Summit Global Investments Sells 778 Shares of Workday, Inc. (NASDAQ:WDAY)

Summit Global Investments cut its holdings in Workday, Inc. (NASDAQ:WDAY) by 16.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,832 shares of the software maker’s stock after selling 778 shares during the quarter. Summit Global Investments’ holdings in Workday were worth $989,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in WDAY. Crews Bank & Trust bought a new position in shares of Workday during the 4th quarter valued at $26,000. Roxbury Financial LLC bought a new stake in Workday during the fourth quarter valued at about $25,000. Avion Wealth raised its holdings in Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock valued at $27,000 after acquiring an additional 86 shares during the period. TCTC Holdings LLC bought a new stake in shares of Workday in the fourth quarter worth about $35,000. Finally, True Wealth Design LLC increased its holdings in shares of Workday by 4,766.7% in the third quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock worth $36,000 after purchasing an additional 143 shares during the last quarter. 89.81% of the stock is owned by institutional investors.

Workday Stock Down 0.4 %

WDAY opened at $249.49 on Friday. Workday, Inc. has a twelve month low of $199.81 and a twelve month high of $294.00. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average price of $256.76 and a 200 day moving average price of $255.11. The company has a market cap of $66.36 billion, a PE ratio of 41.37, a price-to-earnings-growth ratio of 3.55 and a beta of 1.38.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). The business 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%. Sell-side analysts expect that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Workday

In other news, major shareholder David A. Duffield sold 71,672 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $248.58, for a total transaction of $17,816,225.76. Following the completion of the sale, the insider now owns 102,997 shares in the company, valued at $25,602,994.26. This trade represents a 41.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sayan Chakraborty sold 6,056 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $265.50, for a total transaction of $1,607,868.00. Following the transaction, the insider now directly owns 111,324 shares of the company’s stock, valued at $29,556,522. The trade was a 5.16 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 473,001 shares of company stock worth $120,614,400. Insiders own 20.00% of the company’s stock.

Analyst Ratings Changes

WDAY has been the subject of several recent research reports. Guggenheim reiterated a “neutral” rating on shares of Workday in a research report on Wednesday, February 26th. Stifel Nicolaus boosted their price target on Workday from $270.00 to $310.00 and gave the company a “hold” rating in a report on Wednesday, February 26th. Canaccord Genuity Group boosted their price objective on shares of Workday from $300.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Morgan Stanley downgraded shares of Workday from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $330.00 to $275.00 in a research note on Wednesday, February 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price target on shares of Workday in a research report on Wednesday, February 26th. Ten investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $300.36.

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.