Polen Capital Management LLC Trims Holdings in Workday, Inc. (NASDAQ:WDAY)

Polen Capital Management LLC decreased its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 8.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,944,506 shares of the software maker’s stock after selling 343,117 shares during the quarter. Workday comprises 2.9% of Polen Capital Management LLC’s holdings, making the stock its 17th largest position. Polen Capital Management LLC’s holdings in Workday were worth $921,160,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in WDAY. Cornerstone Planning Group LLC increased its holdings in Workday by 76.1% in the 1st quarter. Cornerstone Planning Group LLC now owns 125 shares of the software maker’s stock valued at $28,000 after purchasing an additional 54 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in Workday in the 1st quarter valued at approximately $32,000. Financial Management Professionals Inc. increased its holdings in Workday by 54.0% in the 1st quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker’s stock valued at $36,000 after purchasing an additional 54 shares during the last quarter. Pinnacle Bancorp Inc. acquired a new stake in Workday in the 1st quarter valued at approximately $40,000. Finally, BankPlus Trust Department acquired a new stake in Workday in the 1st quarter valued at approximately $40,000. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insider Activity

In other news, CAO Mark S. Garfield sold 451 shares of the company’s stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $234.86, for a total transaction of $105,921.86. Following the sale, the chief accounting officer owned 42,977 shares in the company, valued at $10,093,578.22. This represents a 1.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder David A. Duffield sold 73,971 shares of the company’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $238.66, for a total value of $17,653,918.86. Following the sale, the insider owned 102,997 shares in the company, valued at approximately $24,581,264.02. This represents a 41.80% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 329,005 shares of company stock worth $79,203,523. 19.31% of the stock is currently owned by insiders.

Workday Price Performance

Workday stock opened at $222.07 on Friday. The firm has a market capitalization of $59.29 billion, a P/E ratio of 122.69, a PEG ratio of 3.36 and a beta of 1.24. Workday, Inc. has a 1 year low of $205.33 and a 1 year high of $294.00. The business has a 50-day moving average of $237.71 and a 200-day moving average of $245.22. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.33.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.22. Workday had a return on equity of 8.00% and a net margin of 5.60%. The company had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period in the previous year, the company earned $1.74 EPS. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, equities analysts anticipate that Workday, Inc. will post 2.63 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on WDAY. JMP Securities reiterated a “market outperform” rating and issued a $315.00 target price on shares of Workday in a report on Friday, May 23rd. Morgan Stanley set a $255.00 target price on shares of Workday and gave the company an “equal weight” rating in a report on Friday, May 23rd. JPMorgan Chase & Co. dropped their price target on shares of Workday from $310.00 to $295.00 and set an “overweight” rating for the company in a research note on Friday, May 23rd. Wall Street Zen upgraded shares of Workday from a “hold” rating to a “buy” rating in a research note on Sunday, July 13th. Finally, Piper Sandler restated an “underweight” rating and issued a $235.00 price target (down previously from $255.00) on shares of Workday in a research note on Thursday, July 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $296.88.

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.