KCM Investment Advisors LLC Trims Holdings in Workday, Inc. (NASDAQ:WDAY)

KCM Investment Advisors LLC cut its stake in Workday, Inc. (NASDAQ:WDAY) by 10.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,901 shares of the software maker’s stock after selling 225 shares during the quarter. KCM Investment Advisors LLC’s holdings in Workday were worth $465,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in WDAY. Vanguard Group Inc. increased its stake in Workday by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker’s stock worth $4,029,244,000 after acquiring an additional 324,540 shares during the last quarter. Clearbridge Investments LLC increased its stake in Workday by 12.4% in the 1st quarter. Clearbridge Investments LLC now owns 2,542,189 shares of the software maker’s stock worth $693,382,000 after acquiring an additional 281,207 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Workday by 79.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock worth $514,637,000 after acquiring an additional 1,016,394 shares during the last quarter. Legal & General Group Plc increased its stake in Workday by 7.4% in the 2nd quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock worth $384,518,000 after acquiring an additional 118,180 shares during the last quarter. Finally, Meritage Group LP increased its stake in Workday by 27.5% in the 1st quarter. Meritage Group LP now owns 1,277,359 shares of the software maker’s stock worth $348,400,000 after acquiring an additional 275,883 shares during the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on WDAY. KeyCorp upped their target price on Workday from $275.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. JMP Securities restated a “market outperform” rating and issued a $315.00 target price on shares of Workday in a research note on Thursday, September 19th. Needham & Company LLC cut their price objective on Workday from $350.00 to $300.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Piper Sandler reiterated an “overweight” rating and issued a $285.00 price objective on shares of Workday in a report on Wednesday, September 18th. Finally, Loop Capital upped their price objective on Workday from $255.00 to $270.00 and gave the stock a “hold” rating in a report on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, Workday has a consensus rating of “Moderate Buy” and an average target price of $287.59.

Insider Buying and Selling at Workday

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $260.32, for a total transaction of $1,952,400.00. Following the sale, the director now directly owns 97,500 shares in the company, valued at approximately $25,381,200. This trade represents a 7.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Richard Harry Sauer sold 3,134 shares of the stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total value of $738,934.52. Following the sale, the insider now owns 85,795 shares in the company, valued at approximately $20,228,745.10. This represents a 3.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 370,575 shares of company stock worth $91,506,897. Insiders own 20.00% of the company’s stock.

Workday Stock Down 4.4 %

WDAY stock opened at $259.41 on Friday. Workday, Inc. has a twelve month low of $199.81 and a twelve month high of $311.28. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. The firm has a market cap of $68.74 billion, a PE ratio of 45.19, a price-to-earnings-growth ratio of 5.39 and a beta of 1.35. The business has a 50 day moving average of $246.74 and a 200 day moving average of $236.60.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.10. Workday had a return on equity of 5.34% and a net margin of 19.59%. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter last year, the company earned $0.40 EPS. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. On average, research analysts forecast that Workday, Inc. will post 2.4 EPS for the current fiscal year.

Workday Company Profile

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.