Grassi Investment Management Trims Stock Position in Workday, Inc. (NASDAQ:WDAY)

Grassi Investment Management lessened its holdings in shares of Workday, Inc. (NASDAQ:WDAY) by 3.7% in the 4th quarter, HoldingsChannel reports. The firm owned 13,410 shares of the software maker’s stock after selling 515 shares during the quarter. Grassi Investment Management’s holdings in Workday were worth $3,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in WDAY. CHICAGO TRUST Co NA grew its position in Workday by 1.7% during the fourth quarter. CHICAGO TRUST Co NA now owns 4,290 shares of the software maker’s stock valued at $1,107,000 after buying an additional 70 shares during the period. Fiduciary Alliance LLC acquired a new stake in Workday during the fourth quarter valued at $2,486,000. Czech National Bank acquired a new stake in Workday during the fourth quarter valued at $11,917,000. West Oak Capital LLC grew its position in Workday by 17,182.1% during the fourth quarter. West Oak Capital LLC now owns 24,195 shares of the software maker’s stock valued at $6,243,000 after buying an additional 24,055 shares during the period. Finally, Harbor Capital Advisors Inc. grew its position in Workday by 2.6% during the fourth quarter. Harbor Capital Advisors Inc. now owns 2,325 shares of the software maker’s stock valued at $600,000 after buying an additional 60 shares during the period. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Analyst Upgrades and Downgrades

WDAY has been the topic of several research analyst reports. Wells Fargo & Company lifted their target price on shares of Workday from $300.00 to $330.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Citigroup reduced their target price on shares of Workday from $274.00 to $270.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. Guggenheim raised shares of Workday from a “sell” rating to a “neutral” rating in a research note on Monday, January 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 target price on shares of Workday in a research note on Monday, November 25th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $270.00 target price (down from $285.00) on shares of Workday in a research note on Wednesday, November 27th. Seven research analysts have rated the stock with a hold rating and twenty-two have issued a buy 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 $292.25.

Insider Transactions at Workday

In other news, CEO Carl M. Eschenbach sold 6,250 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $253.86, for a total transaction of $1,586,625.00. Following the transaction, the chief executive officer now directly owns 13,972 shares of the company’s stock, valued at $3,546,931.92. This represents a 30.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 70,090 shares of the stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $254.53, for a total transaction of $17,840,007.70. Following the completion of the sale, the insider now directly owns 102,997 shares in the company, valued at approximately $26,215,826.41. The trade was a 40.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 382,347 shares of company stock valued at $99,225,903 in the last ninety days. 20.00% of the stock is currently owned by company insiders.

Workday Stock Performance

Workday stock traded down $3.62 during trading hours on Monday, reaching $246.09. 1,234,323 shares of the stock were exchanged, compared to its average volume of 1,868,542. The stock has a market cap of $65.46 billion, a P/E ratio of 40.81, a P/E/G ratio of 5.04 and a beta of 1.34. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. Workday, Inc. has a 52-week low of $199.81 and a 52-week high of $311.28. The firm’s 50 day moving average is $262.56 and its 200 day moving average is $246.12.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. Workday’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 EPS. Analysts predict that Workday, Inc. will post 2.58 EPS for the current fiscal year.

Workday Profile

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.