Comerica Bank Trims Stock Position in Workday, Inc. $WDAY

Comerica Bank cut its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 10.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 36,420 shares of the software maker’s stock after selling 4,145 shares during the period. Comerica Bank’s holdings in Workday were worth $7,822,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Workday by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 25,009,288 shares of the software maker’s stock worth $5,371,495,000 after purchasing an additional 3,210,232 shares during the period. State Street Corp increased its position in Workday by 0.8% during the 3rd quarter. State Street Corp now owns 9,674,568 shares of the software maker’s stock worth $2,328,959,000 after purchasing an additional 74,052 shares during the period. Hotchkis & Wiley Capital Management LLC increased its position in Workday by 47.5% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker’s stock worth $1,406,463,000 after purchasing an additional 1,882,391 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Workday by 41.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,761,599 shares of the software maker’s stock worth $905,530,000 after purchasing an additional 1,103,421 shares during the period. Finally, Parnassus Investments LLC increased its position in Workday by 13.1% during the 3rd quarter. Parnassus Investments LLC now owns 3,217,205 shares of the software maker’s stock worth $774,478,000 after purchasing an additional 371,561 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, major shareholder David A. Duffield sold 107,500 shares of the company’s stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $112.33, for a total value of $12,075,475.00. Following the sale, the insider owned 105,049 shares of the company’s stock, valued at approximately $11,800,154.17. This represents a 50.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Zane Rowe sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $128.22, for a total value of $769,320.00. Following the completion of the sale, the chief financial officer directly owned 217,930 shares in the company, valued at approximately $27,942,984.60. The trade was a 2.68% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last quarter, insiders have sold 989,814 shares of company stock worth $131,576,291. 20.00% of the stock is owned by insiders.

Workday Stock Performance

WDAY opened at $122.43 on Thursday. The stock has a market cap of $31.46 billion, a P/E ratio of 47.45, a P/E/G ratio of 1.14 and a beta of 1.14. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.32 and a quick ratio of 1.32. The stock’s 50 day simple moving average is $130.37 and its 200 day simple moving average is $181.15. Workday, Inc. has a 1-year low of $110.36 and a 1-year high of $276.00.

Workday (NASDAQ:WDAY) last released its quarterly earnings results on Tuesday, February 24th. The software maker reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.15. The business had revenue of $2.53 billion for the quarter, compared to analysts’ expectations 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 in the prior year, the firm posted $1.92 EPS. As a group, equities analysts anticipate that Workday, Inc. will post 5.11 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Barclays dropped their target price on Workday from $230.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 25th. JPMorgan Chase & Co. dropped their target price on Workday from $270.00 to $230.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 24th. TD Cowen cut Workday from a “buy” rating to a “hold” rating and set a $155.00 target price on the stock. in a research report on Wednesday, February 25th. Raymond James Financial reiterated a “market perform” rating on shares of Workday in a research report on Monday, February 9th. Finally, Piper Sandler dropped their target price on Workday from $200.00 to $135.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Nineteen analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Workday currently has a consensus rating of “Moderate Buy” and an average price target of $199.71.

Workday Company 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.