Chevy Chase Trust Holdings LLC Makes New $28.93 Million Investment in Workday, Inc. (NASDAQ:WDAY)

Chevy Chase Trust Holdings LLC bought a new stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 112,110 shares of the software maker's stock, valued at approximately $28,928,000.

Several other large investors have also recently made changes to their positions in WDAY. Capital Performance Advisors LLP acquired a new stake in Workday in the third quarter valued at approximately $26,000. Crews Bank & Trust acquired a new stake in Workday in the 4th quarter valued at $26,000. Avion Wealth increased its holdings in Workday by 452.6% in the 4th quarter. Avion Wealth now owns 105 shares of the software maker's stock worth $27,000 after acquiring an additional 86 shares in the last quarter. Meeder Asset Management Inc. raised its position in Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker's stock worth $35,000 after acquiring an additional 43 shares during the period. Finally, New Millennium Group LLC lifted its holdings in Workday by 177.4% during the third quarter. New Millennium Group LLC now owns 147 shares of the software maker's stock valued at $36,000 after purchasing an additional 94 shares in the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Workday Trading Down 1.7 %

Shares of NASDAQ:WDAY traded down $4.62 during mid-day trading on Wednesday, reaching $261.10. 2,855,296 shares of the company were exchanged, compared to its average volume of 2,084,576. Workday, Inc. has a 1 year low of $199.81 and a 1 year high of $311.28. 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 firm's 50-day simple moving average is $261.59 and its 200 day simple moving average is $252.41. The firm has a market cap of $69.45 billion, a price-to-earnings ratio of 43.30, a P/E/G ratio of 3.51 and a beta of 1.35.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping the consensus estimate of $1.76 by $0.13. Workday had a return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the business posted $0.47 earnings per share. The company's quarterly revenue was up 15.8% on a year-over-year basis. Equities research analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on WDAY shares. Loop Capital boosted their target price on shares of Workday from $242.00 to $260.00 and gave the stock a "hold" rating in a research note on Wednesday. The Goldman Sachs Group increased their target price on Workday from $300.00 to $310.00 and gave the company a "buy" rating in a report on Thursday, February 6th. Scotiabank initiated coverage on Workday in a research note on Monday, November 18th. They issued a "sector outperform" rating and a $340.00 price target on the stock. Redburn Atlantic initiated coverage on Workday in a research note on Wednesday. They issued a "neutral" rating for the company. Finally, Bank of America lowered their target price on shares of Workday from $310.00 to $285.00 and set a "buy" rating on the stock in a research note on Wednesday, November 27th. Ten investment 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 stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $291.11.

Insider Activity at Workday

In other news, CEO Carl M. Eschenbach sold 6,250 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $253.86, for a total value of $1,586,625.00. Following the sale, the chief executive officer now directly owns 13,972 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the business's stock in a transaction on Monday, January 13th. The stock was sold at an average price of $246.42, for a total value of $13,799,520.00. Following the transaction, the insider now directly owns 60,000 shares of the company's stock, valued at $14,785,200. The trade was a 48.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 438,819 shares of company stock worth $113,142,592 in the last three months. 20.00% of the stock is owned by company insiders.

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.