NewEdge Wealth LLC Has $2.60 Million Stock Holdings in Workday, Inc. $WDAY

Key Points

• NewEdge Wealth LLC sharply cut its Workday stake by 87.2% in the fourth quarter, leaving it with 12,080 shares valued at about $2.6 million.
• Wall Street remains cautiously positive on Workday, with 19 analysts rating it a Buy, 14 Hold, and 1 Sell; the consensus rating is Moderate Buy with an average price target of $199.71.
• Workday’s latest earnings beat expectations, reporting EPS of $2.47 versus $2.32 expected and revenue of $2.53 billion, up 14.5% from a year earlier, even as the stock traded down 2.3% to $118.62.

NewEdge Wealth LLC decreased its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 87.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. 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 filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the business. Crossmark Global Holdings Inc. boosted its stake in Workday by 26.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 13,151 shares of the software maker's stock valued at $2,825,000 after buying an additional 2,715 shares in the last quarter. Koshinski Asset Management Inc. acquired a new position in shares of Workday in the fourth quarter worth approximately $203,000. Generali Asset Management SPA SGR lifted its stake in shares of Workday by 31.3% in the fourth quarter. Generali Asset Management SPA SGR now owns 27,206 shares of the software maker's stock worth $5,843,000 after acquiring an additional 6,480 shares during the period. MGO One Seven LLC lifted its holdings in Workday by 55.8% in the fourth quarter. MGO One Seven LLC now owns 7,077 shares of the software maker's stock valued at $1,520,000 after buying an additional 2,534 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its holdings in Workday by 18.8% in the fourth quarter. Sequoia Financial Advisors LLC now owns 6,700 shares of the software maker's stock valued at $1,439,000 after buying an additional 1,062 shares during the period. 89.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WDAY has been the topic of several research reports. Mizuho dropped their price objective on shares of Workday from $275.00 to $210.00 and set an "outperform" rating on the stock in a report on Wednesday, February 25th. BMO Capital Markets lowered their target price on Workday from $204.00 to $182.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 25th. Rosenblatt Securities lowered their target price on Workday from $180.00 to $150.00 and set a "buy" rating on the stock in a research report on Wednesday, February 25th. Needham & Company LLC reaffirmed a "buy" rating and set a $300.00 target price on shares of Workday in a research report on Wednesday, February 25th. Finally, BTIG Research lowered their target price on Workday from $230.00 to $175.00 and set a "buy" rating on the stock in a research report on Wednesday, February 25th. 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $199.71.

Workday Trading Down 2.3%

NASDAQ:WDAY opened at $118.62 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market cap of $30.49 billion, a price-to-earnings ratio of 45.98, a price-to-earnings-growth ratio of 1.18 and a beta of 1.04. Workday, Inc. has a 52 week low of $110.36 and a 52 week high of $276.00. The firm has a 50-day moving average price of $128.95 and a two-hundred day moving average price of $175.19.

Workday (NASDAQ:WDAY - Get Free Report) last announced its earnings results on Tuesday, February 24th. The software maker reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.15. Workday had a return on equity of 13.37% and a net margin of 7.26%.The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same period last year, the firm posted $1.92 EPS. The business's revenue was up 14.5% compared to the same quarter last year. On average, equities analysts expect that Workday, Inc. will post 5.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Zane Rowe sold 6,000 shares of Workday stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $128.22, for a total value of $769,320.00. Following the completion of the sale, the chief financial officer owned 217,930 shares of the company's stock, valued at approximately $27,942,984.60. This trade represents a 2.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 Workday stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $129.41, for a total transaction of $695,319.93. Following the completion of the transaction, the insider owned 165,414 shares of the company's stock, valued at $21,406,225.74. This represents a 3.15% decrease in their ownership of the stock. 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. Insiders have sold a total of 989,814 shares of company stock worth $131,576,291 in the last quarter. 18.64% of the stock is currently owned by company 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.

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