Bank of New York Mellon Corp Decreases Stock Position in Workday, Inc. $WDAY

Bank of New York Mellon Corp reduced its holdings in shares of Workday, Inc. (NASDAQ:WDAY) by 7.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,256,446 shares of the software maker’s stock after selling 96,165 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.49% of Workday worth $163,238,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Brighton Jones LLC grew its position in shares of Workday by 230.2% in the fourth quarter. Brighton Jones LLC now owns 4,005 shares of the software maker’s stock valued at $1,033,000 after purchasing an additional 2,792 shares during the last quarter. Empowered Funds LLC raised its position in shares of Workday by 12.1% during the 1st quarter. Empowered Funds LLC now owns 11,142 shares of the software maker’s stock worth $2,602,000 after purchasing an additional 1,206 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Workday by 211.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker’s stock worth $44,000 after purchasing an additional 127 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in Workday in the 2nd quarter valued at approximately $281,000. Finally, NewEdge Advisors LLC lifted its stake in Workday by 32.0% in the 2nd quarter. NewEdge Advisors LLC now owns 6,597 shares of the software maker’s stock valued at $1,583,000 after buying an additional 1,600 shares in the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder David A. Duffield sold 107,500 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $122.04, for a total transaction of $13,119,300.00. Following the transaction, the insider directly owned 105,049 shares in the company, valued at $12,820,179.96. This represents a 50.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Enslin sold 5,374 shares of the business’s stock in a transaction that occurred on Sunday, July 5th. The shares were sold at an average price of $134.90, for a total transaction of $724,952.60. Following the completion of the sale, the insider owned 239,469 shares of the company’s stock, valued at approximately $32,304,368.10. The trade was a 2.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 875,020 shares of company stock valued at $113,938,503 in the last 90 days. 18.64% of the stock is currently owned by insiders.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $144.78 on Friday. The company has a market cap of $35.76 billion, a P/E ratio of 45.24, a P/E/G ratio of 1.55 and a beta of 1.11. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. Workday, Inc. has a 52 week low of $110.36 and a 52 week high of $249.85. The business has a fifty day simple moving average of $131.46 and a 200-day simple moving average of $144.55.

Workday (NASDAQ:WDAY) last released its earnings results on Thursday, May 21st. The software maker reported $2.66 EPS for the quarter, beating the consensus estimate of $2.51 by $0.15. Workday had a return on equity of 14.75% and a net margin of 8.60%.The firm had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same period in the prior year, the firm posted $2.23 earnings per share. The business’s quarterly revenue was up 13.5% compared to the same quarter last year. Equities research analysts forecast that Workday, Inc. will post 5.34 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on WDAY. Monness Crespi & Hardt raised Workday from a “neutral” rating to a “buy” rating and set a $150.00 price target for the company in a research report on Thursday, June 25th. HC Wainwright set a $140.00 price objective on Workday in a research report on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Workday in a research note on Wednesday, June 17th. Summit Redstone set a $275.00 price objective on Workday in a research report on Wednesday, May 27th. Finally, Piper Sandler boosted their target price on shares of Workday from $135.00 to $145.00 and gave the company a “neutral” rating in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Workday has a consensus rating of “Moderate Buy” and an average price target of $184.00.

Workday Profile

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.