Investment Management Corp of Ontario Has $1.72 Million Stake in Workday, Inc. (NASDAQ:WDAY)

Investment Management Corp of Ontario lifted its position in Workday, Inc. (NASDAQ:WDAY) by 48.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,038 shares of the software maker’s stock after purchasing an additional 2,300 shares during the quarter. Investment Management Corp of Ontario’s holdings in Workday were worth $1,720,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Janus Henderson Group PLC raised its stake in shares of Workday by 10.7% in the third quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock valued at $1,218,415,000 after purchasing an additional 480,459 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Workday by 0.6% in the third quarter. The Manufacturers Life Insurance Company now owns 2,316,167 shares of the software maker’s stock valued at $566,094,000 after purchasing an additional 14,159 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Workday by 4.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,972,642 shares of the software maker’s stock worth $482,133,000 after acquiring an additional 75,747 shares in the last quarter. Legal & General Group Plc raised its stake in Workday by 7.4% during the second quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock worth $384,518,000 after acquiring an additional 118,180 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Workday by 15.2% during the second quarter. Bank of New York Mellon Corp now owns 1,167,131 shares of the software maker’s stock worth $260,924,000 after acquiring an additional 153,577 shares in the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on WDAY. The Goldman Sachs Group increased their price objective on Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Loop Capital dropped their price objective on Workday from $270.00 to $242.00 and set a “hold” rating for the company in a research note on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft increased their price objective on Workday from $265.00 to $275.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Piper Sandler reiterated a “neutral” rating and set a $270.00 price objective (down from $285.00) on shares of Workday in a research note on Wednesday, November 27th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $300.00 target price on shares of Workday in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $288.14.

Workday Price Performance

Shares of WDAY opened at $268.87 on Thursday. 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 1 year low of $199.81 and a 1 year high of $311.28. The stock has a market cap of $71.25 billion, a P/E ratio of 44.59, a price-to-earnings-growth ratio of 4.76 and a beta of 1.34. The stock’s 50-day moving average price is $249.61 and its two-hundred day moving average price is $237.47.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. Workday had a return on equity of 6.21% and a net margin of 19.86%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the business earned $0.47 earnings per share. The company’s revenue was up 15.8% compared to the same quarter last year. On average, equities analysts predict that Workday, Inc. will post 2.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Richard Harry Sauer sold 3,134 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $235.78, for a total transaction of $738,934.52. Following the sale, the insider now owns 85,795 shares of the company’s stock, valued at $20,228,745.10. This trade represents a 3.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 70,003 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $251.20, for a total value of $17,584,753.60. Following the sale, the insider now directly owns 102,997 shares in the company, valued at approximately $25,872,846.40. This represents a 40.46 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 361,463 shares of company stock worth $88,422,088. Insiders own 20.00% of the company’s stock.

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.