Stonegate Investment Group LLC Cuts Stake in Workday, Inc. (NASDAQ:WDAY)

Stonegate Investment Group LLC decreased its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 35.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,560 shares of the software maker's stock after selling 7,338 shares during the period. Stonegate Investment Group LLC's holdings in Workday were worth $3,499,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new position in Workday during the 3rd quarter worth approximately $26,000. Meeder Asset Management Inc. increased its position in shares of Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker's stock worth $35,000 after buying an additional 43 shares during the period. New Millennium Group LLC raised its stake in Workday by 177.4% during the third quarter. New Millennium Group LLC now owns 147 shares of the software maker's stock worth $36,000 after buying an additional 94 shares during the last quarter. True Wealth Design LLC lifted its holdings in Workday by 4,766.7% in the third quarter. True Wealth Design LLC now owns 146 shares of the software maker's stock valued at $36,000 after buying an additional 143 shares during the period. Finally, Fortitude Family Office LLC boosted its position in Workday by 713.6% during the third quarter. Fortitude Family Office LLC now owns 179 shares of the software maker's stock valued at $44,000 after acquiring an additional 157 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors.

Insider Transactions at Workday

In other news, major shareholder David A. Duffield sold 57,000 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $275.31, for a total value of $15,692,670.00. Following the sale, the insider now directly owns 284,000 shares of the company's stock, valued at approximately $78,188,040. This represents a 16.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 472 shares of the business's stock in a transaction on Monday, January 13th. The shares were sold at an average price of $248.24, for a total transaction of $117,169.28. Following the transaction, the chief accounting officer now owns 35,408 shares of the company's stock, valued at $8,789,681.92. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 438,819 shares of company stock worth $113,142,592 over the last quarter. Corporate insiders own 20.00% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WDAY. StockNews.com lowered Workday from a "buy" rating to a "hold" rating in a research report on Monday, January 13th. Bank of America dropped their price target on Workday from $310.00 to $285.00 and set a "buy" rating on the stock in a research note on Wednesday, November 27th. Wells Fargo & Company raised their price objective on shares of Workday from $300.00 to $330.00 and gave the stock an "overweight" rating in a research report on Monday, December 9th. Piper Sandler reissued a "neutral" rating and set a $270.00 target price (down from $285.00) on shares of Workday in a research note on Wednesday, November 27th. Finally, Royal Bank of Canada lifted their price target on shares of Workday from $300.00 to $320.00 and gave the company an "outperform" rating in a research note on Wednesday, December 18th. Eight research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $292.25.

Workday Stock Performance

Shares of Workday stock traded up $6.23 during trading hours on Tuesday, hitting $270.43. 2,532,952 shares of the company's stock traded hands, compared to its average volume of 2,091,044. The company has a fifty day simple moving average of $261.01 and a 200-day simple moving average of $248.19. 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 stock has a market capitalization of $71.93 billion, a price-to-earnings ratio of 44.85, a PEG ratio of 4.58 and a beta of 1.34. Workday, Inc. has a 12-month low of $199.81 and a 12-month high of $311.28.

Workday (NASDAQ:WDAY - Get Free Report) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.76 by $0.13. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. The business's revenue for the quarter was up 15.8% on a year-over-year basis. During the same period last year, the business posted $0.47 earnings per share. Equities research analysts anticipate that Workday, Inc. will post 2.63 EPS for the current fiscal year.

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.