Workday, Inc. (NASDAQ:WDAY) Sees Large Decline in Short Interest

Workday, Inc. (NASDAQ:WDAY) saw a large decline in short interest in the month of January. As of January 15th, there was short interest totalling 9,170,000 shares, a decline of 12.8% from the December 31st total of 10,520,000 shares. Based on an average daily volume of 3,270,000 shares, the days-to-cover ratio is currently 2.8 days.

Analyst Ratings Changes

Several research analysts have weighed in on WDAY shares. Citigroup dropped their target price on Workday from $287.00 to $270.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Barclays cut their price objective on shares of Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 27th. Mizuho boosted their target price on shares of Workday from $280.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Needham & Company LLC restated a “buy” rating and set a $300.00 price target on shares of Workday in a report on Monday, November 25th. Finally, Guggenheim raised shares of Workday from a “sell” rating to a “neutral” rating in a research note on Monday, January 6th. Eight research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $292.25.

Insider Buying and Selling at Workday

In related news, insider Sayan Chakraborty sold 5,498 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $250.78, for a total transaction of $1,378,788.44. Following the completion of the sale, the insider now directly owns 121,100 shares in the company, valued at approximately $30,369,458. This trade represents a 4.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder David A. Duffield sold 70,003 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $251.20, for a total transaction of $17,584,753.60. Following the transaction, the insider now directly owns 102,997 shares in the company, valued at $25,872,846.40. The trade was a 40.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock valued at $113,142,592 in the last three months. 20.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. lifted its position in shares of Workday by 23.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,063 shares of the software maker’s stock worth $1,132,000 after buying an additional 970 shares during the period. Quarry LP raised its stake in Workday by 63.5% during the second quarter. Quarry LP now owns 273 shares of the software maker’s stock worth $61,000 after acquiring an additional 106 shares in the last quarter. Truist Financial Corp lifted its holdings in shares of Workday by 1.5% during the second quarter. Truist Financial Corp now owns 88,588 shares of the software maker’s stock valued at $19,805,000 after acquiring an additional 1,320 shares during the period. Cetera Investment Advisers boosted its stake in shares of Workday by 3.9% in the 2nd quarter. Cetera Investment Advisers now owns 51,043 shares of the software maker’s stock valued at $11,411,000 after purchasing an additional 1,911 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Workday in the 2nd quarter worth about $6,183,000. Institutional investors own 89.81% of the company’s stock.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $262.06 on Monday. The firm has a market capitalization of $69.71 billion, a PE ratio of 43.46, a PEG ratio of 4.79 and a beta of 1.34. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. Workday has a 1-year low of $199.81 and a 1-year high of $311.28. The business’s 50 day moving average is $261.07 and its 200-day moving average is $248.97.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.13. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.47 EPS. Sell-side analysts predict that Workday will post 2.63 earnings per share for the current year.

Workday Company 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.