Bank of Nova Scotia Has $21.89 Million Stock Position in Workday, Inc. (NASDAQ:WDAY)

Bank of Nova Scotia boosted its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 24.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 84,824 shares of the software maker's stock after purchasing an additional 16,922 shares during the quarter. Bank of Nova Scotia's holdings in Workday were worth $21,887,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Roxbury Financial LLC bought a new stake in shares of Workday during the fourth quarter valued at approximately $25,000. Crews Bank & Trust acquired a new position in Workday during the 4th quarter worth $26,000. Avion Wealth boosted its position in Workday by 452.6% during the 4th quarter. Avion Wealth now owns 105 shares of the software maker's stock worth $27,000 after acquiring an additional 86 shares during the period. TCTC Holdings LLC bought a new position in shares of Workday in the fourth quarter worth $35,000. Finally, Rakuten Securities Inc. increased its holdings in shares of Workday by 78.6% during the fourth quarter. Rakuten Securities Inc. now owns 150 shares of the software maker's stock valued at $39,000 after purchasing an additional 66 shares during the period. 89.81% of the stock is owned by institutional investors and hedge funds.

Workday Stock Performance

Shares of NASDAQ WDAY traded up $1.24 during trading hours on Tuesday, hitting $233.58. 466,836 shares of the stock were exchanged, compared to its average volume of 2,386,131. The firm has a market capitalization of $62.13 billion, a P/E ratio of 38.74, a P/E/G ratio of 3.55 and a beta of 1.32. The company's 50 day moving average is $247.59 and its 200 day moving average is $252.79. Workday, Inc. has a one year low of $199.81 and a one 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.

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Workday (NASDAQ:WDAY - Get Free Report) last announced its 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). Workday had a return on equity of 6.13% and a net margin of 19.86%. The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. On average, research analysts expect that Workday, Inc. will post 2.63 EPS for the current year.

Wall Street Analyst Weigh In

WDAY has been the topic of several research analyst reports. Mizuho lowered their target price on shares of Workday from $320.00 to $275.00 and set an "outperform" rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. raised their price objective on shares of Workday from $285.00 to $310.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Stifel Nicolaus increased their price target on Workday from $270.00 to $310.00 and gave the company a "hold" rating in a research note on Wednesday, February 26th. Morgan Stanley cut Workday from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $330.00 to $275.00 in a research report on Wednesday, February 19th. Finally, Jefferies Financial Group cut their price objective on Workday from $350.00 to $325.00 and set a "buy" rating for the company in a report on Monday, March 31st. Ten investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $297.14.

Insider Activity at Workday

In other news, CAO Mark S. Garfield sold 497 shares of the firm's stock in a transaction that occurred on Thursday, April 10th. The shares were sold at an average price of $226.55, for a total transaction of $112,595.35. Following the completion of the sale, the chief accounting officer now owns 34,385 shares of the company's stock, valued at approximately $7,789,921.75. This trade represents a 1.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder David A. Duffield sold 66,455 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $259.52, for a total value of $17,246,401.60. Following the sale, the insider now owns 102,997 shares in the company, valued at $26,729,781.44. The trade was a 39.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 321,724 shares of company stock valued at $77,976,126 over the last quarter. 20.00% of the stock is owned by company insiders.

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.