Exchange Capital Management Inc. Cuts Stock Holdings in Workday, Inc. (NASDAQ:WDAY)

Exchange Capital Management Inc. reduced its stake in Workday, Inc. (NASDAQ:WDAY) by 1.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,721 shares of the software maker’s stock after selling 55 shares during the period. Exchange Capital Management Inc.’s holdings in Workday were worth $832,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Workday by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker’s stock worth $4,029,244,000 after buying an additional 324,540 shares in the last quarter. Norges Bank purchased a new stake in shares of Workday during the 4th quarter worth approximately $1,491,149,000. Sustainable Growth Advisers LP boosted its position in shares of Workday by 9.7% during the 1st quarter. Sustainable Growth Advisers LP now owns 3,402,374 shares of the software maker’s stock valued at $927,998,000 after acquiring an additional 301,463 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of Workday by 12.4% in the first quarter. Clearbridge Investments LLC now owns 2,542,189 shares of the software maker’s stock valued at $693,382,000 after purchasing an additional 281,207 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its position in Workday by 5.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,511,764 shares of the software maker’s stock worth $417,338,000 after purchasing an additional 75,903 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insider Buying and Selling

In other Workday news, insider Douglas A. Robinson sold 3,121 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $214.44, for a total value of $669,267.24. Following the completion of the transaction, the insider now directly owns 204,066 shares in the company, valued at $43,759,913.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Workday news, insider Douglas A. Robinson sold 3,121 shares of Workday stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $214.44, for a total value of $669,267.24. Following the transaction, the insider now directly owns 204,066 shares of the company’s stock, valued at $43,759,913.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David A. Duffield sold 82,762 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $210.28, for a total value of $17,403,193.36. Following the transaction, the insider now directly owns 102,997 shares in the company, valued at $21,658,209.16. The disclosure for this sale can be found here. Insiders sold 524,672 shares of company stock worth $115,938,834 in the last three months. 20.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on WDAY. Needham & Company LLC reiterated a “buy” rating and set a $350.00 price objective on shares of Workday in a research report on Friday, May 24th. TD Cowen lowered their price target on shares of Workday from $330.00 to $290.00 and set a “buy” rating for the company in a report on Friday, May 24th. Citigroup reduced their price objective on Workday from $293.00 to $255.00 and set a “neutral” rating on the stock in a research note on Friday, May 24th. Mizuho decreased their price objective on Workday from $325.00 to $280.00 and set a “buy” rating on the stock in a research report on Friday, May 24th. Finally, Morgan Stanley dropped their target price on Workday from $330.00 to $325.00 and set an “overweight” rating for the company in a report on Friday, May 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $278.85.

Workday Stock Down 0.2 %

Shares of NASDAQ WDAY traded down $0.57 during midday trading on Thursday, reaching $232.94. 1,267,906 shares of the company’s stock traded hands, compared to its average volume of 2,154,626. The company has a market cap of $61.73 billion, a price-to-earnings ratio of 42.07, a P/E/G ratio of 5.84 and a beta of 1.35. The stock’s 50 day simple moving average is $222.23 and its 200-day simple moving average is $248.57. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.37. Workday, Inc. has a one year low of $199.81 and a one year high of $311.28.

Workday (NASDAQ:WDAY) last announced its earnings results on Thursday, May 23rd. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.20. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.97 billion. Workday had a return on equity of 5.78% and a net margin of 19.66%. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 EPS. On average, analysts predict that Workday, Inc. will post 2.12 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.