State of Tennessee Department of Treasury Makes New Investment in Workday, Inc. (NASDAQ:WDAY)

State of Tennessee Department of Treasury bought a new stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 101,579 shares of the software maker's stock, valued at approximately $26,210,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Roxbury Financial LLC acquired a new stake in Workday in the 4th quarter valued at about $25,000. Crews Bank & Trust acquired a new stake in shares of Workday in the fourth quarter valued at approximately $26,000. Avion Wealth lifted its position in Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker's stock worth $27,000 after buying an additional 86 shares in the last quarter. TCTC Holdings LLC acquired a new position in Workday during the fourth quarter worth $35,000. Finally, Rakuten Securities Inc. grew its holdings in Workday by 78.6% in the 4th quarter. Rakuten Securities Inc. now owns 150 shares of the software maker's stock valued at $39,000 after buying an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on WDAY shares. JMP Securities restated a "market outperform" rating and set a $315.00 price objective on shares of Workday in a research report on Thursday, February 6th. Royal Bank of Canada raised their price target on shares of Workday from $320.00 to $340.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. StockNews.com cut Workday from a "buy" rating to a "hold" rating in a report on Monday, January 13th. Redburn Atlantic assumed coverage on Workday in a research note on Wednesday, February 19th. They set a "neutral" rating for the company. Finally, Loop Capital increased their price target on Workday from $242.00 to $260.00 and gave the stock a "hold" rating in a report on Wednesday, February 19th. Ten equities research 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. Based on data from MarketBeat, Workday presently has a consensus rating of "Moderate Buy" and an average price target of $292.86.

Workday Stock Up 1.1 %

WDAY stock traded up $2.66 during midday trading on Friday, reaching $239.53. 1,103,340 shares of the company were exchanged, compared to its average volume of 2,628,166. The company has a market cap of $63.71 billion, a price-to-earnings ratio of 39.72, a price-to-earnings-growth ratio of 3.55 and a beta of 1.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. Workday, Inc. has a 1-year low of $199.81 and a 1-year high of $294.00. The stock's 50-day simple moving average is $240.73 and its 200 day simple moving average is $251.77.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings results 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 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 analyst estimates of $2.18 billion. On average, equities analysts forecast that Workday, Inc. will post 2.63 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 497 shares of Workday stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $226.55, for a total value of $112,595.35. Following the transaction, the chief accounting officer now directly owns 34,385 shares of the company's stock, valued at $7,789,921.75. The trade was a 1.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder David A. Duffield sold 81,275 shares of the company's stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $214.68, for a total transaction of $17,448,117.00. Following the completion of the sale, the insider now owns 102,997 shares of the company's stock, valued at approximately $22,111,395.96. This trade represents a 44.11 % 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. Company insiders own 20.00% of the company's stock.

Workday 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.