Norges Bank Makes New $442.70 Million Investment in Workday, Inc. $WDAY

Norges Bank acquired a new stake in Workday, Inc. (NASDAQ:WDAY) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,844,593 shares of the software maker’s stock, valued at approximately $442,702,000. Norges Bank owned about 0.69% of Workday as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in WDAY. Dagco Inc. acquired a new stake in Workday during the 1st quarter valued at $31,000. Golden State Wealth Management LLC raised its holdings in Workday by 2,216.7% in the 2nd quarter. Golden State Wealth Management LLC now owns 139 shares of the software maker’s stock valued at $33,000 after acquiring an additional 133 shares during the period. Physician Wealth Advisors Inc. acquired a new stake in Workday during the second quarter worth approximately $42,000. Geneos Wealth Management Inc. boosted its holdings in shares of Workday by 211.7% during the first quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker’s stock worth $44,000 after acquiring an additional 127 shares during the period. Finally, Itau Unibanco Holding S.A. acquired a new stake in Workday during the 1st quarter worth approximately $48,000. 89.81% of the stock is currently owned by institutional investors.

Workday Trading Up 0.2%

WDAY opened at $215.69 on Friday. The company has a market cap of $57.59 billion, a P/E ratio of 90.63, a PEG ratio of 2.67 and a beta of 1.11. The company has a current ratio of 1.83, a quick ratio of 2.10 and a debt-to-equity ratio of 0.34. The company’s 50 day moving average is $233.23 and its 200-day moving average is $235.73. Workday, Inc. has a 1-year low of $205.33 and a 1-year high of $294.00.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Tuesday, November 25th. The software maker reported $2.32 EPS for the quarter, beating the consensus estimate of $2.17 by $0.15. The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.42 billion. Workday had a net margin of 6.95% and a return on equity of 10.50%. The firm’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.89 EPS. Equities research analysts predict that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Insider Activity at Workday

In related news, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $232.62, for a total transaction of $1,395,720.00. Following the sale, the chief financial officer directly owned 168,468 shares in the company, valued at $39,189,026.16. This trade represents a 3.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 1,915 shares of the company’s stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $238.96, for a total transaction of $457,608.40. Following the completion of the transaction, the chief accounting officer owned 37,351 shares of the company’s stock, valued at approximately $8,925,394.96. This trade represents a 4.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 264,933 shares of company stock worth $61,475,760 over the last 90 days. 19.31% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

WDAY has been the topic of several recent research reports. Sanford C. Bernstein lowered their price objective on Workday from $304.00 to $298.00 and set an “outperform” rating on the stock in a research report on Wednesday. Piper Sandler raised shares of Workday from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $220.00 to $235.00 in a report on Wednesday, September 17th. Morgan Stanley increased their price target on Workday from $255.00 to $280.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Guggenheim restated a “buy” rating and set a $285.00 price objective on shares of Workday in a research note on Wednesday. Finally, Wells Fargo & Company reduced their target price on Workday from $300.00 to $290.00 and set an “overweight” rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Workday has an average rating of “Moderate Buy” and an average target price of $282.70.

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.