NewEdge Wealth LLC Sells 82,522 Shares of Workday, Inc. $WDAY

NewEdge Wealth LLC cut its stake in Workday, Inc. (NASDAQ:WDAY) by 87.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,080 shares of the software maker’s stock after selling 82,522 shares during the period. NewEdge Wealth LLC’s holdings in Workday were worth $2,595,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rakuten Securities Inc. purchased a new stake in shares of Workday in the 2nd quarter valued at $25,000. Measured Wealth Private Client Group LLC purchased a new stake in Workday during the third quarter valued at about $26,000. JPL Wealth Management LLC purchased a new stake in shares of Workday during the third quarter valued at approximately $30,000. eCIO Inc. purchased a new stake in shares of Workday during the fourth quarter valued at approximately $36,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Workday during the fourth quarter valued at approximately $36,000. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Workday Stock Performance

Shares of Workday stock opened at $118.62 on Wednesday. The stock has a market cap of $30.49 billion, a price-to-earnings ratio of 45.98, a PEG ratio of 1.18 and a beta of 1.04. The firm’s 50-day moving average is $128.95 and its 200 day moving average is $175.19. Workday, Inc. has a 1 year low of $110.36 and a 1 year high of $276.00. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.32 and a quick ratio of 1.32.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Tuesday, February 24th. The software maker reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.15. Workday had a net margin of 7.26% and a return on equity of 13.37%. The company had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter in the previous year, the business posted $1.92 EPS. Workday’s revenue was up 14.5% compared to the same quarter last year. Sell-side analysts anticipate that Workday, Inc. will post 5.11 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $300.00 target price on shares of Workday in a report on Wednesday, February 25th. BTIG Research lowered their price objective on shares of Workday from $230.00 to $175.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Workday from $265.00 to $190.00 and set a “buy” rating for the company in a report on Wednesday, February 18th. DA Davidson lowered their price objective on Workday from $250.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, February 25th. Finally, JPMorgan Chase & Co. lowered their price objective on Workday from $270.00 to $230.00 and set an “overweight” rating for the company in a research report on Tuesday, February 24th. Nineteen analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Workday has an average rating of “Moderate Buy” and a consensus target price of $199.71.

Insider Transactions at Workday

In other Workday news, major shareholder David A. Duffield sold 107,500 shares of the company’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $129.76, for a total transaction of $13,949,200.00. Following the transaction, the insider owned 105,049 shares in the company, valued at approximately $13,631,158.24. This represents a 50.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gerrit S. Kazmaier sold 9,356 shares of the company’s stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $128.39, for a total transaction of $1,201,216.84. Following the transaction, the insider owned 165,074 shares in the company, valued at $21,193,850.86. This represents a 5.36% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last three months, insiders sold 989,814 shares of company stock valued at $131,576,291. 18.64% of the stock is owned by insiders.

Workday Profile

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.