Eventide Asset Management LLC Sells 10,371 Shares of Workday, Inc. $WDAY

Key Points

• Eventide Asset Management cut its Workday stake by 68.1% in the fourth quarter, selling 10,371 shares and leaving it with 4,857 shares worth about $1.05 million.
• Workday reported better-than-expected quarterly results, posting EPS of $2.66 versus estimates of $2.51 and revenue of $2.54 billion, up 13.5% year over year.
• Despite recent insider and analyst caution, Wall Street still sees moderate upside: Workday has a consensus rating of “Moderate Buy” with an average price target of $185.03.

Eventide Asset Management LLC lowered its holdings in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 68.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,857 shares of the software maker's stock after selling 10,371 shares during the quarter. Eventide Asset Management LLC's holdings in Workday were worth $1,054,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Rakuten Securities Inc. bought a new position in Workday during the second quarter valued at $25,000. Measured Wealth Private Client Group LLC bought a new position in Workday during the third quarter valued at $26,000. DT Investment Partners LLC bought a new position in Workday during the fourth quarter valued at $27,000. LRI Investments LLC bought a new position in Workday during the fourth quarter valued at $29,000. Finally, JPL Wealth Management LLC bought a new position in Workday during the third quarter valued at $30,000. Institutional investors own 89.81% of the company's stock.

Workday Stock Performance

Shares of WDAY opened at $130.80 on Monday. Workday, Inc. has a 1-year low of $110.36 and a 1-year high of $249.85. The company has a 50-day moving average of $128.10 and a 200 day moving average of $159.55. The firm has a market capitalization of $32.31 billion, a price-to-earnings ratio of 40.88, a PEG ratio of 1.39 and a beta of 1.09. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings data on Thursday, May 21st. The software maker reported $2.66 earnings per share for the quarter, beating analysts' consensus estimates of $2.51 by $0.15. Workday had a net margin of 8.60% and a return on equity of 14.75%. The company had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same quarter last year, the business posted $2.23 EPS. The firm's revenue for the quarter was up 13.5% on a year-over-year basis. On average, research analysts expect that Workday, Inc. will post 5.4 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Workday from $270.00 to $230.00 and set an "overweight" rating for the company in a research report on Tuesday, February 24th. Morgan Stanley lowered their price objective on shares of Workday from $280.00 to $200.00 and set an "equal weight" rating for the company in a research report on Monday, February 23rd. Royal Bank Of Canada reiterated an "outperform" rating on shares of Workday in a research report on Friday, May 22nd. BMO Capital Markets reiterated an "outperform" rating on shares of Workday in a research report on Friday, May 22nd. Finally, Wolfe Research restated an "outperform" rating and issued a $160.00 target price on shares of Workday in a report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $185.03.

Insider Buying and Selling at Workday

In other Workday news, insider Gerrit S. Kazmaier sold 9,356 shares of the firm'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 of the company's stock, valued at approximately $21,193,850.86. This trade represents a 5.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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. Also, insider Robert Enslin sold 5,373 shares of the firm's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $129.41, for a total transaction of $695,319.93. Following the transaction, the insider directly owned 165,414 shares in the company, valued at $21,406,225.74. This trade represents a 3.15% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last quarter, insiders sold 774,814 shares of company stock worth $102,709,316. Company insiders own 18.64% of the company's stock.

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.

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