Victory Capital Management Inc. Sells 5,862 Shares of Workday, Inc. (NASDAQ:WDAY)

Victory Capital Management Inc. cut its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 3.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 160,237 shares of the software maker's stock after selling 5,862 shares during the period. Victory Capital Management Inc. owned about 0.06% of Workday worth $39,164,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Arcus Capital Partners LLC lifted its holdings in Workday by 16.6% during the 3rd quarter. Arcus Capital Partners LLC now owns 12,887 shares of the software maker's stock valued at $3,150,000 after purchasing an additional 1,831 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Workday by 1.6% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 535,222 shares of the software maker's stock valued at $130,814,000 after acquiring an additional 8,317 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its position in Workday by 37.9% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 3,392 shares of the software maker's stock valued at $832,000 after purchasing an additional 932 shares during the period. GSA Capital Partners LLP lifted its holdings in Workday by 129.6% in the third quarter. GSA Capital Partners LLP now owns 3,196 shares of the software maker's stock valued at $781,000 after buying an additional 1,804 shares during the period. Finally, Catalytic Wealth RIA LLC bought a new position in shares of Workday in the 3rd quarter worth $217,000. Institutional investors and hedge funds own 89.81% of the company's stock.

Insiders Place Their Bets

In related news, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $260.32, for a total transaction of $1,952,400.00. Following the sale, the director now owns 97,500 shares in the company, valued at approximately $25,381,200. This trade represents a 7.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder David A. Duffield sold 66,492 shares of Workday stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the completion of the transaction, the insider now directly owns 102,997 shares in the company, valued at $26,902,816.40. This trade represents a 39.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 370,575 shares of company stock worth $91,506,897 in the last 90 days. Company insiders own 20.00% of the company's stock.

Workday Stock Performance

Shares of WDAY stock traded down $12.08 on Friday, hitting $259.41. The company's stock had a trading volume of 2,036,260 shares, compared to its average volume of 1,592,770. Workday, Inc. has a fifty-two week low of $199.81 and a fifty-two week high of $311.28. The company has a market capitalization of $68.74 billion, a PE ratio of 45.19, a PEG ratio of 5.39 and a beta of 1.35. The stock's 50 day moving average is $246.74 and its 200-day moving average is $236.60. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04.

Workday (NASDAQ:WDAY - Get Free Report) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.65 by $0.10. The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.07 billion. Workday had a net margin of 19.59% and a return on equity of 5.34%. The business's revenue was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.40 EPS. Equities research analysts expect that Workday, Inc. will post 2.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

WDAY has been the subject of a number of recent analyst reports. Barclays upped their price objective on shares of Workday from $286.00 to $289.00 and gave the company an "overweight" rating in a research report on Friday, August 23rd. Piper Sandler reaffirmed an "overweight" rating and set a $285.00 price target on shares of Workday in a research note on Wednesday, September 18th. KeyCorp boosted their price objective on shares of Workday from $275.00 to $305.00 and gave the stock an "overweight" rating in a research report on Friday, August 23rd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Workday from $265.00 to $275.00 and gave the company a "hold" rating in a research note on Friday, August 23rd. Finally, JMP Securities restated a "market outperform" rating and issued a $315.00 price objective on shares of Workday in a report on Thursday, September 19th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $287.59.

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.