Sumitomo Life Insurance Co. Sells 195 Shares of Workday, Inc. (NASDAQ:WDAY)

Sumitomo Life Insurance Co. trimmed its position in Workday, Inc. (NASDAQ:WDAY) by 2.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 9,723 shares of the software maker’s stock after selling 195 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Workday were worth $2,509,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new position in Workday in the third quarter valued at approximately $26,000. Meeder Asset Management Inc. boosted its position in shares of Workday by 42.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after purchasing an additional 43 shares during the last quarter. New Millennium Group LLC boosted its position in shares of Workday by 177.4% in the 3rd quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock worth $36,000 after purchasing an additional 94 shares during the last quarter. True Wealth Design LLC grew its stake in shares of Workday by 4,766.7% during the third quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock worth $36,000 after purchasing an additional 143 shares during the period. Finally, Fortitude Family Office LLC lifted its stake in Workday by 713.6% in the third quarter. Fortitude Family Office LLC now owns 179 shares of the software maker’s stock valued at $44,000 after buying an additional 157 shares during the period. 89.81% of the stock is owned by institutional investors and hedge funds.

Workday Stock Performance

Shares of WDAY opened at $270.43 on Wednesday. The company has a market cap of $71.93 billion, a PE ratio of 44.85, a price-to-earnings-growth ratio of 4.58 and a beta of 1.34. The firm has a 50-day moving average of $261.01 and a 200-day moving average of $248.19. Workday, Inc. has a one year low of $199.81 and a one year high of $311.28. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. Workday had a return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the company posted $0.47 earnings per share. Workday’s quarterly revenue was up 15.8% on a year-over-year basis. As a group, equities analysts forecast that Workday, Inc. will post 2.63 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wells Fargo & Company boosted their target price on Workday from $300.00 to $330.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. Mizuho upped their target price on shares of Workday from $280.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Needham & Company LLC reissued a “buy” rating and set a $300.00 price target on shares of Workday in a research report on Monday, November 25th. Deutsche Bank Aktiengesellschaft upgraded shares of Workday from a “hold” rating to a “buy” rating and upped their price objective for the company from $265.00 to $300.00 in a research report on Wednesday, January 8th. Finally, Citigroup reduced their target price on Workday from $287.00 to $270.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Eight analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.25.

Insider Activity at Workday

In other news, Director Wayne A.I. Frederick sold 1,829 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $253.09, for a total transaction of $462,901.61. Following the transaction, the director now owns 6,845 shares in the company, valued at approximately $1,732,401.05. This trade represents a 21.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder David A. Duffield sold 70,003 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $251.20, for a total value of $17,584,753.60. Following the completion of the sale, the insider now owns 102,997 shares of the company’s stock, valued at $25,872,846.40. This trade represents a 40.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 438,819 shares of company stock worth $113,142,592. Company insiders own 20.00% of the company’s stock.

Workday 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.