Panagora Asset Management Inc. Sells 104,055 Shares of Workday, Inc. $WDAY

Panagora Asset Management Inc. trimmed its stake in Workday, Inc. (NASDAQ:WDAY) by 49.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 106,629 shares of the software maker’s stock after selling 104,055 shares during the quarter. Panagora Asset Management Inc.’s holdings in Workday were worth $25,591,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Workday by 2.5% in the second quarter. Vanguard Group Inc. now owns 21,114,184 shares of the software maker’s stock worth $5,067,404,000 after buying an additional 515,529 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Workday by 2.9% during the 2nd quarter. Geode Capital Management LLC now owns 4,952,938 shares of the software maker’s stock worth $1,183,112,000 after acquiring an additional 140,042 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in shares of Workday by 47.5% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,764,598 shares of the software maker’s stock worth $879,147,000 after acquiring an additional 1,211,659 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Workday by 0.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 3,736,609 shares of the software maker’s stock worth $872,610,000 after acquiring an additional 14,354 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Workday by 35.6% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 3,479,105 shares of the software maker’s stock valued at $812,475,000 after purchasing an additional 913,613 shares during the period. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insiders Place Their Bets

In other Workday news, major shareholder David A. Duffield sold 78,564 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $220.12, for a total transaction of $17,293,507.68. Following the sale, the insider directly owned 102,997 shares in the company, valued at approximately $22,671,699.64. This trade represents a 43.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Carl M. Eschenbach sold 6,250 shares of Workday stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $237.52, for a total value of $1,484,500.00. Following the completion of the sale, the chief executive officer directly owned 20,222 shares of the company’s stock, valued at approximately $4,803,129.44. The trade was a 23.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 264,933 shares of company stock worth $61,475,760 in the last three months. Corporate insiders own 20.00% of the company’s stock.

Workday Stock Performance

Shares of WDAY stock opened at $213.35 on Tuesday. The company has a market capitalization of $56.96 billion, a price-to-earnings ratio of 89.64, a price-to-earnings-growth ratio of 2.61 and a beta of 1.15. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.83 and a current ratio of 1.83. Workday, Inc. has a one year low of $205.33 and a one year high of $294.00. The company’s 50-day moving average is $232.65 and its 200 day moving average is $235.05.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, November 25th. The software maker reported $2.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.17 by $0.15. Workday had a net margin of 6.95% and a return on equity of 10.50%. The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.42 billion. During the same quarter in the prior year, the firm posted $1.89 earnings per share. The business’s revenue was up 12.6% on a year-over-year basis. Sell-side analysts expect that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

WDAY has been the topic of several recent research reports. Oppenheimer reaffirmed an “outperform” rating on shares of Workday in a research note on Wednesday, November 26th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Workday from $330.00 to $280.00 and set a “buy” rating on the stock in a research report on Friday, August 22nd. Sanford C. Bernstein lowered their price target on shares of Workday from $304.00 to $298.00 and set an “outperform” rating for the company in a research report on Wednesday, November 26th. Citizens Jmp reissued a “market outperform” rating and set a $315.00 price objective on shares of Workday in a research note on Wednesday, November 26th. Finally, Citigroup decreased their target price on shares of Workday from $261.00 to $247.00 and set a “neutral” rating for the company in a research note on Wednesday, November 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $282.70.

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.