Norden Group LLC Trims Stock Position in Workday, Inc. (NASDAQ:WDAY)

Norden Group LLC cut its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 5.4% in the 4th quarter, Holdings Channel reports. The fund owned 9,752 shares of the software maker’s stock after selling 561 shares during the quarter. Norden Group LLC’s holdings in Workday were worth $2,516,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in WDAY. Two Sigma Advisers LP raised its stake in Workday by 1,094.2% during the 3rd quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker’s stock valued at $150,019,000 after acquiring an additional 562,400 shares during the last quarter. KBC Group NV increased its position in Workday by 340.3% during the 4th quarter. KBC Group NV now owns 655,733 shares of the software maker’s stock worth $169,199,000 after purchasing an additional 506,812 shares during the period. Janus Henderson Group PLC increased its position in Workday by 10.7% during the 3rd quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock worth $1,218,415,000 after purchasing an additional 480,459 shares during the period. Principal Financial Group Inc. increased its position in Workday by 2,166.1% during the 4th quarter. Principal Financial Group Inc. now owns 403,224 shares of the software maker’s stock worth $104,044,000 after purchasing an additional 385,430 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Workday by 28.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,465,917 shares of the software maker’s stock worth $378,250,000 after purchasing an additional 326,251 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Piper Sandler boosted their target price on Workday from $270.00 to $290.00 and gave the stock a “neutral” rating in a research report on Wednesday. Wells Fargo & Company raised their price objective on Workday from $330.00 to $360.00 and gave the company an “overweight” rating in a research note on Wednesday. UBS Group raised their price objective on Workday from $255.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday. Oppenheimer raised their price target on Workday from $300.00 to $320.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised their price target on Workday from $285.00 to $310.00 and gave the stock an “overweight” rating in a research report on Wednesday. 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. Based on data from MarketBeat.com, Workday currently has a consensus rating of “Moderate Buy” and a consensus price target of $302.14.

Workday Trading Up 1.1 %

Shares of NASDAQ:WDAY opened at $263.34 on Friday. The stock has a market capitalization of $70.05 billion, a PE ratio of 43.67, a P/E/G 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. The firm has a fifty day moving average price of $259.69 and a 200 day moving average price of $254.92. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35.

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

Insider Activity

In related news, major shareholder David A. Duffield sold 56,000 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $246.42, for a total value of $13,799,520.00. Following the completion of the transaction, the insider now owns 60,000 shares of the company’s stock, valued at $14,785,200. This represents a 48.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 472 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the sale, the chief accounting officer now directly owns 35,408 shares of the company’s stock, valued at approximately $8,789,681.92. The trade was a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 433,321 shares of company stock valued at $111,763,803. Insiders own 20.00% of the company’s stock.

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.