Peregrine Capital Management LLC Sells 10,679 Shares of Workday, Inc. $WDAY

Key Points

• Peregrine Capital Management trimmed its Workday stake by 6.2% in the first quarter, selling 10,679 shares and leaving it with 161,381 shares valued at about $21 million.
• Institutional ownership remains heavy, with hedge funds and other institutions holding 89.81% of Workday’s stock, while several other funds either added to or initiated positions during the quarter.
• Analysts are mixed but generally constructive: Workday has a consensus rating of “Moderate Buy” and an average price target of $184, despite a range of upgrades, downgrades, and insider selling activity.

Peregrine Capital Management LLC reduced its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 6.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,381 shares of the software maker's stock after selling 10,679 shares during the quarter. Workday comprises approximately 0.8% of Peregrine Capital Management LLC's portfolio, making the stock its 23rd biggest holding. Peregrine Capital Management LLC owned approximately 0.06% of Workday worth $20,967,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GraniteShares Advisors LLC increased its holdings in shares of Workday by 10.9% in the 1st quarter. GraniteShares Advisors LLC now owns 4,282 shares of the software maker's stock worth $556,000 after buying an additional 420 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ lifted its holdings in shares of Workday by 1.3% during the 1st quarter. Lansforsakringar Fondforvaltning AB publ now owns 69,996 shares of the software maker's stock worth $9,094,000 after acquiring an additional 877 shares during the last quarter. Apollon Wealth Management LLC lifted its holdings in shares of Workday by 27.6% during the 1st quarter. Apollon Wealth Management LLC now owns 4,174 shares of the software maker's stock worth $542,000 after acquiring an additional 903 shares during the last quarter. Patton Fund Management Inc. purchased a new position in Workday in the first quarter worth $346,000. Finally, Red Door Wealth Management LLC increased its stake in Workday by 10.4% in the first quarter. Red Door Wealth Management LLC now owns 1,788 shares of the software maker's stock valued at $232,000 after acquiring an additional 168 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company's stock.

Analyst Upgrades and Downgrades

WDAY has been the subject of a number of research reports. Jefferies Financial Group upped their price objective on Workday from $115.00 to $140.00 and gave the stock a "hold" rating in a report on Friday, May 22nd. Summit Redstone set a $275.00 target price on Workday in a research report on Wednesday, May 27th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Workday in a research note on Wednesday, June 17th. The Goldman Sachs Group decreased their price target on shares of Workday from $206.00 to $151.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 26th. Finally, Wall Street Zen raised shares of Workday from a "hold" rating to a "buy" rating in a research note on Saturday, March 28th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Workday has a consensus rating of "Moderate Buy" and an average price target of $184.00.

Insider Buying and Selling at Workday

In other Workday news, CFO Zane Rowe sold 6,000 shares of the firm's stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $128.22, for a total value of $769,320.00. Following the sale, the chief financial officer owned 217,930 shares of the company's stock, valued at $27,942,984.60. This trade represents a 2.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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, CAO Mark S. Garfield sold 1,585 shares of the company's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $113.05, for a total transaction of $179,184.25. Following the transaction, the chief accounting officer directly owned 31,467 shares of the company's stock, valued at approximately $3,557,344.35. This trade represents a 4.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 774,814 shares of company stock worth $98,324,391 over the last ninety days. 18.64% of the stock is owned by company insiders.

Key Stories Impacting Workday

Here are the key news stories impacting Workday this week:

• Positive Sentiment: Workday appears to be benefiting from expanding customer demand and broader adoption of its HCM and financial management software across industries such as education, public sector, and financial services, which supports renewals and future growth. Workday (WDAY) Expands Its Solutions Portfolio As Customer Demand Spreads Across Industries
• Positive Sentiment: Analyst sentiment remains constructive, with recent upgrades and higher price targets reinforcing the view that Workday’s AI-enhanced product suite and revenue mix can support longer-term upside. Does Workday’s (WDAY) Index Shuffle and ESOP Shelf Clarify Its Long-Term Strategic Priorities?
• Neutral Sentiment: Workday’s inclusion in index reshuffling and a $3.19 billion shelf registration tied to ESOP flexibility are drawing attention, but these moves are not necessarily an immediate fundamental negative and may simply reflect capital and employee-compensation planning. Does Workday’s (WDAY) Index Shuffle and ESOP Shelf Clarify Its Long-Term Strategic Priorities?
• Neutral Sentiment: Workday continues to show solid underlying financial performance, with its latest quarter beating EPS and revenue estimates, which helps offset some near-term market concern.
• Negative Sentiment: Major shareholder David Duffield sold 107,500 shares for about $12.4 million under a pre-arranged 10b5-1 plan, a disclosure that can weigh on sentiment even if the sale was planned in advance. Insider Selling: Workday NASDAQ: WDAY Major Shareholder Sells $12,427,000.00 in Stock
• Negative Sentiment: Investor caution toward software valuations and concerns that AI could pressure long-term growth across the sector are also contributing to weakness in the stock. Are NOW, CRM, WDAY, and ADBE stocks bargains after their valuation reset?

Workday Stock Performance

NASDAQ:WDAY opened at $122.42 on Wednesday. The firm has a market cap of $30.24 billion, a PE ratio of 38.26, a price-to-earnings-growth ratio of 1.32 and a beta of 1.09. Workday, Inc. has a fifty-two week low of $110.36 and a fifty-two week high of $249.85. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01. The business has a 50 day moving average price of $127.41 and a 200-day moving average price of $151.23.

Workday (NASDAQ:WDAY - Get Free Report) last issued its earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.51 by $0.15. Workday had a net margin of 8.60% and a return on equity of 14.75%. The firm had revenue of $2.54 billion for the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter last year, the business earned $2.23 earnings per share. The business's revenue was up 13.5% on a year-over-year basis. Equities research analysts predict that Workday, Inc. will post 5.34 earnings per share for the current year.

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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