State of Michigan Retirement System Acquires Shares of 57,800 Workday, Inc. (NASDAQ:WDAY)

State of Michigan Retirement System bought a new position in Workday, Inc. (NASDAQ:WDAY) during the 4th quarter, HoldingsChannel reports. The fund bought 57,800 shares of the software maker’s stock, valued at approximately $14,914,000.

A number of other institutional investors have also recently made changes to their positions in the company. Roxbury Financial LLC purchased a new position in Workday in the 4th quarter worth approximately $25,000. Capital Performance Advisors LLP purchased a new position in shares of Workday in the third quarter worth $26,000. Crews Bank & Trust bought a new position in shares of Workday during the fourth quarter valued at $26,000. Avion Wealth boosted its position in shares of Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock valued at $27,000 after buying an additional 86 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in Workday by 42.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after buying an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insider Transactions at Workday

In other news, CEO Carl M. Eschenbach sold 6,250 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $253.86, for a total transaction of $1,586,625.00. Following the completion of the transaction, the chief executive officer now directly owns 13,972 shares in the company, valued at approximately $3,546,931.92. This represents a 30.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder David A. Duffield sold 57,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $275.31, for a total transaction of $15,692,670.00. Following the completion of the transaction, the insider now directly owns 284,000 shares of the company’s stock, valued at approximately $78,188,040. This trade represents a 16.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 369,374 shares of company stock valued at $95,786,918. 20.00% of the stock is currently owned by insiders.

Workday Trading Down 0.4 %

Workday stock opened at $253.63 on Wednesday. Workday, Inc. has a 1 year low of $199.81 and a 1 year high of $294.00. The firm’s 50 day moving average price is $259.17 and its 200-day moving average price is $255.46. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The stock has a market cap of $67.47 billion, a P/E ratio of 42.06, a PEG ratio of 3.55 and a beta of 1.35.

Workday (NASDAQ:WDAY) last posted its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($1.27). The company had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. On average, equities analysts predict that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on WDAY. Piper Sandler upped their target price on shares of Workday from $270.00 to $290.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. StockNews.com downgraded shares of Workday from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. Bank of America cut their target price on shares of Workday from $310.00 to $285.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. BNP Paribas raised Workday to a “strong-buy” rating in a report on Friday, February 14th. Finally, Scotiabank lifted their price objective on Workday from $340.00 to $355.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 27th. Ten equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $302.14.

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.