Wilmington Savings Fund Society FSB Acquires Stake in Workday, Inc. (NASDAQ:WDAY)

Wilmington Savings Fund Society FSB has recently established a new investment in Workday, Inc. (NASDAQ:WDAY), as indicated in its latest filing with the Securities and Exchange Commission. In the third quarter, the institutional investor purchased 20,019 shares of the software company, amounting to a total value of roughly $4.89 million.

Recent Institutional Activities

Other institutional investors have also shown interest in Workday. Grafton Street Partners Fund LP made a new investment in the third quarter, valued around $4.42 million. Additionally, ICICI Prudential Asset Management Co Ltd increased its holdings in Workday by 32.4% during the same period, now owning 31,878 shares valued at $7.79 million after acquiring 7,802 shares. Legal & General Group Plc raised its stake in Workday by 7.4% in the previous quarter, owning 1,719,976 shares worth $384.52 million after purchasing an additional 118,180 shares. Atria Investments Inc also boosted its position by 19.3% in the third quarter, owning 44,324 shares valued at approximately $10.83 million after adding 7,175 shares. Lastly, Worldquant Millennium Advisors LLC significantly increased its stake by 387.0%, now holding 355,655 shares worth $86.93 million following the purchase of 282,632 additional shares. In total, institutional investors and hedge funds own 89.81% of Workday's shares.

Workday's Market Performance

The stock of Workday opened at $274.82 on the most recent trading day. It has a 50-day moving average price of $253.11 and a 200-day moving average price of $238.37. Workday's market capitalization stands at $72.83 billion, with a price-to-earnings (P/E) ratio of 45.58, a price-to-earnings growth (P/E/G) ratio of 5.02, and a beta of 1.34. Over the past year, the stock hit a low of $199.81 and a high of $311.28. Workday also maintains a debt-to-equity ratio of 0.35 and current and quick ratios of 2.05.

Recent Financial Results

In its latest quarterly earnings report, Workday announced earnings of $1.89 per share for the quarter, surpassing analysts' estimates of $1.76 by $0.13. Workday reported a return on equity of 6.13% and a net profit margin of 19.86%. The company achieved revenue of $2.16 billion, exceeding the anticipated revenue of $2.13 billion. This represents a 15.8% increase in quarterly revenue compared to the same period last year. Analysts project that Workday will post earnings of $2.58 per share for the current fiscal year.

Insider Trading Activity

In addition to institutional investments, insider trading has also been notable. Director Wayne A.I. Frederick sold 1,828 shares of Workday on October 11 at an average price of $241.85, amounting to a total transaction value of $442,101.80. Following this sale, he retains 8,674 shares valued at approximately $2.10 million, reflecting a 17.41% decrease in his holdings. Moreover, major shareholder David A. Duffield sold 70,003 shares on December 2 at an average price of $251.20, totaling $17.58 million, which represents a 40.46% reduction in his ownership of Workday shares. In total, insiders have sold 361,463 shares worth $88.42 million during the last quarter, with corporate insiders owning 20.00% of the company’s stock.

Analyst Ratings

Various analysts have recently provided their outlooks on Workday's stock. DA Davidson increased its price target from $255.00 to $270.00 and maintained a "neutral" rating. Deutsche Bank also raised its target price to $275.00 while giving it a "hold" rating. JMP Securities reiterated a "market outperform" rating with a price target of $315.00. KeyCorp increased its price target from $275.00 to $305.00, giving Workday an "overweight" rating. Lastly, Wells Fargo raised its price target from $300.00 to $330.00 and maintained an "overweight" rating. Out of the ratings, one analyst suggested selling, eight recommended holding, and twenty advised buying, resulting in a consensus rating of "Moderate Buy" with a target price of $289.21.

About Workday, Inc.

Workday, Inc. specializes in offering enterprise cloud applications across the globe. Its products assist businesses in planning, executing, analyzing, and extending their operations. Workday provides a comprehensive suite of financial management applications, enabling customers to manage their financial processes, achieve real-time insights, and enhance efficiency across their finance operations.

investment, shares, performance