Invesco Ltd. Boosts Stock Position in Workday, Inc. (NASDAQ:WDAY)

Invesco Ltd. grew its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 102.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,855,778 shares of the software maker's stock after purchasing an additional 939,955 shares during the period. Invesco Ltd. owned about 0.70% of Workday worth $478,846,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of WDAY. Vanguard Group Inc. lifted its stake in Workday by 28.9% in the fourth quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker's stock valued at $5,197,447,000 after purchasing an additional 4,517,272 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Workday by 61.9% during the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock valued at $1,193,105,000 after buying an additional 1,772,223 shares during the period. Clearbridge Investments LLC lifted its stake in Workday by 5.4% in the 4th quarter. Clearbridge Investments LLC now owns 2,663,398 shares of the software maker's stock worth $687,237,000 after purchasing an additional 136,211 shares in the last quarter. Norges Bank purchased a new stake in shares of Workday in the fourth quarter worth $645,710,000. Finally, Parnassus Investments LLC grew its holdings in shares of Workday by 562.2% during the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker's stock worth $631,589,000 after purchasing an additional 2,078,097 shares in the last quarter. Institutional investors own 89.81% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. JPMorgan Chase & Co. increased their target price on Workday from $285.00 to $310.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. KeyCorp increased their price target on shares of Workday from $305.00 to $335.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft upgraded Workday from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $265.00 to $300.00 in a research report on Wednesday, January 8th. Piper Sandler boosted their price target on shares of Workday from $270.00 to $290.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Finally, Redburn Atlantic began coverage on shares of Workday in a report on Wednesday, February 19th. They set a "neutral" rating on the stock. Ten 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 data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $300.18.

Insiders Place Their Bets

In related news, major shareholder David A. Duffield sold 81,275 shares of the stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $214.68, for a total transaction of $17,448,117.00. Following the completion of the transaction, the insider now directly owns 102,997 shares of the company's stock, valued at approximately $22,111,395.96. This represents a 44.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Carl M. Eschenbach sold 3,125 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $234.61, for a total transaction of $733,156.25. Following the completion of the transaction, the chief executive officer now directly owns 10,847 shares of the company's stock, valued at approximately $2,544,814.67. This trade represents a 22.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 321,227 shares of company stock worth $77,863,531 in the last three months. 20.00% of the stock is owned by company insiders.

Workday Stock Performance

Shares of NASDAQ:WDAY traded up $4.77 during midday trading on Monday, hitting $231.28. The company had a trading volume of 749,906 shares, compared to its average volume of 2,605,147. The company has a fifty day moving average of $248.47 and a two-hundred day moving average of $252.86. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. Workday, Inc. has a 12-month low of $199.81 and a 12-month high of $294.00. The company has a market cap of $61.52 billion, a price-to-earnings ratio of 38.35, a PEG ratio of 3.55 and a beta of 1.32.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing the consensus estimate of $1.75 by ($1.27). Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. On average, equities research analysts expect that Workday, Inc. will post 2.63 EPS for the current fiscal year.

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.