ICICI Prudential Asset Management Co Ltd Reduces Stake in Workday, Inc. (NASDAQ:WDAY)

ICICI Prudential Asset Management Co Ltd lessened its holdings in Workday, Inc. (NASDAQ:WDAY - Free Report) by 61.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,273 shares of the software maker's stock after selling 19,605 shares during the quarter. ICICI Prudential Asset Management Co Ltd's holdings in Workday were worth $3,167,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Bristlecone Advisors LLC lifted its position in shares of Workday by 49.6% during the 4th quarter. Bristlecone Advisors LLC now owns 2,921 shares of the software maker's stock valued at $754,000 after buying an additional 968 shares during the last quarter. Sanctuary Advisors LLC lifted its position in shares of Workday by 7.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 29,633 shares of the software maker's stock valued at $7,934,000 after buying an additional 1,978 shares during the last quarter. Grafton Street Partners Fund LP purchased a new position in shares of Workday during the 3rd quarter valued at $4,424,000. Nordea Investment Management AB lifted its position in shares of Workday by 20.5% during the 4th quarter. Nordea Investment Management AB now owns 702,990 shares of the software maker's stock valued at $182,753,000 after buying an additional 119,769 shares during the last quarter. Finally, Burns Matteson Capital Management LLC purchased a new position in shares of Workday during the 4th quarter valued at $369,000. Hedge funds and other institutional investors own 89.81% of the company's stock.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 472 shares of the firm's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the transaction, the chief accounting officer now directly owns 35,408 shares in the company, valued at $8,789,681.92. This trade represents a 1.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sayan Chakraborty sold 5,498 shares of the firm's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $250.78, for a total value of $1,378,788.44. Following the transaction, the insider now owns 121,100 shares in the company, valued at approximately $30,369,458. The trade was a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock worth $113,142,592 in the last ninety days. 20.00% of the stock is owned by insiders.

Workday Price Performance

Shares of Workday stock traded down $5.24 during trading on Friday, hitting $256.39. 2,193,210 shares of the stock traded hands, compared to its average volume of 2,059,000. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The stock has a market cap of $68.20 billion, a price-to-earnings ratio of 42.52, a PEG ratio of 3.56 and a beta of 1.35. The firm's fifty day moving average is $261.10 and its 200-day moving average is $252.54. Workday, Inc. has a 52 week low of $199.81 and a 52 week high of $311.28.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (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 for the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the company earned $0.47 EPS. Workday's revenue for the quarter was up 15.8% compared to the same quarter last year. Research analysts expect that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on WDAY shares. Morgan Stanley cut Workday from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $330.00 to $275.00 in a report on Wednesday. Barclays dropped their price objective on Workday from $314.00 to $305.00 and set an "overweight" rating on the stock in a report on Wednesday, November 27th. Piper Sandler reissued a "neutral" rating and set a $270.00 price objective (down previously from $285.00) on shares of Workday in a report on Wednesday, November 27th. JMP Securities reissued a "market outperform" rating and set a $315.00 price objective on shares of Workday in a report on Thursday, February 6th. Finally, Scotiabank started coverage on Workday in a report on Monday, November 18th. They set a "sector outperform" rating and a $340.00 price objective on the stock. Ten analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Workday currently has an average rating of "Moderate Buy" and a consensus target price of $291.11.

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.