PNC Financial Services Group Inc. Grows Position in Workday, Inc. (NASDAQ:WDAY)

PNC Financial Services Group Inc. grew its holdings in shares of Workday, Inc. (NASDAQ:WDAY) by 14.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 71,351 shares of the software maker’s stock after purchasing an additional 8,842 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Workday were worth $17,439,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of WDAY. Capital Performance Advisors LLP purchased a new position in Workday in the 3rd quarter valued at approximately $26,000. Crewe Advisors LLC bought a new position in shares of Workday in the first quarter worth $27,000. SouthState Corp grew its position in shares of Workday by 614.3% in the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after purchasing an additional 129 shares in the last quarter. Goodman Advisory Group LLC bought a new stake in shares of Workday during the 2nd quarter valued at $35,000. Finally, Meeder Asset Management Inc. boosted its stake in Workday by 42.2% in the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after purchasing an additional 43 shares during the period. Institutional investors own 89.81% of the company’s stock.

Workday Stock Up 3.3 %

Shares of NASDAQ WDAY opened at $268.08 on Friday. The firm’s fifty day moving average is $247.36 and its 200 day moving average is $236.95. Workday, Inc. has a 52 week low of $199.81 and a 52 week high of $311.28. 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 company has a market cap of $71.04 billion, a price-to-earnings ratio of 46.70, a PEG ratio of 5.16 and a beta of 1.35.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, beating the consensus estimate of $1.65 by $0.10. The firm had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.07 billion. Workday had a net margin of 19.59% and a return on equity of 5.34%. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.40 earnings per share. On average, equities research analysts expect that Workday, Inc. will post 2.4 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WDAY. Canaccord Genuity Group reiterated a “buy” rating and set a $300.00 price target on shares of Workday in a research report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $285.00 target price on shares of Workday in a report on Wednesday, September 18th. Morgan Stanley cut their price target on shares of Workday from $325.00 to $315.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. The Goldman Sachs Group upped their price target on shares of Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Citigroup lowered their price objective on Workday from $274.00 to $270.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $289.46.

Insider Activity at Workday

In related news, major shareholder David A. Duffield sold 56,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $242.01, for a total value of $13,552,560.00. Following the sale, the insider now directly owns 281,000 shares of the company’s stock, valued at $68,004,810. This represents a 16.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas A. Robinson sold 3,121 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $260.29, for a total transaction of $812,365.09. Following the completion of the transaction, the insider now owns 196,344 shares of the company’s stock, valued at approximately $51,106,379.76. The trade was a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 370,575 shares of company stock worth $91,506,897 in the last 90 days. Company insiders own 20.00% of the company’s stock.

Workday Company 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.