abrdn plc Lowers Position in Workday, Inc. (NASDAQ:WDAY)

abrdn plc lowered its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 1.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 275,063 shares of the software maker’s stock after selling 4,793 shares during the period. abrdn plc owned approximately 0.10% of Workday worth $71,299,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Marcum Wealth LLC increased its holdings in shares of Workday by 4.4% during the 4th quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock worth $249,000 after buying an additional 41 shares during the last quarter. Custom Index Systems LLC grew its position in Workday by 3.0% during the fourth quarter. Custom Index Systems LLC now owns 1,412 shares of the software maker’s stock valued at $364,000 after acquiring an additional 41 shares during the period. Meeder Asset Management Inc. increased its stake 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 acquiring an additional 43 shares during the last quarter. Kingsview Wealth Management LLC raised its holdings in shares of Workday by 0.9% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,085 shares of the software maker’s stock worth $1,243,000 after purchasing an additional 43 shares during the period. Finally, Opal Wealth Advisors LLC lifted its stake in shares of Workday by 5.2% in the 3rd quarter. Opal Wealth Advisors LLC now owns 946 shares of the software maker’s stock valued at $231,000 after purchasing an additional 47 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

Workday Price Performance

Shares of NASDAQ WDAY opened at $259.73 on Wednesday. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $69.09 billion, a price-to-earnings ratio of 43.07, a price-to-earnings-growth ratio of 4.73 and a beta of 1.35. Workday, Inc. has a twelve month low of $199.81 and a twelve month high of $311.28. The business has a 50 day simple moving average of $260.91 and a 200-day simple moving average of $249.30.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.13. Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the previous year, the firm earned $0.47 earnings per share. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, equities research analysts expect that Workday, Inc. will post 2.63 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 70,090 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $254.53, for a total transaction of $17,840,007.70. Following the sale, the insider now directly owns 102,997 shares in the company, valued at approximately $26,215,826.41. This represents a 40.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 472 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $248.24, for a total value of $117,169.28. Following the completion of the sale, the chief accounting officer now directly owns 35,408 shares in the company, valued at approximately $8,789,681.92. This trade represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock worth $113,142,592 over the last quarter. 20.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

WDAY has been the subject of a number of research analyst reports. Loop Capital dropped their target price on shares of Workday from $270.00 to $242.00 and set a “hold” rating for the company in a research report on Wednesday, November 27th. Royal Bank of Canada increased their price objective on shares of Workday from $300.00 to $320.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Oppenheimer restated an “outperform” rating and set a $300.00 target price on shares of Workday in a report on Tuesday, December 3rd. Mizuho increased their price target on Workday from $280.00 to $320.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Barclays reduced their price objective on Workday from $314.00 to $305.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 27th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, Workday presently has an average rating of “Moderate Buy” and an average price target of $292.25.

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.