Insider Selling: Workday (NASDAQ:WDAY) Major Shareholder Sells $12,427,000.00 in Stock

Workday, Inc. (NASDAQ:WDAY) major shareholder David Duffield sold 107,500 shares of Workday stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $115.60, for a total transaction of $12,427,000.00. Following the completion of the transaction, the insider directly owned 105,049 shares in the company, valued at $12,143,664.40. This trade represents a 50.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Workday Stock Up 6.4%

NASDAQ WDAY opened at $130.27 on Thursday. The business has a fifty day moving average price of $127.46 and a two-hundred day moving average price of $150.57. The stock has a market capitalization of $32.18 billion, a PE ratio of 40.71, a PEG ratio of 1.31 and a beta of 1.11. Workday, Inc. has a fifty-two week low of $110.36 and a fifty-two week high of $249.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share (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 company had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter last year, the company posted $2.23 EPS. The company’s revenue for the quarter was up 13.5% compared to the same quarter last year. Equities analysts expect that Workday, Inc. will post 5.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rakuten Securities Inc. bought a new position in Workday in the 2nd quarter valued at about $25,000. Measured Wealth Private Client Group LLC bought a new position in shares of Workday in the 3rd quarter worth $26,000. DT Investment Partners LLC purchased a new position in shares of Workday in the 4th quarter worth about $27,000. LRI Investments LLC bought a new stake in shares of Workday in the 4th quarter worth approximately $29,000. Finally, JPL Wealth Management LLC purchased a new stake in Workday during the 3rd quarter valued at about $30,000. 89.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Monness Crespi & Hardt raised Workday from a “neutral” rating to a “buy” rating and set a $150.00 target price for the company in a research note on Thursday, June 25th. Summit Redstone set a $275.00 price target on shares of Workday in a research note on Wednesday, May 27th. DA Davidson set a $135.00 price objective on shares of Workday in a research report on Tuesday, May 26th. Wall Street Zen raised shares of Workday from a “hold” rating to a “buy” rating in a research note on Saturday, March 28th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Workday in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Workday has an average rating of “Moderate Buy” and a consensus price target of $184.00.

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.