Truist Financial Corp Lowers Stake in Workday, Inc. $WDAY

Truist Financial Corp decreased its holdings in Workday, Inc. (NASDAQ:WDAY) by 14.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 52,577 shares of the software maker’s stock after selling 9,115 shares during the quarter. Truist Financial Corp’s holdings in Workday were worth $12,657,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. AlphaQuest LLC raised its stake in Workday by 636.7% in the 2nd quarter. AlphaQuest LLC now owns 1,886 shares of the software maker’s stock valued at $453,000 after purchasing an additional 1,630 shares during the last quarter. PKO Investment Management Joint Stock Co purchased a new stake in shares of Workday during the third quarter worth $1,805,000. Phoenix Financial Ltd. acquired a new stake in shares of Workday in the third quarter valued at about $2,000,000. Rakuten Investment Management Inc. purchased a new position in shares of Workday in the third quarter worth about $124,718,000. Finally, Norges Bank acquired a new position in Workday during the second quarter worth about $442,702,000. 89.81% of the stock is owned by institutional investors and hedge funds.

Workday Price Performance

WDAY opened at $175.63 on Friday. The stock’s 50-day moving average price is $208.37 and its 200 day moving average price is $223.48. Workday, Inc. has a 12-month low of $169.01 and a 12-month high of $283.68. The firm has a market cap of $46.19 billion, a price-to-earnings ratio of 73.79, a PEG ratio of 1.97 and a beta of 1.14. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.34.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 25th. The software maker reported $2.32 earnings per share for the quarter, beating the consensus estimate of $2.17 by $0.15. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.42 billion. Workday had a return on equity of 10.50% and a net margin of 6.95%.Workday’s revenue was up 12.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.89 EPS. As a group, sell-side analysts expect that Workday, Inc. will post 2.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. TD Cowen restated a “buy” rating on shares of Workday in a research report on Wednesday, November 26th. UBS Group set a $260.00 target price on Workday in a report on Wednesday, November 26th. Sanford C. Bernstein cut their target price on Workday from $304.00 to $298.00 and set an “outperform” rating for the company in a research note on Wednesday, November 26th. Oppenheimer reissued an “outperform” rating on shares of Workday in a research report on Wednesday, November 26th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Workday from $290.00 to $270.00 and set an “overweight” rating for the company in a report on Wednesday, November 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $278.09.

Insider Activity

In other news, CFO Zane Rowe sold 6,000 shares of the company’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $208.75, for a total transaction of $1,252,500.00. Following the sale, the chief financial officer owned 159,158 shares of the company’s stock, valued at approximately $33,224,232.50. This represents a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 953 shares of the stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $209.56, for a total value of $199,710.68. Following the completion of the sale, the chief accounting officer owned 35,336 shares in the company, valued at approximately $7,405,012.16. The trade was a 2.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 370,321 shares of company stock worth $78,866,401 over the last 90 days. Company insiders own 19.31% of the company’s stock.

Workday Company Profile

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.