Resona Asset Management Expands Stake in Workday by 5.9%

Resona Asset Management Co. Ltd. has increased its position in Workday, Inc. (NASDAQ: WDAY) by 5.9% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the institutional investor now owns 74,696 shares of the enterprise cloud application provider after acquiring an additional 4,138 shares within this period. The total value of Resona’s holdings in Workday stands at approximately $17.9 million as of the latest reporting.

A number of other institutional investors and hedge funds have also adjusted their positions in Workday. Cornerstone Planning Group LLC significantly enhanced its stake by 76.1% in the first quarter, increasing its holdings to 125 shares valued at $28,000 after purchasing an additional 54 shares. Meanwhile, Dagco Inc. entered a new position in Workday valued at around $31,000, and BankPlus Trust Department acquired shares worth approximately $40,000 during the same quarter.

Other notable transactions include Physician Wealth Advisors Inc., which invested about $42,000 in the second quarter, and Geneos Wealth Management Inc., which raised its stake by 211.7% during the first quarter, now holding shares valued at $44,000. Collectively, institutional investors and hedge funds own approximately 89.81% of Workday’s stock.

Stock Performance and Insider Activity

As of the latest market data, shares of Workday opened at $224.50 on Friday. The company’s fifty-day simple moving average is $234.94, while its 200-day average stands at $238.10. Over the past year, Workday’s stock has reached a low of $205.33 and a high of $294.00. With a market capitalization of $59.94 billion, the company has a price-to-earnings ratio of 103.94 and a PEG ratio of 2.89.

Recent insider transactions have drawn attention as well. On October 10, 2023, Director Michael M. McNamara sold 5,393 shares at an average price of $235.16, totaling approximately $1.27 million. Following this transaction, McNamara holds 24,078 shares valued at around $5.66 million, reflecting an 18.30% decrease in his position. Similarly, CEO Carl M. Eschenbach sold 6,250 shares on October 1 at an average price of $237.52, resulting in a total of $1.48 million. Eschenbach now owns 20,222 shares worth approximately $4.80 million, marking a 23.61% reduction in ownership.

Over the past 90 days, insiders have sold a total of 264,933 shares valued at around $61.48 million. Insiders currently hold 19.31% of the company’s stock.

Analyst Ratings and Future Outlook

Equities analysts have recently provided their insights on Workday shares. BMO Capital Markets adjusted its price target from $314.00 to $285.00, maintaining an “outperform” rating. Zacks Research downgraded Workday from a “strong-buy” to a “hold” rating, while Citigroup slightly increased its target from $260.00 to $261.00, issuing a “neutral” rating. TD Cowen also lowered its price target from $310.00 to $290.00 with a “buy” rating.

MarketBeat.com reports that two analysts have rated the stock as a Strong Buy, while 23 have issued a Buy rating, and 10 have assigned a Hold rating. The consensus target price currently stands at $287.86.

Workday, Inc. specializes in providing enterprise cloud applications both in the United States and internationally. Its suite of applications assists clients with planning, executing, analyzing, and extending operations to manage business effectively.

For those interested in the latest updates on Workday and related companies, detailed reports and insider trading information can be accessed on various financial platforms.