Allspring Global Investments Holdings LLC Sells 117,850 Shares of Workday, Inc. $WDAY

Allspring Global Investments Holdings LLC trimmed its position in Workday, Inc. (NASDAQ:WDAY) by 92.2% in the 1st quarter, HoldingsChannel reports. The fund owned 9,990 shares of the software maker’s stock after selling 117,850 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Workday were worth $1,289,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WDAY. Vanguard Group Inc. raised its position in shares of Workday by 14.7% during the 4th quarter. Vanguard Group Inc. now owns 25,009,288 shares of the software maker’s stock valued at $5,371,495,000 after purchasing an additional 3,210,232 shares during the period. Auto Owners Insurance Co raised its holdings in Workday by 25,412.8% during the fourth quarter. Auto Owners Insurance Co now owns 10,230,616 shares of the software maker’s stock valued at $2,197,332,000 after acquiring an additional 10,190,516 shares during the period. State Street Corp lifted its position in shares of Workday by 1.0% in the fourth quarter. State Street Corp now owns 9,770,707 shares of the software maker’s stock valued at $2,098,552,000 after acquiring an additional 96,139 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Workday by 47.5% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,842,491 shares of the software maker’s stock valued at $1,406,463,000 after acquiring an additional 1,882,391 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Workday by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 5,091,926 shares of the software maker’s stock worth $1,089,970,000 after acquiring an additional 75,922 shares during the period. Institutional investors own 89.81% of the company’s stock.

Workday Price Performance

NASDAQ:WDAY opened at $135.34 on Monday. The business’s 50-day moving average is $133.13 and its 200 day moving average is $141.37. Workday, Inc. has a 12 month low of $110.36 and a 12 month high of $249.85. The company has a market capitalization of $33.43 billion, a P/E ratio of 42.29, a P/E/G ratio of 1.44 and a beta of 1.11. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.30.

Workday (NASDAQ:WDAY) last released its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.15. Workday had a return on equity of 14.75% and a net margin of 8.60%.The business had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter last year, the business posted $2.23 EPS. The firm’s revenue for the quarter was up 13.5% compared to the same quarter last year. On average, equities research analysts forecast that Workday, Inc. will post 5.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on WDAY. The Goldman Sachs Group cut their target price on Workday from $206.00 to $151.00 and set a “neutral” rating for the company in a research report on Tuesday, May 26th. Oppenheimer restated an “outperform” rating on shares of Workday in a research note on Thursday, June 11th. Wells Fargo & Company increased their price objective on shares of Workday from $180.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Morgan Stanley cut shares of Workday from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $185.00 to $145.00 in a research report on Tuesday, July 21st. Finally, Wolfe Research reissued an “outperform” rating and issued a $160.00 target price on shares of Workday in a report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Workday presently has an average rating of “Moderate Buy” and a consensus price target of $179.80.

Insider Activity

In other news, CFO Zane Rowe sold 6,000 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $143.70, for a total transaction of $862,200.00. Following the completion of the transaction, the chief financial officer directly owned 288,460 shares in the company, valued at approximately $41,451,702. This represents a 2.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder David A. Duffield sold 107,500 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $122.04, for a total transaction of $13,119,300.00. Following the completion of the transaction, the insider directly owned 105,049 shares of the company’s stock, valued at approximately $12,820,179.96. This trade represents a 50.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 875,020 shares of company stock worth $113,938,503. 18.64% of the stock is currently owned by insiders.

Workday 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.