Envestnet Asset Management Inc. Sells 17,813 Shares of Workday, Inc. (NASDAQ:WDAY)

Envestnet Asset Management Inc. cut its holdings in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 2.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 726,845 shares of the software maker's stock after selling 17,813 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.27% of Workday worth $169,740,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Farmers & Merchants Investments Inc. bought a new stake in Workday during the 1st quarter worth about $32,000. TCTC Holdings LLC bought a new stake in Workday during the 4th quarter worth about $35,000. Financial Management Professionals Inc. lifted its position in Workday by 54.0% during the 1st quarter. Financial Management Professionals Inc. now owns 154 shares of the software maker's stock worth $36,000 after buying an additional 54 shares in the last quarter. Rakuten Securities Inc. lifted its position in 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 in the last quarter. Finally, Pinnacle Bancorp Inc. bought a new stake in Workday during the 1st quarter worth about $40,000. 89.81% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

WDAY has been the topic of several recent analyst reports. DA Davidson boosted their price objective on shares of Workday from $230.00 to $250.00 and gave the stock a "neutral" rating in a research note on Friday, May 23rd. Scotiabank lowered their price objective on shares of Workday from $355.00 to $305.00 and set a "sector outperform" rating on the stock in a research note on Monday, March 17th. Westpark Capital boosted their price objective on shares of Workday from $315.00 to $328.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Piper Sandler restated an "underweight" rating and set a $235.00 price objective (down from $255.00) on shares of Workday in a research note on Thursday. Finally, JMP Securities restated a "market outperform" rating and set a $315.00 price objective on shares of Workday in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $296.88.

Workday Stock Performance

NASDAQ WDAY traded down $5.93 during trading on Friday, reaching $223.37. The company's stock had a trading volume of 2,494,795 shares, compared to its average volume of 2,482,412. The firm has a 50 day moving average price of $248.29 and a 200 day moving average price of $248.51. Workday, Inc. has a 12 month low of $199.81 and a 12 month high of $294.00. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $59.64 billion, a price-to-earnings ratio of 123.41, a price-to-earnings-growth ratio of 3.46 and a beta of 1.21.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings results 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. Workday had a net margin of 5.60% and a return on equity of 8.00%. The company had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the prior year, the firm posted $1.74 EPS. The firm's quarterly revenue was up 12.6% on a year-over-year basis. As a group, equities analysts anticipate that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Insider Activity

In other news, CEO Carl M. Eschenbach sold 6,250 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $239.43, for a total transaction of $1,496,437.50. Following the completion of the sale, the chief executive officer owned 1,472 shares of the company's stock, valued at approximately $352,440.96. This represents a 80.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 72,551 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $239.61, for a total transaction of $17,383,945.11. Following the sale, the insider directly owned 102,997 shares of the company's stock, valued at approximately $24,679,111.17. This trade represents a 41.33% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 328,554 shares of company stock worth $79,097,601. Insiders own 19.31% of the company's stock.

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.