Zurich Insurance Group Ltd FI Invests $78 Million in Workday, Inc. (NASDAQ:WDAY)

Zurich Insurance Group Ltd FI purchased a new position in shares of Workday, Inc. (NASDAQ:WDAY) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 319,147 shares of the software maker’s stock, valued at approximately $78,003,000. Zurich Insurance Group Ltd FI owned approximately 0.12% of Workday at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Capital Performance Advisors LLP purchased a new position in Workday during the third quarter worth approximately $26,000. Meeder Asset Management Inc. boosted its position in Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after purchasing an additional 43 shares in the last quarter. True Wealth Design LLC boosted its position in Workday by 4,766.7% during 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 in the last quarter. New Millennium Group LLC boosted its position in Workday by 177.4% during the third quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock worth $36,000 after purchasing an additional 94 shares in the last quarter. Finally, SouthState Corp boosted its position in Workday by 614.3% during the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock worth $34,000 after purchasing an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insider Transactions at Workday

In other news, major shareholder David A. Duffield sold 70,003 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $251.20, for a total transaction of $17,584,753.60. Following the completion of the transaction, the insider now directly owns 102,997 shares in the company, valued at $25,872,846.40. This trade represents a 40.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Richard Harry Sauer sold 3,134 shares of the firm’s stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $235.78, for a total value of $738,934.52. Following the transaction, the insider now owns 85,795 shares of the company’s stock, valued at approximately $20,228,745.10. This represents a 3.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 361,463 shares of company stock worth $88,422,088 over the last ninety days. Company insiders own 20.00% of the company’s stock.

Wall Street Analysts Forecast Growth

WDAY has been the topic of a number of recent analyst reports. Morgan Stanley increased their price target on Workday from $315.00 to $330.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Wells Fargo & Company increased their target price on Workday from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Loop Capital reduced their target price on Workday from $270.00 to $242.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. BMO Capital Markets reissued an “outperform” rating and set a $300.00 target price on shares of Workday in a report on Wednesday, September 18th. Finally, Piper Sandler reissued a “neutral” rating and set a $270.00 target price (down previously from $285.00) on shares of Workday in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, Workday has an average rating of “Moderate Buy” and a consensus target price of $288.14.

Workday Price Performance

WDAY stock opened at $266.42 on Friday. The business has a fifty day moving average of $249.96 and a two-hundred day moving average of $237.65. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. The stock has a market cap of $70.60 billion, a price-to-earnings ratio of 44.18, a price-to-earnings-growth ratio of 4.98 and a beta of 1.34. Workday, Inc. has a 52-week low of $199.81 and a 52-week high of $311.28.

Workday (NASDAQ:WDAY) last released its quarterly 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 analyst estimates of $2.13 billion. During the same period last year, the business posted $0.47 earnings per share. The company’s quarterly revenue was up 15.8% on a year-over-year basis. As a group, research analysts anticipate that Workday, Inc. will post 2.58 earnings per share for the current year.

Workday 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.