Peregrine Capital Management LLC Sells 7,585 Shares of Workday, Inc. (NASDAQ:WDAY)

Peregrine Capital Management LLC cut its stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 3.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 206,820 shares of the software maker's stock after selling 7,585 shares during the quarter. Workday comprises approximately 1.6% of Peregrine Capital Management LLC's portfolio, making the stock its 13th biggest position. Peregrine Capital Management LLC owned approximately 0.08% of Workday worth $48,299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Workday by 28.9% in the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker's stock valued at $5,197,447,000 after acquiring an additional 4,517,272 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Workday by 61.9% in the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock worth $1,193,105,000 after purchasing an additional 1,772,223 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Workday by 60.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock valued at $960,454,000 after purchasing an additional 1,406,088 shares in the last quarter. Brown Advisory Inc. boosted its position in shares of Workday by 1.5% during the fourth quarter. Brown Advisory Inc. now owns 3,530,701 shares of the software maker's stock valued at $911,027,000 after buying an additional 52,104 shares during the last quarter. Finally, FIL Ltd increased its holdings in Workday by 6.5% in the 4th quarter. FIL Ltd now owns 2,963,124 shares of the software maker's stock worth $764,575,000 after buying an additional 181,899 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on WDAY shares. Mizuho lowered their target price on shares of Workday from $320.00 to $275.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Needham & Company LLC reissued a "buy" rating and set a $300.00 price objective on shares of Workday in a report on Wednesday, May 21st. Guggenheim restated a "neutral" rating on shares of Workday in a report on Friday, May 23rd. Oppenheimer cut their target price on shares of Workday from $320.00 to $300.00 and set an "outperform" rating for the company in a research report on Friday, May 23rd. Finally, JPMorgan Chase & Co. lowered their price target on Workday from $310.00 to $295.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. Nine equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $297.68.

Workday Price Performance

Shares of WDAY traded up $4.29 during trading hours on Thursday, reaching $242.03. 1,301,745 shares of the stock traded hands, compared to its average volume of 2,456,671. The company has a market cap of $64.62 billion, a P/E ratio of 133.72, a price-to-earnings-growth ratio of 3.61 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. The company's 50-day moving average price is $249.12 and its two-hundred day moving average price is $250.17. Workday, Inc. has a 52-week low of $199.81 and a 52-week high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, beating the consensus estimate of $2.01 by $0.22. Workday had a return on equity of 8.00% and a net margin of 5.60%. The business had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the previous year, the business earned $1.74 earnings per share. The business's revenue was up 12.6% on a year-over-year basis. On average, analysts anticipate that Workday, Inc. will post 2.63 earnings per share for the current year.

Insiders Place Their Bets

In other Workday news, CEO Carl M. Eschenbach sold 6,250 shares of the 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 directly owned 1,472 shares of the company's stock, valued at $352,440.96. This trade represents a 80.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director George J. Still, Jr. sold 7,500 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $248.41, for a total transaction of $1,863,075.00. Following the completion of the transaction, the director directly owned 67,500 shares in the company, valued at $16,767,675. This trade represents a 10.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 331,775 shares of company stock valued at $77,836,828 in the last 90 days. 19.31% of the stock is currently owned by company insiders.

Workday Company Profile

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.