Workday (NASDAQ:WDAY) Stock Price Down 4.6% - Time to Sell?

Workday, Inc. (NASDAQ:WDAY - Get Free Report)'s stock price was down 4.6% on Thursday . The company traded as low as $227.59 and last traded at $229.21. Approximately 1,385,120 shares changed hands during trading, a decline of 44% from the average daily volume of 2,468,959 shares. The stock had previously closed at $240.17.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on WDAY shares. Scotiabank reduced their price target on shares of Workday from $355.00 to $305.00 and set a "sector outperform" rating for the company in a research report on Monday, March 17th. Piper Sandler restated an "underweight" rating and set a $235.00 price target (down previously from $255.00) on shares of Workday in a research report on Thursday. Mizuho reduced their price target on shares of Workday from $320.00 to $275.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Needham & Company LLC restated a "buy" rating and set a $300.00 price target on shares of Workday in a research report on Wednesday, May 21st. Finally, Loop Capital reduced their price target on shares of Workday from $285.00 to $250.00 and set a "hold" rating for the company in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Workday has an average rating of "Moderate Buy" and an average price target of $296.88.

Workday Stock Down 2.6%

The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.33. The stock has a market cap of $59.64 billion, a price-to-earnings ratio of 123.41, a PEG ratio of 3.63 and a beta of 1.21. The business's fifty day moving average is $248.80 and its two-hundred day moving average is $248.82.

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

Insider Activity

In related news, CFO Zane Rowe sold 6,000 shares of the company's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $239.59, for a total value of $1,437,540.00. Following the completion of the sale, the chief financial officer directly owned 178,418 shares of the company's stock, valued at $42,747,168.62. This represents a 3.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director George J. Still, Jr. sold 7,500 shares of Workday stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $248.41, for a total value of $1,863,075.00. Following the transaction, the director directly owned 67,500 shares in the company, valued at approximately $16,767,675. This trade represents a 10.00% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 328,554 shares of company stock worth $79,097,601. Insiders own 19.31% of the company's stock.

Institutional Investors Weigh In On Workday

Large investors have recently modified their holdings of the company. TTP Investments Inc. raised its position in Workday by 4.5% in the 2nd quarter. TTP Investments Inc. now owns 1,333 shares of the software maker's stock valued at $320,000 after purchasing an additional 58 shares during the last quarter. Farther Finance Advisors LLC raised its position in Workday by 16.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 4,079 shares of the software maker's stock valued at $979,000 after purchasing an additional 585 shares during the last quarter. Diversified Trust Co raised its position in Workday by 35.0% in the 2nd quarter. Diversified Trust Co now owns 6,557 shares of the software maker's stock valued at $1,574,000 after purchasing an additional 1,699 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Workday by 225.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 534,903 shares of the software maker's stock worth $128,377,000 after acquiring an additional 370,596 shares during the period. Finally, Perpetual Ltd purchased a new position in Workday in the 2nd quarter valued at $966,000. 89.81% of the stock is owned by institutional investors and hedge funds.

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.