Sycomore Asset Management Lowers Position in Workday, Inc. (NASDAQ:WDAY)

Sycomore Asset Management reduced its stake in Workday, Inc. (NASDAQ:WDAY) by 5.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 67,139 shares of the software maker’s stock after selling 3,927 shares during the period. Workday comprises about 2.4% of Sycomore Asset Management’s holdings, making the stock its 9th biggest position. Sycomore Asset Management’s holdings in Workday were worth $16,478,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in WDAY. William Blair Investment Management LLC increased its stake in Workday by 17.6% during the first quarter. William Blair Investment Management LLC now owns 32,442 shares of the software maker’s stock worth $8,849,000 after purchasing an additional 4,865 shares during the period. ORG Partners LLC grew its holdings in Workday by 3,717.9% in the second quarter. ORG Partners LLC now owns 3,207 shares of the software maker’s stock valued at $721,000 after purchasing an additional 3,123 shares during the last quarter. Grafton Street Partners Fund LP acquired a new stake in Workday in the third quarter valued at $4,424,000. O Shaughnessy Asset Management LLC boosted its stake in shares of Workday by 42.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 13,380 shares of the software maker’s stock valued at $3,649,000 after acquiring an additional 3,965 shares during the last quarter. Finally, ICICI Prudential Asset Management Co Ltd boosted its stake in Workday by 32.4% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock worth $7,791,000 after buying an additional 7,802 shares during the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Workday Stock Performance

Shares of Workday stock traded down $2.25 on Thursday, hitting $274.26. 588,905 shares of the company’s stock were exchanged, compared to its average volume of 2,098,856. The company has a 50-day simple moving average of $246.33 and a 200-day simple moving average of $236.28. The stock has a market capitalization of $72.68 billion, a PE ratio of 48.17, a PEG ratio of 5.37 and a beta of 1.35. Workday, Inc. has a 1 year low of $199.81 and a 1 year high of $311.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.10. Workday had a net margin of 19.59% and a return on equity of 5.34%. The business had revenue of $2.09 billion for the quarter, compared to analysts’ expectations of $2.07 billion. During the same quarter last year, the company posted $0.40 EPS. The company’s revenue was up 16.5% compared to the same quarter last year. As a group, equities analysts anticipate that Workday, Inc. will post 2.4 EPS for the current year.

Insider Activity at Workday

In other Workday news, insider Douglas A. Robinson sold 3,121 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $260.29, for a total value of $812,365.09. Following the transaction, the insider now directly owns 196,344 shares in the company, valued at $51,106,379.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Douglas A. Robinson sold 3,121 shares of Workday stock in a transaction on Monday, August 26th. The shares were sold at an average price of $260.29, for a total transaction of $812,365.09. Following the completion of the sale, the insider now directly owns 196,344 shares in the company, valued at approximately $51,106,379.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Richard Harry Sauer sold 3,134 shares of Workday stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total transaction of $738,934.52. Following the completion of the transaction, the insider now directly owns 85,795 shares of the company’s stock, valued at $20,228,745.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 370,575 shares of company stock worth $91,506,897. Insiders own 20.00% of the company’s stock.

Wall Street Analysts Forecast Growth

WDAY has been the topic of several analyst reports. Stifel Nicolaus raised their target price on Workday from $250.00 to $270.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Evercore ISI reduced their price objective on Workday from $300.00 to $290.00 and set an “outperform” rating for the company in a research report on Tuesday, August 20th. Loop Capital lifted their target price on Workday from $240.00 to $255.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Morgan Stanley reduced their target price on Workday from $325.00 to $315.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Finally, Wells Fargo & Company upped their price target on Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $287.04.

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.