Workday Target of Unusually Large Options Trading (NASDAQ:WDAY)

Workday, Inc. (NASDAQ:WDAY) was the target of unusually large options trading on Tuesday. Stock traders purchased 14,820 call options on the company. This is an increase of approximately 91% compared to the typical daily volume of 7,739 call options.

Insiders Place Their Bets

In other news, major shareholder David A. Duffield sold 66,492 shares of Workday stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the completion of the sale, the insider now directly owns 102,997 shares in the company, valued at approximately $26,902,816.40. This trade represents a 39.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wayne A.I. Frederick sold 1,828 shares of Workday stock in a transaction on Friday, October 11th. The stock was sold at an average price of $241.85, for a total value of $442,101.80. Following the sale, the director now owns 8,674 shares of the company’s stock, valued at approximately $2,097,806.90. This trade represents a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 359,954 shares of company stock valued at $88,742,132 in the last quarter. 20.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Workday

Institutional investors have recently made changes to their positions in the stock. ORG Partners LLC raised its holdings in shares of Workday by 3,717.9% in the second quarter. ORG Partners LLC now owns 3,207 shares of the software maker’s stock worth $721,000 after acquiring an additional 3,123 shares during the last quarter. Grafton Street Partners Fund LP acquired a new position in Workday in the third quarter valued at $4,424,000. ICICI Prudential Asset Management Co Ltd increased its stake in Workday by 32.4% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 31,878 shares of the software maker’s stock valued at $7,791,000 after purchasing an additional 7,802 shares during the last quarter. Legal & General Group Plc increased its stake in Workday by 7.4% in the second quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock valued at $384,518,000 after purchasing an additional 118,180 shares during the last quarter. Finally, Atria Investments Inc increased its stake in Workday by 19.3% in the third quarter. Atria Investments Inc now owns 44,324 shares of the software maker’s stock valued at $10,833,000 after purchasing an additional 7,175 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on WDAY shares. Canaccord Genuity Group restated a “buy” rating and issued a $300.00 price objective on shares of Workday in a report on Friday, September 13th. Bank of America boosted their target price on shares of Workday from $265.00 to $310.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Evercore ISI reduced their target price on shares of Workday from $300.00 to $290.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. Citigroup dropped their price target on Workday from $274.00 to $270.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $300.00 price target on shares of Workday in a research note on Monday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, Workday currently has a consensus rating of “Moderate Buy” and an average price target of $289.46.

Workday Price Performance

WDAY stock traded up $2.46 during midday trading on Tuesday, hitting $270.15. 1,118,652 shares of the stock were exchanged, compared to its average volume of 2,092,386. The stock’s 50-day moving average price is $248.08 and its 200-day moving average price is $237.05. The stock has a market cap of $71.59 billion, a price-to-earnings ratio of 46.64, a PEG ratio of 5.31 and a beta of 1.35. Workday has a fifty-two week low of $199.81 and a fifty-two week high of $311.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04.

About Workday

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.