Maryland State Retirement & Pension System Sells 1,407 Shares of Workday, Inc. (NASDAQ:WDAY)

Maryland State Retirement & Pension System reduced its stake in Workday, Inc. (NASDAQ:WDAY) by 12.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,895 shares of the software maker’s stock after selling 1,407 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Workday were worth $2,311,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its position in Workday by 5.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 22,645 shares of the software maker’s stock valued at $5,288,000 after acquiring an additional 1,070 shares in the last quarter. Kingswood Wealth Advisors LLC increased its stake in Workday by 13.9% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,136 shares of the software maker’s stock valued at $265,000 after buying an additional 139 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in Workday by 33.8% in the 1st quarter. Nisa Investment Advisors LLC now owns 32,055 shares of the software maker’s stock valued at $7,486,000 after buying an additional 8,093 shares during the last quarter. Sowell Financial Services LLC acquired a new stake in Workday in the 1st quarter valued at $290,000. Finally, D.A. Davidson & CO. increased its stake in Workday by 27.8% in the 1st quarter. D.A. Davidson & CO. now owns 1,601 shares of the software maker’s stock valued at $374,000 after buying an additional 348 shares during the last quarter. 89.81% of the stock is owned by institutional investors.

Workday Stock Performance

Shares of Workday stock opened at $222.07 on Friday. The company has a 50 day moving average of $237.71 and a 200-day moving average of $245.27. Workday, Inc. has a 1-year low of $205.33 and a 1-year high of $294.00. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.33. The company has a market cap of $59.29 billion, a PE ratio of 122.69, a price-to-earnings-growth ratio of 3.34 and a beta of 1.24.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, beating the consensus estimate of $2.01 by $0.22. The business had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.22 billion. Workday had a net margin of 5.60% and a return on equity of 8.00%. The firm’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.74 EPS. As a group, equities research analysts forecast that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 451 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $234.86, for a total value of $105,921.86. Following the completion of the transaction, the chief accounting officer owned 42,977 shares of the company’s stock, valued at $10,093,578.22. This represents a 1.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $248.41, for a total transaction of $1,863,075.00. Following the completion of the transaction, the director directly owned 67,500 shares of the company’s stock, valued at approximately $16,767,675. The trade was a 10.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 329,005 shares of company stock worth $79,203,523 over the last 90 days. Insiders own 19.31% of the company’s stock.

Wall Street Analyst Weigh In

WDAY has been the topic of several recent research reports. Guggenheim reiterated a “neutral” rating on shares of Workday in a research note on Friday, May 23rd. Oppenheimer lowered their price objective on shares of Workday from $320.00 to $300.00 and set an “outperform” rating on the stock in a research note on Friday, May 23rd. Mizuho lowered their price objective on shares of Workday from $320.00 to $275.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. Wells Fargo & Company lowered their price objective on shares of Workday from $360.00 to $325.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Finally, Piper Sandler reaffirmed an “underweight” rating and set a $235.00 price target (down previously from $255.00) on shares of Workday in a report on Thursday, July 10th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Workday has a consensus rating of “Moderate Buy” and an average target price of $296.88.

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.