Kovitz Investment Group Partners LLC Lowers Holdings in Workday, Inc. (NASDAQ:WDAY)

Kovitz Investment Group Partners LLC cut its holdings in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 71.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,498 shares of the software maker's stock after selling 3,701 shares during the period. Kovitz Investment Group Partners LLC's holdings in Workday were worth $387,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Workday by 28.9% in the fourth 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. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Workday in the 4th quarter worth $658,735,000. Norges Bank purchased a new position in Workday during the 4th quarter worth $645,710,000. Parnassus Investments LLC increased its position in Workday by 562.2% during the 4th quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker's stock valued at $631,589,000 after buying an additional 2,078,097 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Workday by 61.9% in the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock valued at $1,193,105,000 after buying an additional 1,772,223 shares during the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Workday news, major shareholder David A. Duffield sold 81,275 shares of Workday stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $214.68, for a total transaction of $17,448,117.00. Following the completion of the sale, the insider now directly owns 102,997 shares in the company, valued at $22,111,395.96. This trade represents a 44.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sayan Chakraborty sold 6,056 shares of Workday stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $265.50, for a total transaction of $1,607,868.00. Following the completion of the sale, the insider now owns 111,324 shares of the company's stock, valued at $29,556,522. This trade represents a 5.16 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 321,724 shares of company stock worth $77,976,126. Insiders own 20.00% of the company's stock.

Workday Price Performance

NASDAQ WDAY traded down $1.45 on Wednesday, hitting $246.34. The company had a trading volume of 150,422 shares, compared to its average volume of 2,570,139. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The company's fifty day moving average price is $238.57 and its 200-day moving average price is $251.98. The company has a market capitalization of $65.53 billion, a PE ratio of 40.83, a PEG ratio of 3.55 and a beta of 1.30. Workday, Inc. has a 12-month low of $199.81 and a 12-month high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last released its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing analysts' consensus estimates of $1.75 by ($1.27). The business had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.18 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. As a group, analysts predict that Workday, Inc. will post 2.63 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company cut their price objective on shares of Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Redburn Atlantic started coverage on shares of Workday in a report on Wednesday, February 19th. They issued a "neutral" rating for the company. Canaccord Genuity Group boosted their price objective on shares of Workday from $300.00 to $330.00 and gave the company a "buy" rating in a report on Wednesday, February 26th. Daiwa America raised Workday to a "strong-buy" rating in a research report on Tuesday, March 4th. Finally, Oppenheimer lifted their price target on Workday from $300.00 to $320.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 26th. Ten analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Workday has an average rating of "Moderate Buy" and an average price target of $293.62.

About Workday

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.