CIBC Bancorp USA Inc. Makes New $9.09 Million Investment in Workday, Inc. $WDAY

CIBC Bancorp USA Inc. purchased a new position in Workday, Inc. (NASDAQ:WDAY) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 37,746 shares of the software maker’s stock, valued at approximately $9,087,000.

Other institutional investors have also made changes to their positions in the company. First Eagle Investment Management LLC bought a new stake in Workday in the third quarter valued at approximately $556,252,000. PKO Investment Management Joint Stock Co bought a new stake in shares of Workday in the 3rd quarter valued at $1,805,000. Phoenix Financial Ltd. acquired a new stake in Workday during the 3rd quarter worth $2,000,000. Rakuten Investment Management Inc. bought a new position in Workday during the third quarter worth about $124,718,000. Finally, Norges Bank bought a new position in shares of Workday during the 2nd quarter valued at about $442,702,000. 89.81% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Workday

In related news, CAO Mark S. Garfield sold 953 shares of the firm’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $209.56, for a total transaction of $199,710.68. Following the sale, the chief accounting officer owned 35,336 shares of the company’s stock, valued at $7,405,012.16. This trade represents a 2.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Richard Harry Sauer sold 1,130 shares of the business’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $210.00, for a total value of $237,300.00. Following the sale, the insider owned 85,398 shares in the company, valued at $17,933,580. This represents a 1.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 737,815 shares of company stock worth $116,507,538 in the last ninety days. Insiders own 19.31% of the company’s stock.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $135.96 on Friday. The firm has a 50 day moving average of $157.12 and a 200-day moving average of $202.82. Workday, Inc. has a 12 month low of $117.76 and a 12 month high of $276.00. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $34.94 billion, a PE ratio of 52.70, a PEG ratio of 1.30 and a beta of 1.16.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, February 24th. The software maker reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.15. The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. Workday had a return on equity of 13.37% and a net margin of 7.26%.The company’s revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.92 EPS. On average, equities research analysts predict that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on WDAY shares. Guggenheim cut their price target on shares of Workday from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. BMO Capital Markets decreased their price objective on Workday from $204.00 to $182.00 and set an “outperform” rating for the company in a report on Wednesday, February 25th. Evercore cut shares of Workday from an “outperform” rating to an “in-line” rating and set a $160.00 price target for the company. in a research note on Wednesday, February 25th. Robert W. Baird set a $195.00 price target on Workday in a research note on Tuesday, February 24th. Finally, Wells Fargo & Company lowered their target price on shares of Workday from $255.00 to $180.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Nineteen investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $199.71.

About Workday

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.