DnB Asset Management AS Decreases Stake in Workday, Inc. (NASDAQ:WDAY)

DnB Asset Management AS trimmed its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 43.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 249,271 shares of the software maker's stock after selling 192,637 shares during the quarter. DnB Asset Management AS owned about 0.09% of Workday worth $64,319,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Workday by 28.9% during the 4th 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 period. Norges Bank bought a new stake in shares of Workday during the fourth quarter valued at approximately $645,710,000. Parnassus Investments LLC lifted its holdings in shares of Workday by 562.2% in the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker's stock worth $631,589,000 after buying an additional 2,078,097 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Workday during the fourth quarter worth $194,679,000. Finally, Two Sigma Advisers LP grew its stake in Workday by 1,094.2% during the third quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker's stock valued at $150,019,000 after acquiring an additional 562,400 shares in the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Workday

In other Workday news, Director Wayne A.I. Frederick sold 1,829 shares of the firm's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $253.09, for a total value of $462,901.61. Following the completion of the sale, the director now directly owns 6,845 shares in the company, valued at $1,732,401.05. This trade represents a 21.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sayan Chakraborty sold 6,056 shares of the company's stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $265.50, for a total value of $1,607,868.00. Following the transaction, the insider now directly owns 111,324 shares in the company, valued at approximately $29,556,522. The trade was a 5.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 431,145 shares of company stock worth $108,631,438 over the last quarter. Insiders own 20.00% of the company's stock.

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Workday Stock Down 2.1 %

WDAY stock traded down $4.96 during trading on Monday, hitting $233.53. 3,266,245 shares of the company's stock traded hands, compared to its average volume of 2,525,190. The firm has a market capitalization of $62.12 billion, a P/E ratio of 38.73, a PEG ratio of 3.55 and a beta of 1.38. Workday, Inc. has a 1 year low of $199.81 and a 1 year high of $294.00. 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 business has a fifty day simple moving average of $256.67 and a two-hundred day simple moving average of $254.82.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly 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). The company had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. Sell-side analysts anticipate that Workday, Inc. will post 2.63 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Morgan Stanley downgraded shares of Workday from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $330.00 to $275.00 in a report on Wednesday, February 19th. JMP Securities reaffirmed a "market outperform" rating and issued a $315.00 price target on shares of Workday in a report on Thursday, February 6th. Piper Sandler upped their price objective on Workday from $270.00 to $290.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Scotiabank dropped their target price on Workday from $355.00 to $305.00 and set a "sector outperform" rating for the company in a report on Monday, March 17th. Finally, Royal Bank of Canada boosted their target price on Workday from $320.00 to $340.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. Ten equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $300.18.

About Workday

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.