Trust Asset Management LLC Buys New Position in Workday, Inc. (NASDAQ:WDAY)

Trust Asset Management LLC acquired a new stake in Workday, Inc. (NASDAQ:WDAY) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,453 shares of the software maker’s stock, valued at approximately $573,000.

Several other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in Workday by 230.2% during the 4th quarter. Brighton Jones LLC now owns 4,005 shares of the software maker’s stock worth $1,033,000 after acquiring an additional 2,792 shares during the period. Bank Pictet & Cie Europe AG grew its stake in Workday by 24.0% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,075 shares of the software maker’s stock worth $793,000 after purchasing an additional 595 shares during the period. Advisory Services Network LLC grew its stake in Workday by 27.6% in the fourth quarter. Advisory Services Network LLC now owns 703 shares of the software maker’s stock valued at $181,000 after acquiring an additional 152 shares during the period. Martingale Asset Management L P acquired a new stake in Workday in the fourth quarter valued at approximately $362,000. Finally, Bessemer Group Inc. boosted its position in shares of Workday by 20.7% during the fourth quarter. Bessemer Group Inc. now owns 3,279 shares of the software maker’s stock valued at $847,000 after buying an additional 563 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

Workday Stock Up 0.5%

WDAY stock opened at $222.07 on Monday. Workday, Inc. has a twelve month low of $205.33 and a twelve month high of $294.00. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.33. The firm has a market cap of $59.29 billion, a PE ratio of 122.69, a price-to-earnings-growth ratio of 3.36 and a beta of 1.24. The business has a 50 day moving average of $237.71 and a 200 day moving average of $245.15.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.22. Workday had a return on equity of 8.00% and a net margin of 5.60%. The company had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same quarter last year, the company earned $1.74 EPS. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. On average, research analysts forecast that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Insider Activity at Workday

In other Workday news, major shareholder David A. Duffield sold 73,971 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $238.66, for a total transaction of $17,653,918.86. Following the sale, the insider directly owned 102,997 shares in the company, valued at approximately $24,581,264.02. This trade represents a 41.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 451 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $234.86, for a total value of $105,921.86. Following the sale, the chief accounting officer owned 42,977 shares in the company, valued at approximately $10,093,578.22. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 329,005 shares of company stock worth $79,203,523 over the last quarter. 20.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on WDAY shares. Guggenheim reiterated a “neutral” rating on shares of Workday in a report on Friday, May 23rd. Citigroup cut Workday from a “neutral” rating to a “mixed” rating in a report on Friday, May 16th. Loop Capital dropped their target price on Workday from $285.00 to $250.00 and set a “hold” rating for the company in a report on Friday, May 23rd. Oppenheimer dropped their target price on Workday from $320.00 to $300.00 and set an “outperform” rating for the company in a report on Friday, May 23rd. Finally, DA Davidson increased their target price on Workday from $230.00 to $250.00 and gave the company a “neutral” rating in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $296.88.

About Workday

Workday, Inc provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations.