Workday, Inc. $WDAY Shares Sold by Edgestream Partners L.P.

Key Points

• Edgestream Partners cut its Workday stake by 59.9% in the first quarter, selling 10,822 shares and retaining 7,248 shares valued at approximately $942,000. Institutional investors collectively own 89.81% of WDAY.
• Workday reported quarterly EPS of $2.66, beating estimates by $0.15, while revenue rose 13.5% year over year to $2.54 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $179.80.
• Insiders sold approximately $113.9 million of Workday stock over the past 90 days, including major shareholder David Duffield’s sale of 107,500 shares and insider Robert Enslin’s sale of 5,374 shares.

Edgestream Partners L.P. decreased its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 59.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,248 shares of the software maker's stock after selling 10,822 shares during the period. Edgestream Partners L.P.'s holdings in Workday were worth $942,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of WDAY. Rakuten Securities Inc. acquired a new stake in shares of Workday in the second quarter worth approximately $25,000. Measured Wealth Private Client Group LLC acquired a new stake in Workday during the third quarter worth $26,000. DT Investment Partners LLC acquired a new position in Workday in the fourth quarter valued at about $27,000. LRI Investments LLC purchased a new position in shares of Workday during the 4th quarter worth approximately $29,000. Finally, JPL Wealth Management LLC acquired a new position in Workday during the 3rd quarter worth about $30,000. Institutional investors and hedge funds own 89.81% of the company's stock.

Workday Trading Up 3.8%

NASDAQ WDAY opened at $171.28 on Wednesday. The firm's 50 day moving average price is $137.99 and its two-hundred day moving average price is $139.18. The stock has a market cap of $42.31 billion, a price-to-earnings ratio of 53.52, a PEG ratio of 1.76 and a beta of 1.08. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01. Workday, Inc. has a twelve month low of $110.36 and a twelve month high of $249.85.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings data on Thursday, May 21st. The software maker reported $2.66 EPS for the quarter, beating analysts' consensus estimates of $2.51 by $0.15. The business had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.52 billion. Workday had a return on equity of 14.75% and a net margin of 8.60%.The firm's revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.23 EPS. Equities analysts anticipate that Workday, Inc. will post 5.38 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on WDAY. Piper Sandler increased their price objective on Workday from $135.00 to $145.00 and gave the company a "neutral" rating in a research note on Friday, May 22nd. Wells Fargo & Company upped their price objective on Workday from $180.00 to $185.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Summit Redstone set a $275.00 price target on Workday in a report on Wednesday, May 27th. The Goldman Sachs Group reduced their price target on shares of Workday from $206.00 to $151.00 and set a "neutral" rating on the stock in a report on Tuesday, May 26th. Finally, Bank of America began coverage on Workday in a report on Wednesday, May 27th. They issued a "neutral" rating and a $140.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, Workday presently has a consensus rating of "Moderate Buy" and a consensus price target of $179.80.

Insider Activity

In related news, insider Robert Enslin sold 5,374 shares of the company's stock in a transaction on Sunday, July 5th. The shares were sold at an average price of $134.90, for a total value of $724,952.60. Following the completion of the sale, the insider owned 239,469 shares in the company, valued at $32,304,368.10. This represents a 2.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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, major shareholder David A. Duffield sold 107,500 shares of the stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $122.04, for a total transaction of $13,119,300.00. Following the transaction, the insider owned 105,049 shares of the company's stock, valued at approximately $12,820,179.96. This represents a 50.58% 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. Over the last 90 days, insiders sold 875,020 shares of company stock worth $113,938,503. Insiders own 18.64% of the company's stock.

Workday Company 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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