Cullen Frost Bankers Inc. Reduces Stake in Workday, Inc. $WDAY

Cullen Frost Bankers Inc. reduced its position in Workday, Inc. (NASDAQ:WDAY) by 7.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,845 shares of the software maker’s stock after selling 5,314 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Workday were worth $15,001,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Workday during the 4th quarter worth $278,000. Handelsbanken Fonder AB raised its position in Workday by 25.4% during the fourth quarter. Handelsbanken Fonder AB now owns 81,155 shares of the software maker’s stock valued at $17,430,000 after purchasing an additional 16,456 shares in the last quarter. Profund Advisors LLC lifted its stake in Workday by 0.8% during the fourth quarter. Profund Advisors LLC now owns 28,072 shares of the software maker’s stock worth $6,029,000 after purchasing an additional 220 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Workday by 34.5% in the 4th quarter. ProShare Advisors LLC now owns 384,198 shares of the software maker’s stock worth $82,518,000 after purchasing an additional 98,607 shares in the last quarter. Finally, Ironwood Investment Counsel LLC raised its holdings in shares of Workday by 15.6% during the 4th quarter. Ironwood Investment Counsel LLC now owns 29,222 shares of the software maker’s stock valued at $6,276,000 after buying an additional 3,953 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Citigroup cut shares of Workday from a “market perform” rating to a “negative” rating in a research note on Friday, May 15th. Loop Capital set a $210.00 price target on shares of Workday in a research note on Thursday, March 12th. Sanford C. Bernstein cut their price target on shares of Workday from $298.00 to $214.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th. Royal Bank Of Canada reduced their price objective on Workday from $220.00 to $180.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 25th. Finally, The Goldman Sachs Group lowered their target price on Workday from $238.00 to $206.00 and set a “neutral” rating for the company in a research note on Wednesday, February 25th. Nineteen analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Workday currently has a consensus rating of “Moderate Buy” and an average price target of $198.42.

Workday Stock Down 2.1%

WDAY stock opened at $126.61 on Thursday. Workday, Inc. has a fifty-two week low of $110.36 and a fifty-two week high of $274.11. The business’s 50 day moving average price is $126.51 and its two-hundred day moving average price is $170.40. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market capitalization of $32.54 billion, a price-to-earnings ratio of 49.07, a price-to-earnings-growth ratio of 1.26 and a beta of 1.04.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, February 24th. The software maker reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.15. Workday had a net margin of 7.26% and a return on equity of 13.37%. The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the prior year, the firm earned $1.92 EPS. The company’s revenue was up 14.5% compared to the same quarter last year. As a group, analysts forecast that Workday, Inc. will post 5.11 earnings per share for the current fiscal year.

Insider Activity at Workday

In other news, insider Gerrit S. Kazmaier sold 9,356 shares of Workday stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $128.39, for a total value of $1,201,216.84. Following the completion of the sale, the insider directly owned 165,074 shares in the company, valued at $21,193,850.86. The trade was a 5.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder David A. Duffield sold 107,500 shares of the business’s stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $129.76, for a total transaction of $13,949,200.00. Following the sale, the insider owned 105,049 shares of the company’s stock, valued at approximately $13,631,158.24. This represents a 50.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 989,814 shares of company stock worth $131,576,291. Insiders own 18.64% of the company’s stock.

About Workday

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.