Workday, Inc. (NASDAQ:WDAY), a prominent software company with a market capitalization of $72 billion and an "GREAT" financial health rating according to InvestingPro, saw Director George J. Still Jr. recently sell shares, as disclosed in a filing with the Securities and Exchange Commission. The transactions, executed on December 16, involved the sale of 7,500 shares of Class A Common Stock, amounting to approximately $2.07 million.
The shares were sold at prices ranging from $270.775 to $278.656 per share. Following these transactions, Still owns 82,500 shares indirectly through the Still Family Trust.
These sales were conducted under a Rule 10b5-1 trading plan, which was adopted by the Still Family Trust on October 5, 2023. This plan allows insiders to sell a predetermined number of shares at a set time, helping to avoid potential accusations of insider trading.
As of the filing, Still continues to hold a significant number of shares in Workday, both directly and indirectly through other entities.
In other recent news, Workday, Inc. has seen a flurry of activity. RBC Capital Markets has upgraded its price target for the company from $300 to $320, maintaining an Outperform rating. This optimism stems from the company's strong financial health and solid fundamentals, including a remarkable 16.8% revenue growth. Workday's recent strategy shift towards market expansion, as opposed to product development, has been noted as a significant factor in this positive outlook.
Workday's inclusion in the S&P 500 Index has also been a notable development. This inclusion is often indicative of a company's strong market capitalization and liquidity, making it a significant event for Workday. Despite a 16% increase in third-quarter subscription revenue, the company has adjusted its fiscal year 2026 subscription growth forecast to a slightly lower 14%.
Analyst firms have provided mixed reactions to these developments. TD Cowen and Oppenheimer have maintained their positive ratings, while Goldman Sachs (NYSE:GS) has reduced its price target for Workday but sustained a Buy rating. Despite slight revisions in the fiscal year 2025 subscription revenue guidance and initial fiscal year 2026 guidance, TD Cowen expressed confidence in Workday's long-term prospects.
In the tech sector, Piper Sandler analysts have released insights from the 2025 CIO Survey, indicating a strong outlook for IT spending. Workday holds a Neutral rating due to its pricing model's sensitivity to AI's impact on headcount. These are some of the recent developments related to Workday, Inc.
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