Victory Capital Management Inc. grew its stake in Workday, Inc. (NASDAQ:WDAY – Get Rating) by 31.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 148,206 shares of the software maker’s stock after acquiring an additional 35,060 shares during the quarter. Victory Capital Management Inc. owned about 0.06% of Workday worth $22,560,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. EFG Asset Management North America Corp. raised its stake in Workday by 1.1% during the third quarter. EFG Asset Management North America Corp. now owns 22,743 shares of the software maker’s stock worth $3,463,000 after purchasing an additional 243 shares during the period. US Bancorp DE lifted its holdings in Workday by 3.2% in the second quarter. US Bancorp DE now owns 18,599 shares of the software maker’s stock valued at $2,596,000 after acquiring an additional 572 shares during the last quarter. Synovus Financial Corp grew its position in Workday by 18.6% in the second quarter. Synovus Financial Corp now owns 17,879 shares of the software maker’s stock worth $2,497,000 after acquiring an additional 2,800 shares during the period. Baker Tilly Wealth Management LLC increased its stake in Workday by 11.5% during the second quarter. Baker Tilly Wealth Management LLC now owns 4,707 shares of the software maker’s stock worth $657,000 after acquiring an additional 487 shares during the last quarter. Finally, First Hawaiian Bank raised its position in Workday by 44.7% in the third quarter. First Hawaiian Bank now owns 6,842 shares of the software maker’s stock valued at $1,041,000 after purchasing an additional 2,114 shares during the period. Hedge funds and other institutional investors own 66.98% of the company’s stock.
Insider Activity at Workday
In other Workday news, Director George J. Still, Jr. sold 5,000 shares of Workday stock in a transaction that occurred on Friday, December 2nd. The stock was sold at an average price of $169.38, for a total transaction of $846,900.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at $1,693,800. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Director George J. Still, Jr. sold 5,000 shares of the stock in a transaction on Friday, December 2nd. The shares were sold at an average price of $169.38, for a total transaction of $846,900.00. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at approximately $1,693,800. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO James Bozzini sold 4,389 shares of Workday stock in a transaction on Thursday, January 5th. The shares were sold at an average price of $161.72, for a total transaction of $709,789.08. Following the completion of the transaction, the chief operating officer now owns 103,228 shares in the company, valued at $16,694,032.16. The disclosure for this sale can be found here. Insiders sold a total of 119,548 shares of company stock valued at $20,795,439 in the last three months. 21.74% of the stock is currently owned by company insiders.
Workday Stock Performance
Workday (NASDAQ:WDAY – Get Rating) last announced its quarterly earnings results on Tuesday, November 29th. The software maker reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.18. Workday had a negative net margin of 5.29% and a negative return on equity of 2.11%. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same period in the previous year, the company earned $0.97 earnings per share. Workday’s quarterly revenue was up 20.5% compared to the same quarter last year. As a group, sell-side analysts predict that Workday, Inc. will post -0.44 earnings per share for the current fiscal year.
Workday announced that its board has approved a stock buyback program on Tuesday, November 29th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the software maker to reacquire up to 1.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Analyst Ratings Changes
WDAY has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on Workday in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Robert W. Baird reduced their price target on shares of Workday from $235.00 to $223.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 30th. KeyCorp dropped their target price on shares of Workday from $207.00 to $195.00 and set an “overweight” rating for the company in a report on Tuesday, November 29th. Loop Capital cut Workday from a “buy” rating to a “hold” rating and decreased their price target for the stock from $225.00 to $150.00 in a research note on Monday, November 21st. Finally, Societe Generale dropped their price objective on Workday to $212.00 in a research note on Monday, November 28th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $214.47.
Workday, Inc provides enterprise cloud applications in the United States and internationally. The company's applications help its customers to plan, execute, analyze, and extend to other applications and environments, and to manage their business and operations. It offers a suite of financial management applications, which enable chief financial officers to maintain accounting information in the general ledger; manage financial processes; 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.
- Get a free copy of the StockNews.com research report on Workday (WDAY)
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