MetLife Investment Management LLC Reduces Position in Workday, Inc. (NASDAQ:WDAY)

MetLife Investment Management LLC cut its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 1.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,346 shares of the software maker’s stock after selling 261 shares during the quarter. MetLife Investment Management LLC’s holdings in Workday were worth $3,262,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. ORG Partners LLC boosted its holdings in Workday by 3,717.9% in the second quarter. ORG Partners LLC now owns 3,207 shares of the software maker’s stock valued at $721,000 after purchasing an additional 3,123 shares during the last quarter. Grafton Street Partners Fund LP purchased a new stake in Workday in the third quarter valued at $4,424,000. ICICI Prudential Asset Management Co Ltd boosted its holdings in Workday by 32.4% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock valued at $7,791,000 after purchasing an additional 7,802 shares during the last quarter. Legal & General Group Plc boosted its holdings in Workday by 7.4% in the second quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock valued at $384,518,000 after purchasing an additional 118,180 shares during the last quarter. Finally, Atria Investments Inc boosted its holdings in Workday by 19.3% in the third quarter. Atria Investments Inc now owns 44,324 shares of the software maker’s stock valued at $10,833,000 after purchasing an additional 7,175 shares during the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Workday Stock Up 2.2 %

WDAY stock opened at $257.06 on Wednesday. The company has a market cap of $68.12 billion, a price-to-earnings ratio of 42.63, a PEG ratio of 4.66 and a beta of 1.34. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. Workday, Inc. has a 12 month low of $199.81 and a 12 month high of $311.28. The firm has a 50-day moving average of $249.10 and a two-hundred day moving average of $237.25.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.13. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.21%. Workday’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 EPS. As a group, analysts forecast that Workday, Inc. will post 2.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Evercore ISI lowered their price target on shares of Workday from $300.00 to $290.00 and set an “outperform” rating on the stock in a report on Tuesday, August 20th. Piper Sandler reissued a “neutral” rating and set a $270.00 target price (down from $285.00) on shares of Workday in a research note on Wednesday, November 27th. StockNews.com lowered shares of Workday from a “buy” rating to a “hold” rating in a research note on Wednesday. Oppenheimer reissued an “outperform” rating and set a $300.00 target price on shares of Workday in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Workday from $265.00 to $275.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $288.14.

Insider Buying and Selling

In related news, major shareholder David A. Duffield sold 57,000 shares of Workday stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $247.59, for a total transaction of $14,112,630.00. Following the sale, the insider now directly owns 505,000 shares in the company, valued at $125,032,950. This trade represents a 10.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director George J. Still, Jr. sold 7,500 shares of Workday stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $255.45, for a total transaction of $1,915,875.00. Following the completion of the transaction, the director now owns 90,000 shares in the company, valued at approximately $22,990,500. This represents a 7.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 298,960 shares of company stock valued at $72,753,210. Company 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.