Bridgewater Associates LP Reduces Holdings in Workday, Inc. (NASDAQ:WDAY)

Bridgewater Associates LP lessened its stake in Workday, Inc. (NASDAQ:WDAY) by 1.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 8,083 shares of the software maker’s stock after selling 94 shares during the period. Bridgewater Associates LP’s holdings in Workday were worth $1,976,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new stake in shares of Workday in the 3rd quarter valued at about $26,000. Meeder Asset Management Inc. grew its position in shares of Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after acquiring an additional 43 shares during the last quarter. New Millennium Group LLC grew its position in shares of Workday by 177.4% during the third quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock worth $36,000 after acquiring an additional 94 shares during the last quarter. SouthState Corp increased its holdings in shares of Workday by 614.3% in the 2nd quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after acquiring an additional 129 shares during the period. Finally, Crewe Advisors LLC raised its position in Workday by 56.6% in the 2nd quarter. Crewe Advisors LLC now owns 155 shares of the software maker’s stock valued at $35,000 after purchasing an additional 56 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Workday Price Performance

Workday stock opened at $249.99 on Friday. The firm has a market capitalization of $66.25 billion, a PE ratio of 41.46, a P/E/G ratio of 5.03 and a beta of 1.35. Workday, Inc. has a 52 week low of $199.81 and a 52 week high of $311.28. The firm’s 50-day simple moving average is $248.77 and its 200 day simple moving average is $237.39. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.13. Workday had a net margin of 19.86% and a return on equity of 6.21%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the firm earned $0.47 earnings per share. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. On average, equities research analysts predict that Workday, Inc. will post 2.4 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on WDAY. Piper Sandler reissued a “neutral” rating and set a $270.00 price objective (down from $285.00) on shares of Workday in a research report on Wednesday. Bank of America dropped their price target on Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a research report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and set a $315.00 price objective on shares of Workday in a research report on Thursday, September 19th. Wells Fargo & Company boosted their target price on Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, Citigroup cut their price target on Workday from $274.00 to $270.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $288.14.

Insider Activity at Workday

In other news, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $242.01, for a total value of $13,552,560.00. Following the completion of the transaction, the insider now directly owns 281,000 shares of the company’s stock, valued at $68,004,810. The trade was a 16.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Wayne A.I. Frederick sold 1,828 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $241.85, for a total value of $442,101.80. Following the sale, the director now directly owns 8,674 shares in the company, valued at approximately $2,097,806.90. The trade was a 17.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 359,954 shares of company stock valued at $88,742,132. 20.00% of the stock is owned by corporate insiders.

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.