Workday, Inc. (NASDAQ:WDAY) Stock Position Decreased by Firsthand Capital Management Inc.

Firsthand Capital Management Inc. decreased its position in Workday, Inc. (NASDAQ:WDAY) by 30.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 7,000 shares of the software maker’s stock after selling 3,000 shares during the quarter. Workday accounts for about 3.4% of Firsthand Capital Management Inc.’s investment portfolio, making the stock its 12th biggest holding. Firsthand Capital Management Inc.’s holdings in Workday were worth $1,711,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new stake in shares of Workday in the third quarter worth about $26,000. SouthState Corp lifted its holdings in Workday by 614.3% in the 2nd quarter. SouthState Corp now owns 150 shares of the software maker’s stock worth $34,000 after purchasing an additional 129 shares during the last quarter. Crewe Advisors LLC boosted its position in Workday by 56.6% during the second quarter. Crewe Advisors LLC now owns 155 shares of the software maker’s stock worth $35,000 after purchasing an additional 56 shares during the period. Goodman Advisory Group LLC acquired a new position in Workday during the second quarter valued at approximately $35,000. Finally, Meeder Asset Management Inc. raised its position in shares of Workday by 42.2% in the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after purchasing an additional 43 shares during the period. Institutional investors and hedge funds own 89.81% of the company’s stock.

Workday Price Performance

WDAY stock opened at $249.99 on Friday. The company has a market capitalization of $66.25 billion, a P/E ratio of 41.46, a PEG ratio of 5.03 and a beta of 1.35. The company has a fifty day moving average price of $248.77 and a 200-day moving average price of $237.46. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. Workday, Inc. has a 52-week low of $199.81 and a 52-week high of $311.28.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping the consensus estimate of $1.76 by $0.13. Workday had a return on equity of 6.21% and a net margin of 19.86%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the firm posted $0.47 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. As a group, equities analysts expect that Workday, Inc. will post 2.4 EPS for the current year.

Insiders Place Their Bets

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $255.45, for a total transaction of $1,915,875.00. Following the sale, the director now directly owns 90,000 shares of the company’s stock, valued at $22,990,500. This represents a 7.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder David A. Duffield sold 66,492 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the sale, the insider now directly owns 102,997 shares in the company, valued at $26,902,816.40. The trade was a 39.23 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 359,954 shares of company stock worth $88,742,132. Insiders own 20.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Morgan Stanley upped their price objective on shares of Workday from $315.00 to $330.00 and gave the stock an “overweight” rating in a report on Wednesday. Bank of America lowered their price target on Workday from $310.00 to $285.00 and set a “buy” rating on the stock in a research report on Wednesday. The Goldman Sachs Group boosted their price objective on Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Piper Sandler reaffirmed a “neutral” rating and issued a $270.00 target price (down previously from $285.00) on shares of Workday in a report on Wednesday. Finally, Barclays cut their price target on Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $288.14.

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.