Gibbs Wealth Management Reduces Holdings in Workday, Inc. $WDAY

Gibbs Wealth Management lowered its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 46.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,143 shares of the software maker’s stock after selling 3,565 shares during the quarter. Gibbs Wealth Management’s holdings in Workday were worth $997,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of WDAY. Rakuten Securities Inc. purchased a new position in Workday during the second quarter worth approximately $25,000. Berbice Capital Management LLC raised its position in shares of Workday by 136.4% in the 2nd quarter. Berbice Capital Management LLC now owns 130 shares of the software maker’s stock worth $31,000 after buying an additional 75 shares during the period. Golden State Wealth Management LLC raised its position in shares of Workday by 2,216.7% in the 2nd quarter. Golden State Wealth Management LLC now owns 139 shares of the software maker’s stock worth $33,000 after buying an additional 133 shares during the period. Root Financial Partners LLC acquired a new stake in Workday during the third quarter worth about $40,000. Finally, Twin Peaks Wealth Advisors LLC purchased a new position in shares of Workday in the 2nd quarter worth about $41,000. 89.81% of the stock is owned by institutional investors and hedge funds.

Workday Price Performance

Shares of WDAY opened at $189.26 on Friday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.34. The stock has a 50 day moving average of $212.32 and a 200-day moving average of $225.15. Workday, Inc. has a 52 week low of $180.56 and a 52 week high of $283.68. The firm has a market cap of $49.78 billion, a price-to-earnings ratio of 79.52, a PEG ratio of 2.12 and a beta of 1.14.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Tuesday, November 25th. The software maker reported $2.32 earnings per share for the quarter, topping analysts’ consensus estimates of $2.17 by $0.15. Workday had a return on equity of 10.50% and a net margin of 6.95%.The business had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.42 billion. During the same period in the prior year, the firm earned $1.89 EPS. The business’s quarterly revenue was up 12.6% on a year-over-year basis. As a group, analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WDAY. Stifel Nicolaus decreased their target price on Workday from $255.00 to $235.00 and set a “hold” rating for the company in a report on Wednesday, November 26th. Sanford C. Bernstein decreased their price objective on shares of Workday from $304.00 to $298.00 and set an “outperform” rating for the company in a research note on Wednesday, November 26th. The Goldman Sachs Group initiated coverage on shares of Workday in a research note on Monday, January 12th. They issued a “neutral” rating and a $238.00 target price on the stock. Rosenblatt Securities initiated coverage on shares of Workday in a report on Tuesday, December 2nd. They set a “neutral” rating and a $235.00 target price on the stock. Finally, Morgan Stanley increased their target price on Workday from $255.00 to $280.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat, Workday has an average rating of “Moderate Buy” and an average target price of $278.09.

Insider Buying and Selling

In other Workday news, CFO Zane Rowe sold 6,000 shares of the business’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $208.75, for a total transaction of $1,252,500.00. Following the completion of the transaction, the chief financial officer directly owned 159,158 shares of the company’s stock, valued at $33,224,232.50. The trade was a 3.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder David A. Duffield sold 82,884 shares of Workday stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $209.75, for a total value of $17,384,919.00. Following the sale, the insider directly owned 105,049 shares in the company, valued at approximately $22,034,027.75. This trade represents a 44.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 370,321 shares of company stock valued at $78,866,401 in the last three months. 19.31% of the stock is owned by corporate insiders.

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.