Cornerstone Capital Inc. Sells 9,073 Shares of Workday, Inc. (NASDAQ:WDAY)

Cornerstone Capital Inc. reduced its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 8.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 96,589 shares of the software maker's stock after selling 9,073 shares during the quarter. Workday comprises approximately 2.6% of Cornerstone Capital Inc.'s investment portfolio, making the stock its 11th largest position. Cornerstone Capital Inc.'s holdings in Workday were worth $24,923,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Dimensional Fund Advisors LP increased its stake in shares of Workday by 40.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 350,829 shares of the software maker's stock worth $90,545,000 after acquiring an additional 101,466 shares during the last quarter. First Trust Advisors LP boosted its holdings in Workday by 3.0% in the 4th quarter. First Trust Advisors LP now owns 1,326,036 shares of the software maker's stock valued at $342,157,000 after purchasing an additional 38,855 shares during the last quarter. Forum Financial Management LP purchased a new stake in shares of Workday during the 4th quarter valued at approximately $287,000. GeoWealth Management LLC raised its position in Workday by 12.3% in the fourth quarter. GeoWealth Management LLC now owns 2,153 shares of the software maker's stock valued at $556,000 after purchasing an additional 235 shares during the period. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Workday during the 4th quarter worth about $2,151,000. Hedge funds and other institutional investors own 89.81% of the company's stock.

Workday Trading Up 5.2 %

Shares of NASDAQ WDAY traded up $11.67 during mid-day trading on Thursday, hitting $236.54. The company's stock had a trading volume of 911,169 shares, compared to its average volume of 2,620,716. The company's fifty day simple moving average is $241.68 and its 200-day simple moving average is $251.76. Workday, Inc. has a one year low of $199.81 and a one year high of $294.00. The stock has a market cap of $62.92 billion, a price-to-earnings ratio of 39.23, 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 current ratio of 2.05 and a quick ratio of 2.05.

Workday (NASDAQ:WDAY - Get Free Report) last released its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($1.27). The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. On average, sell-side analysts anticipate that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and set a $300.00 price target on shares of Workday in a research report on Monday, March 24th. Citigroup lowered their price target on Workday from $287.00 to $270.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th. DA Davidson decreased their target price on Workday from $270.00 to $230.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. BNP Paribas raised Workday to a "strong-buy" rating in a research report on Friday, February 14th. Finally, Guggenheim reiterated a "neutral" rating on shares of Workday in a report on Wednesday, February 26th. Ten research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Workday has an average rating of "Moderate Buy" and a consensus price target of $292.86.

Insider Activity at Workday

In other news, CAO Mark S. Garfield sold 497 shares of the company's stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $226.55, for a total transaction of $112,595.35. Following the completion of the transaction, the chief accounting officer now directly owns 34,385 shares of the company's stock, valued at $7,789,921.75. This represents a 1.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder David A. Duffield sold 81,275 shares of the company's stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $214.68, for a total value of $17,448,117.00. Following the transaction, the insider now directly 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 sold a total of 321,724 shares of company stock worth $77,976,126 in the last quarter. Corporate insiders own 20.00% of the company's stock.

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.