Norges Bank Invests $645.71 Million in Workday, Inc. (NASDAQ:WDAY)

Norges Bank purchased a new stake in shares of Workday, Inc. (NASDAQ:WDAY) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 2,502,460 shares of the software maker’s stock, valued at approximately $645,710,000. Norges Bank owned approximately 0.94% of Workday at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Workday by 28.9% in the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock valued at $5,197,447,000 after purchasing an additional 4,517,272 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Workday by 10.7% during the third quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker’s stock worth $1,218,415,000 after purchasing an additional 480,459 shares during the last quarter. State Street Corp increased its stake in Workday by 1.4% during the third quarter. State Street Corp now owns 4,842,729 shares of the software maker’s stock valued at $1,183,611,000 after purchasing an additional 67,380 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Workday by 2.7% during the third quarter. Geode Capital Management LLC now owns 2,865,164 shares of the software maker’s stock worth $698,285,000 after purchasing an additional 76,618 shares during the period. Finally, Parnassus Investments LLC lifted its position in shares of Workday by 562.2% in the 4th quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker’s stock worth $631,589,000 after buying an additional 2,078,097 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on WDAY shares. Guggenheim reissued a “neutral” rating on shares of Workday in a research note on Wednesday, February 26th. Wells Fargo & Company boosted their price target on shares of Workday from $330.00 to $360.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. The Goldman Sachs Group increased their price target on Workday from $310.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Oppenheimer raised their target price on Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Workday from $285.00 to $310.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Ten research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Workday currently has an average rating of “Moderate Buy” and an average price target of $300.36.

Insiders Place Their Bets

In other news, Director Wayne A.I. Frederick sold 1,829 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $253.09, for a total value of $462,901.61. Following the completion of the transaction, the director now directly owns 6,845 shares of the company’s stock, valued at approximately $1,732,401.05. This represents a 21.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the business’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $261.75, for a total value of $14,658,000.00. Following the completion of the sale, the insider now directly owns 172,000 shares in the company, valued at approximately $45,021,000. This represents a 24.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 487,145 shares of company stock worth $123,289,438 over the last 90 days. Corporate insiders own 20.00% of the company’s stock.

Workday Price Performance

NASDAQ:WDAY opened at $244.55 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The stock has a market cap of $65.05 billion, a P/E ratio of 40.56, a PEG ratio of 3.55 and a beta of 1.38. The company has a fifty day moving average price of $256.89 and a 200 day moving average price of $254.93. Workday, Inc. has a one year low of $199.81 and a one year high of $294.00.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($1.27). Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. Analysts anticipate that Workday, Inc. will post 2.63 earnings per share for the current year.

Workday Company 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.