Victory Capital Management Inc. Reduces Holdings in Workday, Inc. (NASDAQ:WDAY)

Victory Capital Management Inc. lowered its holdings in Workday, Inc. (NASDAQ:WDAY) by 3.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 160,237 shares of the software maker’s stock after selling 5,862 shares during the quarter. Victory Capital Management Inc.’s holdings in Workday were worth $39,164,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings 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 buying an additional 324,540 shares during the period. Clearbridge Investments LLC lifted its holdings 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 buying an additional 281,207 shares during the period. The Manufacturers Life Insurance Company lifted its holdings 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 buying an additional 1,016,394 shares during the period. Legal & General Group Plc raised its position in shares of 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 in the last quarter. Finally, Meritage Group LP raised its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insider Activity

In other news, insider Douglas A. Robinson sold 3,121 shares of Workday stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $260.29, for a total value of $812,365.09. Following the sale, the insider now directly owns 196,344 shares of the company’s stock, valued at approximately $51,106,379.76. The trade was a 1.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director George J. Still, Jr. sold 7,500 shares of Workday stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $260.32, for a total value of $1,952,400.00. Following the completion of the sale, the director now directly owns 97,500 shares in the company, valued at $25,381,200. This trade represents a 7.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 370,575 shares of company stock worth $91,506,897 over the last ninety days. Corporate insiders own 20.00% of the company’s stock.

Workday Price Performance

Shares of Workday stock opened at $259.41 on Friday. The stock’s 50-day simple moving average is $246.64 and its 200-day simple moving average is $236.52. Workday, Inc. has a 52 week low of $199.81 and a 52 week high of $311.28. The company has a market capitalization of $68.74 billion, a price-to-earnings ratio of 45.19, a PEG ratio of 5.49 and a beta of 1.35. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36.

Workday (NASDAQ:WDAY) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, beating the consensus estimate of $1.65 by $0.10. Workday had a return on equity of 5.34% and a net margin of 19.59%. The business had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the previous year, the business earned $0.40 earnings per share. The business’s revenue was up 16.5% on a year-over-year basis. As a group, analysts expect that Workday, Inc. will post 2.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

WDAY has been the subject of several research reports. DA Davidson increased their target price on Workday from $255.00 to $270.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. The Goldman Sachs Group lifted their target price on Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Needham & Company LLC reduced their target price on Workday from $350.00 to $300.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Barclays lifted their target price on Workday from $286.00 to $289.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Finally, Morgan Stanley dropped their price target on Workday from $325.00 to $315.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. One investment 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $287.59.

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.