Envestnet Asset Management Inc. Trims Stake in Workday, Inc. (NASDAQ:WDAY)

Envestnet Asset Management Inc. trimmed its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 726,845 shares of the software maker's stock after selling 17,813 shares during the quarter. Envestnet Asset Management Inc. owned about 0.27% of Workday worth $169,740,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC raised its stake in shares of Workday by 5.0% in the first quarter. Janney Montgomery Scott LLC now owns 22,645 shares of the software maker's stock worth $5,288,000 after purchasing an additional 1,070 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in Workday by 13.9% during the first quarter. Kingswood Wealth Advisors LLC now owns 1,136 shares of the software maker's stock valued at $265,000 after acquiring an additional 139 shares in the last quarter. Sowell Financial Services LLC purchased a new position in Workday during the first quarter valued at approximately $290,000. Golden State Wealth Management LLC raised its position in Workday by 9,166.7% during the first quarter. Golden State Wealth Management LLC now owns 278 shares of the software maker's stock valued at $65,000 after acquiring an additional 275 shares in the last quarter. Finally, Brighton Jones LLC raised its position in Workday by 230.2% during the fourth quarter. Brighton Jones LLC now owns 4,005 shares of the software maker's stock valued at $1,033,000 after acquiring an additional 2,792 shares in the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Workday news, CEO Carl M. Eschenbach sold 6,250 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $239.43, for a total transaction of $1,496,437.50. Following the transaction, the chief executive officer owned 1,472 shares of the company's stock, valued at approximately $352,440.96. The trade was a 80.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $239.59, for a total value of $1,437,540.00. Following the completion of the sale, the chief financial officer owned 178,418 shares in the company, valued at $42,747,168.62. This represents a 3.25% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 328,554 shares of company stock worth $79,097,601. 19.31% of the stock is currently owned by corporate insiders.

Workday Trading Down 4.5%

NASDAQ WDAY traded down $10.87 on Thursday, reaching $229.30. 4,155,441 shares of the company were exchanged, compared to its average volume of 2,482,317. The business's fifty day moving average price is $249.15 and its 200 day moving average price is $249.07. The stock has a market capitalization of $61.22 billion, a P/E ratio of 126.69, a price-to-earnings-growth ratio of 3.63 and a beta of 1.21. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.33. Workday, Inc. has a fifty-two week low of $199.81 and a fifty-two week high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings data on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, topping analysts' consensus estimates of $2.01 by $0.22. The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.22 billion. Workday had a return on equity of 8.00% and a net margin of 5.60%. The firm's revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.74 earnings per share. Analysts forecast that Workday, Inc. will post 2.63 earnings per share for the current year.

Analyst Ratings Changes

WDAY has been the subject of several recent research reports. Westpark Capital lifted their price target on Workday from $315.00 to $328.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Piper Sandler reiterated an "underweight" rating and set a $235.00 price target (down from $255.00) on shares of Workday in a research report on Thursday. DA Davidson lifted their price target on Workday from $230.00 to $250.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. Citigroup cut Workday from a "neutral" rating to a "mixed" rating in a research report on Friday, May 16th. Finally, Loop Capital reduced their price target on Workday from $285.00 to $250.00 and set a "hold" rating for the company in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $296.88.

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.