Principal Financial Group Inc. Has $4.35 Million Stake in Workday, Inc. (NASDAQ:WDAY)

Principal Financial Group Inc. grew its stake in Workday, Inc. (NASDAQ:WDAY) by 45.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,794 shares of the software maker’s stock after buying an additional 5,519 shares during the period. Principal Financial Group Inc.’s holdings in Workday were worth $4,349,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew 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. Legal & General Group Plc boosted its position in shares of Workday by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock worth $384,518,000 after purchasing an additional 118,180 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Workday by 15.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,167,131 shares of the software maker’s stock valued at $260,924,000 after buying an additional 153,577 shares during the period. Van ECK Associates Corp raised its stake in Workday by 0.4% during the 3rd quarter. Van ECK Associates Corp now owns 934,828 shares of the software maker’s stock worth $226,266,000 after buying an additional 4,127 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in Workday by 13.4% in the second quarter. Envestnet Asset Management Inc. now owns 698,776 shares of the software maker’s stock valued at $156,218,000 after acquiring an additional 82,570 shares during the period. 89.81% of the stock is currently owned by institutional investors.

Workday Price Performance

WDAY stock opened at $268.08 on Friday. Workday, Inc. has a 12 month low of $199.81 and a 12 month high of $311.28. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $71.04 billion, a P/E ratio of 46.70, a price-to-earnings-growth ratio of 5.16 and a beta of 1.35. The firm has a 50 day moving average of $247.36 and a 200-day moving average of $236.95.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, topping the consensus estimate of $1.65 by $0.10. Workday had a return on equity of 5.34% and a net margin of 19.59%. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the previous year, the firm earned $0.40 earnings per share. Workday’s revenue was up 16.5% on a year-over-year basis. As a group, sell-side analysts predict that Workday, Inc. will post 2.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on WDAY. Canaccord Genuity Group reissued a “buy” rating and issued a $300.00 price target on shares of Workday in a research report on Friday, September 13th. Bank of America increased their price objective on Workday from $265.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Stifel Nicolaus upped their price target on Workday from $250.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. JMP Securities reaffirmed a “market outperform” rating and set a $315.00 price objective on shares of Workday in a report on Thursday, September 19th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Workday from $265.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $289.46.

Insiders Place Their Bets

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $260.32, for a total transaction of $1,952,400.00. Following the transaction, the director now directly owns 97,500 shares of the company’s stock, valued at approximately $25,381,200. The trade was a 7.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder David A. Duffield sold 66,492 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the transaction, the insider now owns 102,997 shares in the company, valued at $26,902,816.40. This represents a 39.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 370,575 shares of company stock valued at $91,506,897 over the last 90 days. 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.