Cresset Asset Management LLC Sells 63,249 Shares of Workday, Inc. (NASDAQ:WDAY)

Cresset Asset Management LLC lowered its holdings in Workday, Inc. (NASDAQ:WDAY - Free Report) by 87.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,745 shares of the software maker's stock after selling 63,249 shares during the quarter. Cresset Asset Management LLC's holdings in Workday were worth $2,256,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Roxbury Financial LLC bought a new stake in shares of Workday in the 4th quarter worth approximately $25,000. Crews Bank & Trust bought a new position in shares of Workday during the 4th quarter worth approximately $26,000. Avion Wealth lifted its position in shares of Workday by 452.6% during the 4th quarter. Avion Wealth now owns 105 shares of the software maker's stock worth $27,000 after buying an additional 86 shares during the period. TCTC Holdings LLC bought a new position in shares of Workday during the 4th quarter worth approximately $35,000. Finally, Rakuten Securities Inc. lifted its position in shares of Workday by 78.6% during the 4th quarter. Rakuten Securities Inc. now owns 150 shares of the software maker's stock worth $39,000 after buying an additional 66 shares during the period. Institutional investors and hedge funds own 89.81% of the company's stock.

Insiders Place Their Bets

In other news, insider Sayan Chakraborty sold 6,056 shares of the business's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $265.50, for a total value of $1,607,868.00. Following the sale, the insider now directly owns 111,324 shares in the company, valued at $29,556,522. The trade was a 5.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 497 shares of the business's stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $226.55, for a total value of $112,595.35. Following the completion of the sale, the chief accounting officer now owns 34,385 shares in the company, valued at approximately $7,789,921.75. This trade represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 321,724 shares of company stock worth $77,976,126. Corporate insiders own 19.31% of the company's stock.

Wall Street Analyst Weigh In

WDAY has been the subject of several analyst reports. Stifel Nicolaus raised their target price on Workday from $270.00 to $310.00 and gave the stock a "hold" rating in a research report on Wednesday, February 26th. Needham & Company LLC restated a "buy" rating and set a $300.00 target price on shares of Workday in a research report on Monday, March 24th. JPMorgan Chase & Co. raised their target price on Workday from $285.00 to $310.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Piper Sandler cut their price objective on Workday from $290.00 to $230.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Finally, Royal Bank of Canada lifted their price objective on Workday from $320.00 to $340.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. Ten analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Workday presently has a consensus rating of "Moderate Buy" and an average price target of $293.62.

Workday Trading Up 2.9%

WDAY stock traded up $7.39 during midday trading on Monday, hitting $266.57. 2,062,202 shares of the company's stock were exchanged, compared to its average volume of 2,575,768. The stock's fifty day moving average price is $238.63 and its 200-day moving average price is $252.53. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. The company has a market cap of $70.91 billion, a PE ratio of 44.21, a price-to-earnings-growth ratio of 3.55 and a beta of 1.30. Workday, Inc. has a one year low of $199.81 and a one year high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last posted its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($1.27). The business had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. Research analysts predict that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

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.