Norden Group LLC Reduces Holdings in Workday, Inc. (NASDAQ:WDAY)

Norden Group LLC cut its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 14.0% in the 4th quarter, HoldingsChannel reports. The fund owned 4,571 shares of the software maker’s stock after selling 743 shares during the quarter. Norden Group LLC’s holdings in Workday were worth $1,262,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of WDAY. Wellington Management Group LLP lifted its holdings in Workday by 37.4% in the 3rd quarter. Wellington Management Group LLP now owns 5,163,362 shares of the software maker’s stock worth $1,109,348,000 after buying an additional 1,406,153 shares during the period. Winslow Capital Management LLC raised its holdings in Workday by 76.4% in the third quarter. Winslow Capital Management LLC now owns 2,310,619 shares of the software maker’s stock worth $496,436,000 after purchasing an additional 1,000,922 shares in the last quarter. Morgan Stanley lifted its position in Workday by 47.0% during the third quarter. Morgan Stanley now owns 2,727,580 shares of the software maker’s stock valued at $586,021,000 after buying an additional 872,288 shares during the period. Alkeon Capital Management LLC bought a new stake in shares of Workday during the 3rd quarter valued at $107,425,000. Finally, Invesco Ltd. grew its position in shares of Workday by 22.1% in the 3rd quarter. Invesco Ltd. now owns 1,802,209 shares of the software maker’s stock worth $387,205,000 after buying an additional 326,283 shares during the period. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Workday Price Performance

Shares of WDAY traded down $2.97 during midday trading on Tuesday, hitting $245.80. 1,270,426 shares of the company traded hands, compared to its average volume of 1,758,866. The firm has a 50 day moving average of $272.42 and a 200-day moving average of $264.59. Workday, Inc. has a 52 week low of $174.25 and a 52 week high of $311.28. The stock has a market cap of $64.89 billion, a price-to-earnings ratio of 48.30, a PEG ratio of 6.27 and a beta of 1.32. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.97 and a current ratio of 1.97.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Monday, February 26th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.47 by $0.10. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.92 billion. Workday had a net margin of 19.02% and a return on equity of 4.87%. The business’s revenue was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.14) EPS. On average, analysts forecast that Workday, Inc. will post 1.76 EPS for the current fiscal year.

Insider Activity

In related news, insider Douglas A. Robinson sold 3,121 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $293.79, for a total value of $916,918.59. Following the sale, the insider now directly owns 165,932 shares of the company’s stock, valued at approximately $48,749,162.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Douglas A. Robinson sold 3,121 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $293.79, for a total transaction of $916,918.59. Following the transaction, the insider now directly owns 165,932 shares of the company’s stock, valued at $48,749,162.28. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 64,329 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $268.85, for a total transaction of $17,294,851.65. Following the transaction, the insider now directly owns 102,997 shares in the company, valued at $27,690,743.45. The disclosure for this sale can be found here. In the last three months, insiders have sold 435,691 shares of company stock worth $117,731,569. 21.09% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on WDAY shares. KeyCorp boosted their price objective on shares of Workday from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, February 22nd. Evercore ISI boosted their price target on Workday from $310.00 to $350.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. UBS Group dropped their price target on Workday from $315.00 to $300.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 27th. Barclays dropped their price target on Workday from $326.00 to $316.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 27th. Finally, JPMorgan Chase & Co. boosted their price target on Workday from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Workday has a consensus rating of “Moderate Buy” and an average target price of $293.61.

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.