NewEdge Wealth LLC Lowers Stock Position in Workday, Inc. $WDAY

NewEdge Wealth LLC cut its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 35.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,849 shares of the software maker’s stock after selling 4,231 shares during the quarter. NewEdge Wealth LLC’s holdings in Workday were worth $1,020,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WDAY. Rakuten Securities Inc. purchased a new position in Workday during the second quarter valued at approximately $25,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Workday in the third quarter worth $26,000. JPL Wealth Management LLC purchased a new stake in shares of Workday in the third quarter worth $30,000. DT Investment Partners LLC bought a new stake in shares of Workday during the 4th quarter valued at $27,000. Finally, LRI Investments LLC bought a new stake in shares of Workday during the 4th quarter valued at $29,000. 89.81% of the stock is owned by hedge funds and other institutional investors.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $147.54 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a fifty day moving average price of $133.51 and a 200 day moving average price of $140.92. Workday, Inc. has a fifty-two week low of $110.36 and a fifty-two week high of $249.85. The firm has a market cap of $36.44 billion, a price-to-earnings ratio of 46.11, a P/E/G ratio of 1.44 and a beta of 1.11.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.15. The company had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.52 billion. Workday had a net margin of 8.60% and a return on equity of 14.75%. Workday’s quarterly revenue was up 13.5% on a year-over-year basis. During the same period last year, the company posted $2.23 earnings per share. As a group, sell-side analysts expect that Workday, Inc. will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Workday

In other news, major shareholder David A. Duffield sold 107,500 shares of Workday stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $122.04, for a total value of $13,119,300.00. Following the sale, the insider directly owned 105,049 shares of the company’s stock, valued at approximately $12,820,179.96. The trade was a 50.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Enslin sold 5,374 shares of the business’s stock in a transaction dated Sunday, July 5th. The stock was sold at an average price of $134.90, for a total value of $724,952.60. Following the completion of the sale, the insider owned 239,469 shares in the company, valued at $32,304,368.10. This represents a 2.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 875,020 shares of company stock valued at $113,938,503 in the last 90 days. Insiders own 18.64% of the company’s stock.

Wall Street Analysts Forecast Growth

WDAY has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Workday in a report on Wednesday, June 17th. Oppenheimer reissued an “outperform” rating on shares of Workday in a report on Thursday, June 11th. TD Cowen reissued a “hold” rating on shares of Workday in a report on Friday, May 22nd. Summit Redstone set a $275.00 price objective on Workday in a research report on Wednesday, May 27th. Finally, KeyCorp upped their price objective on Workday from $155.00 to $158.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Workday has a consensus rating of “Moderate Buy” and a consensus target price of $179.80.

About Workday

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.