iA Global Asset Management Inc. Reduces Stock Position in Workday, Inc. (NASDAQ:WDAY)

iA Global Asset Management Inc. cut its stake in Workday, Inc. (NASDAQ:WDAY) by 54.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,080 shares of the software maker’s stock after selling 36,285 shares during the period. iA Global Asset Management Inc.’s holdings in Workday were worth $7,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in WDAY. Principal Financial Group Inc. grew its position in shares of Workday by 45.0% in the third quarter. Principal Financial Group Inc. now owns 17,794 shares of the software maker’s stock valued at $4,349,000 after purchasing an additional 5,519 shares in the last quarter. Empowered Funds LLC grew its position in Workday by 38.7% in the third quarter. Empowered Funds LLC now owns 7,349 shares of the software maker’s stock worth $1,796,000 after acquiring an additional 2,049 shares during the period. Quest Partners LLC grew its position in Workday by 98.2% in the third quarter. Quest Partners LLC now owns 2,472 shares of the software maker’s stock worth $604,000 after acquiring an additional 1,225 shares during the period. Pathstone Holdings LLC grew its position in Workday by 8.1% in the third quarter. Pathstone Holdings LLC now owns 24,733 shares of the software maker’s stock worth $6,045,000 after acquiring an additional 1,848 shares during the period. Finally, Caprock Group LLC grew its position in Workday by 14.5% in the third quarter. Caprock Group LLC now owns 3,046 shares of the software maker’s stock worth $744,000 after acquiring an additional 386 shares during the period. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Workday Stock Down 0.8 %

Workday stock opened at $250.47 on Friday. Workday, Inc. has a 1-year low of $199.81 and a 1-year high of $294.00. 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 stock has a market cap of $66.63 billion, a PE ratio of 41.54, a P/E/G ratio of 3.55 and a beta of 1.38. The stock’s fifty day moving average is $256.76 and its two-hundred day moving average is $255.24.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). The business had revenue of $2.21 billion during the quarter, compared to analyst estimates 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 expect that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other Workday news, CEO Carl M. Eschenbach sold 6,250 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $253.86, for a total transaction of $1,586,625.00. Following the transaction, the chief executive officer now owns 13,972 shares of the company’s stock, valued at approximately $3,546,931.92. This trade represents a 30.91 % 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, CAO Mark S. Garfield sold 472 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $248.24, for a total value of $117,169.28. Following the transaction, the chief accounting officer now directly owns 35,408 shares in the company, 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 have sold 473,001 shares of company stock valued at $120,614,400. 20.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Workday from $285.00 to $310.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Piper Sandler increased their price objective on Workday from $270.00 to $290.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft upgraded Workday from a “hold” rating to a “buy” rating and increased their price objective for the stock from $265.00 to $300.00 in a research report on Wednesday, January 8th. Loop Capital raised their price target on Workday from $242.00 to $260.00 and gave the stock a “hold” rating in a research report on Wednesday, February 19th. Finally, BNP Paribas upgraded Workday to a “strong-buy” rating in a research report on Friday, February 14th. Ten research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Workday has an average rating of “Moderate Buy” and a consensus target price of $300.36.

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.