Firsthand Capital Management Inc. Trims Stock Position in Workday, Inc. (NASDAQ:WDAY)

Firsthand Capital Management Inc. decreased its holdings in Workday, Inc. (NASDAQ:WDAY) by 30.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,000 shares of the software maker’s stock after selling 3,000 shares during the quarter. Workday makes up approximately 3.4% of Firsthand Capital Management Inc.’s holdings, making the stock its 12th largest holding. Firsthand Capital Management Inc.’s holdings in Workday were worth $1,711,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its stake in Workday by 79.1% during the second quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock worth $514,637,000 after purchasing an additional 1,016,394 shares during the period. Van ECK Associates Corp raised its position in shares of Workday by 17,345.2% in the 2nd quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock worth $208,068,000 after buying an additional 925,366 shares during the period. D1 Capital Partners L.P. boosted its holdings in Workday by 152.1% in the second quarter. D1 Capital Partners L.P. now owns 518,000 shares of the software maker’s stock valued at $115,804,000 after acquiring an additional 312,500 shares during the last quarter. Lindbrook Capital LLC grew its position in Workday by 17,001.6% during the third quarter. Lindbrook Capital LLC now owns 285,938 shares of the software maker’s stock valued at $703,000 after acquiring an additional 284,266 shares during the period. Finally, DNB Asset Management AS increased its stake in Workday by 291.6% during the second quarter. DNB Asset Management AS now owns 291,799 shares of the software maker’s stock worth $65,235,000 after acquiring an additional 217,277 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

Wall Street Analysts Forecast Growth

WDAY has been the subject of a number of research reports. Stifel Nicolaus boosted their target price on Workday from $250.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. The Goldman Sachs Group boosted their price objective on shares of Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Needham & Company LLC restated a “buy” rating and set a $300.00 target price on shares of Workday in a report on Monday, November 25th. StockNews.com cut shares of Workday from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Morgan Stanley raised their price objective on Workday from $315.00 to $330.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $288.14.

Insiders Place Their Bets

In other news, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $242.01, for a total transaction of $13,552,560.00. Following the completion of the transaction, the insider now owns 281,000 shares in the company, valued at approximately $68,004,810. This trade represents a 16.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Richard Harry Sauer sold 3,134 shares of Workday stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $235.78, for a total transaction of $738,934.52. Following the completion of the transaction, the insider now directly owns 85,795 shares in the company, valued at $20,228,745.10. This represents a 3.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 359,954 shares of company stock worth $88,742,132 over the last ninety days. Company insiders own 20.00% of the company’s stock.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $249.99 on Friday. 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 firm has a 50-day simple moving average of $248.77 and a 200 day simple moving average of $237.46. Workday, Inc. has a fifty-two week low of $199.81 and a fifty-two week high of $311.28. The company has a market cap of $66.25 billion, a PE ratio of 41.46, a P/E/G ratio of 5.03 and a beta of 1.35.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Workday had a return on equity of 6.21% and a net margin of 19.86%. The business’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 EPS. On average, sell-side analysts anticipate that Workday, Inc. will post 2.4 EPS 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.