State of Michigan Retirement System Makes New Investment in Workday, Inc. (NASDAQ:WDAY)

State of Michigan Retirement System purchased a new stake in shares of Workday, Inc. (NASDAQ:WDAY) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 57,800 shares of the software maker’s stock, valued at approximately $14,914,000.

Several other institutional investors have also recently made changes to their positions in WDAY. Janus Henderson Group PLC grew its position in Workday by 10.7% during the third quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock worth $1,218,415,000 after buying an additional 480,459 shares in the last quarter. State Street Corp grew its holdings in shares of Workday by 1.4% during the third 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 in the last quarter. Geode Capital Management LLC lifted its position in Workday by 2.7% during the third quarter. Geode Capital Management LLC now owns 2,865,164 shares of the software maker’s stock valued at $698,285,000 after purchasing an additional 76,618 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Workday by 0.6% in the third quarter. The Manufacturers Life Insurance Company now owns 2,316,167 shares of the software maker’s stock worth $566,094,000 after acquiring an additional 14,159 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Workday by 4.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,972,642 shares of the software maker’s stock valued at $482,133,000 after acquiring an additional 75,747 shares during the last quarter. Institutional investors own 89.81% of the company’s stock.

Workday Price Performance

WDAY stock opened at $253.63 on Wednesday. The firm has a 50-day moving average of $259.17 and a 200 day moving average of $255.46. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The company has a market cap of $67.47 billion, a P/E ratio of 42.06, a PEG ratio of 3.55 and a beta of 1.35. Workday, Inc. has a 1 year low of $199.81 and a 1 year high of $294.00.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. On average, sell-side analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

Insider Transactions at Workday

In related news, insider Sayan Chakraborty sold 6,056 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $265.50, for a total transaction of $1,607,868.00. Following the sale, the insider now owns 111,324 shares of the company’s stock, valued at $29,556,522. The trade was a 5.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder David A. Duffield sold 70,090 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $254.53, for a total transaction of $17,840,007.70. Following the transaction, the insider now directly owns 102,997 shares of the company’s stock, valued at $26,215,826.41. This represents a 40.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 369,374 shares of company stock valued at $95,786,918 in the last three months. 20.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

WDAY has been the subject of several research analyst reports. Loop Capital lifted their price target on Workday from $242.00 to $260.00 and gave the stock a “hold” rating in a research note on Wednesday, February 19th. Wells Fargo & Company boosted their target price on Workday from $330.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. increased their price target on shares of Workday from $285.00 to $310.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Mizuho lifted their price target on shares of Workday from $280.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Workday in a research note on Wednesday, February 26th. Ten equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Workday currently has a consensus rating of “Moderate Buy” and an average price target of $302.14.

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.