iA Global Asset Management Inc. Lowers Stock Holdings in Workday, Inc. (NASDAQ:WDAY)

iA Global Asset Management Inc. lowered its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 54.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 30,080 shares of the software maker’s stock after selling 36,285 shares during the period. iA Global Asset Management Inc.’s holdings in Workday were worth $7,762,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Janus Henderson Group PLC increased its position in Workday by 10.7% during the 3rd quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock worth $1,218,415,000 after purchasing an additional 480,459 shares during the period. State Street Corp increased its position in Workday by 1.4% during the 3rd quarter. State Street Corp now owns 4,842,729 shares of the software maker’s stock worth $1,183,611,000 after purchasing an additional 67,380 shares during the period. Geode Capital Management LLC increased its position in Workday by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,865,164 shares of the software maker’s stock worth $698,285,000 after purchasing an additional 76,618 shares during the period. Parnassus Investments LLC increased its position in Workday by 562.2% during the 4th quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker’s stock worth $631,589,000 after purchasing an additional 2,078,097 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Workday by 0.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,316,167 shares of the software maker’s stock worth $566,094,000 after purchasing an additional 14,159 shares during the period. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder David A. Duffield sold 56,000 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $265.70, for a total transaction of $14,879,200.00. Following the completion of the sale, the insider now directly owns 228,000 shares in the company, valued at $60,579,600. This represents a 19.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director George J. Still, Jr. sold 7,500 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $241.33, for a total value of $1,809,975.00. Following the sale, the director now owns 75,000 shares of the company’s stock, valued at approximately $18,099,750. The trade was a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 473,001 shares of company stock valued at $120,614,400 in the last quarter. 20.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

WDAY has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $300.00 target price on shares of Workday in a research report on Wednesday, February 26th. Piper Sandler boosted their target price on Workday from $270.00 to $290.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. Loop Capital upped their price target on Workday from $242.00 to $260.00 and gave the stock a “hold” rating in a report on Wednesday, February 19th. Morgan Stanley cut Workday from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $330.00 to $275.00 in a report on Wednesday, February 19th. Finally, Royal Bank of Canada upped their price target on Workday from $320.00 to $340.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Ten research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $300.36.

Workday Trading Down 0.8 %

Shares of Workday stock opened at $250.47 on Friday. Workday, Inc. has a fifty-two week low of $199.81 and a fifty-two week high of $294.00. The firm has a market cap of $66.63 billion, a PE ratio of 41.54, a P/E/G ratio of 3.55 and a beta of 1.38. The business’s fifty day moving average is $256.76 and its two-hundred day moving average is $255.24. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). Workday had a return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Analysts anticipate that Workday, Inc. will post 2.63 earnings per share for the current year.

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.