Cullen Frost Bankers Inc. Sells 1,354 Shares of Workday, Inc. (NASDAQ:WDAY)

by · The Cerbat Gem

Cullen Frost Bankers Inc. cut its position in shares of Workday, Inc. (NASDAQ:WDAY – Free Report) by 1.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 82,814 shares of the software maker’s stock after selling 1,354 shares during the period. Cullen Frost Bankers Inc.’s holdings in Workday were worth $19,340,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of WDAY. Vanguard Group Inc. raised its holdings in shares of Workday by 28.9% in the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock valued at $5,197,447,000 after purchasing an additional 4,517,272 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new position in Workday in the fourth quarter worth approximately $658,735,000. Norges Bank bought a new position in Workday in the fourth quarter worth approximately $645,710,000. Geode Capital Management LLC raised its stake in Workday by 61.9% in the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock worth $1,193,105,000 after buying an additional 1,772,223 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Workday by 60.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker’s stock worth $960,454,000 after buying an additional 1,406,088 shares in the last quarter. 89.81% of the stock is owned by institutional investors.

Insider Activity

In related news, major shareholder David A. Duffield sold 72,551 shares of Workday stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $239.61, for a total value of $17,383,945.11. Following the sale, the insider owned 102,997 shares of the company’s stock, valued at approximately $24,679,111.17. This trade represents a 41.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 451 shares of Workday stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $234.86, for a total transaction of $105,921.86. Following the completion of the sale, the chief accounting officer directly owned 42,977 shares in the company, valued at $10,093,578.22. This represents a 1.04% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 329,005 shares of company stock worth $79,203,523. 20.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on WDAY. JMP Securities reissued a “market outperform” rating and issued a $315.00 price target on shares of Workday in a research report on Friday, May 23rd. Loop Capital reduced their target price on shares of Workday from $285.00 to $250.00 and set a “hold” rating for the company in a report on Friday, May 23rd. Morgan Stanley set a $255.00 price objective on shares of Workday and gave the stock an “equal weight” rating in a research note on Friday, May 23rd. KeyCorp reduced their price objective on shares of Workday from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Friday, May 23rd. Finally, Piper Sandler reaffirmed an “underweight” rating and set a $235.00 price target (down from $255.00) on shares of Workday in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Workday presently has an average rating of “Moderate Buy” and a consensus target price of $296.88.

View Our Latest Research Report on WDAY

Workday Price Performance

Shares of NASDAQ WDAY opened at $224.92 on Wednesday. The stock has a market capitalization of $60.05 billion, a price-to-earnings ratio of 124.27, a PEG ratio of 3.40 and a beta of 1.21. Workday, Inc. has a 12 month low of $199.81 and a 12 month high of $294.00. The firm’s 50 day simple moving average is $247.37 and its 200-day simple moving average is $247.77. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.07 and a quick ratio of 2.07.

Workday (NASDAQ:WDAY – Get Free Report) last released its quarterly earnings results 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 company had revenue of $2.24 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the business earned $1.74 earnings per share. Analysts expect that Workday, Inc. will post 2.63 EPS for the current year.

About Workday

(Free Report)

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.

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