $1.04 during trading on Wednesday, hitting $210.21. The stock had a trading volume of 1,918,167 shares, compared to its average volume of 2,166,163. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.00 and a quick ratio of 2.00. Workday, Inc. has a twelve month low of $199.81 and a twelve month high of $311.28. The stock has a market capitalization of $55.71 billion, a P/E ratio of 38.06, a PEG ratio of 5.42 and a beta of 1.35. The company’s 50-day moving average price is $219.97 and its two-hundred day moving average price is $253.73.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Thursday, May 23rd. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.20. Workday had a return on equity of 5.78% and a net margin of 19.66%. The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the previous year, the firm posted $0.16 EPS. Workday’s revenue was up 18.1% compared to the same quarter last year. As a group, research analysts predict that Workday, Inc. will post 2.12 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 82,762 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $210.28, for a total transaction of $17,403,193.36. Following the transaction, the insider now directly owns 102,997 shares in the company, valued at approximately $21,658,209.16. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, major shareholder David A. Duffield sold 82,762 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $210.28, for a total transaction of $17,403,193.36. Following the transaction, the insider now directly owns 102,997 shares in the company, valued at approximately $21,658,209.16. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Douglas A. Robinson sold 3,121 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $214.44, for a total value of $669,267.24. Following the transaction, the insider now owns 204,066 shares in the company, valued at $43,759,913.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,672 shares of company stock worth $115,938,834. Insiders own 20.00% of the company’s stock.

About Workday

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.