The Manufacturers Life Insurance Company Has $252.20 Million Stock Position in Workday, Inc. $WDAY

The Manufacturers Life Insurance Company reduced its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 30.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,941,189 shares of the software maker’s stock after selling 831,480 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Workday were worth $252,199,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Rakuten Securities Inc. acquired a new stake in Workday in the 2nd quarter worth $25,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Workday during the third quarter valued at about $26,000. DT Investment Partners LLC acquired a new position in shares of Workday during the fourth quarter valued at about $27,000. LRI Investments LLC acquired a new stake in Workday during the fourth quarter worth about $29,000. Finally, JPL Wealth Management LLC acquired a new stake in Workday during the third quarter worth about $30,000. 89.81% of the stock is owned by institutional investors.

Workday Price Performance

Shares of WDAY stock opened at $147.54 on Tuesday. The firm has a market capitalization of $36.44 billion, a price-to-earnings ratio of 46.11, a PEG ratio of 1.44 and a beta of 1.11. Workday, Inc. has a 1 year low of $110.36 and a 1 year high of $249.85. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.30. The firm’s 50 day moving average is $133.51 and its 200-day moving average is $140.92.

Workday (NASDAQ:WDAY) last released its earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.15. Workday had a net margin of 8.60% and a return on equity of 14.75%. The company had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the prior year, the company posted $2.23 EPS. The company’s revenue was up 13.5% compared to the same quarter last year. Sell-side analysts forecast that Workday, Inc. will post 5.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $216.00 price target on shares of Workday in a report on Friday, May 22nd. BTIG Research reissued a “buy” rating and set a $175.00 price objective on shares of Workday in a report on Monday, May 18th. Royal Bank Of Canada reissued an “outperform” rating on shares of Workday in a report on Friday, May 22nd. TD Cowen restated a “hold” rating on shares of Workday in a research report on Friday, May 22nd. Finally, Bank of America initiated coverage on Workday in a research note on Wednesday, May 27th. They issued a “neutral” rating and a $140.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $179.80.

Insider Buying and Selling at Workday

In other Workday news, major shareholder David A. Duffield sold 107,500 shares of Workday stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $122.04, for a total transaction of $13,119,300.00. Following the completion of the sale, the insider owned 105,049 shares of the company’s stock, valued at approximately $12,820,179.96. The trade was a 50.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Zane Rowe sold 6,000 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $143.70, for a total value of $862,200.00. Following the completion of the transaction, the chief financial officer directly owned 288,460 shares in the company, valued at approximately $41,451,702. This trade represents a 2.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 875,020 shares of company stock valued at $113,938,503. 18.64% of the stock is currently owned by insiders.

Workday Company Profile

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.