Gateway Investment Advisers LLC Cuts Holdings in Workday, Inc. (NASDAQ:WDAY)

Gateway Investment Advisers LLC lowered its position in Workday, Inc. (NASDAQ:WDAY) by 14.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,488 shares of the software maker’s stock after selling 4,165 shares during the period. Gateway Investment Advisers LLC’s holdings in Workday were worth $5,698,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of WDAY. Sendero Wealth Management LLC acquired a new stake in Workday in the second quarter valued at approximately $744,000. Opal Wealth Advisors LLC grew its stake in Workday by 21.2% in the 2nd quarter. Opal Wealth Advisors LLC now owns 899 shares of the software maker’s stock valued at $201,000 after acquiring an additional 157 shares during the period. QRG Capital Management Inc. grew its stake in Workday by 5.7% in the 2nd quarter. QRG Capital Management Inc. now owns 6,265 shares of the software maker’s stock valued at $1,401,000 after acquiring an additional 339 shares during the period. Two Star Manager LLC purchased a new stake in Workday in the 2nd quarter worth $5,941,000. Finally, BDF Gestion acquired a new position in Workday during the second quarter worth $2,101,000. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Workday Stock Down 0.1 %

Shares of NASDAQ WDAY traded down $0.23 during midday trading on Friday, hitting $211.95. The company’s stock had a trading volume of 2,072,777 shares, compared to its average volume of 2,164,561. Workday, Inc. has a 1 year low of $199.81 and a 1 year high of $311.28. The business’s fifty day simple moving average is $220.05 and its two-hundred day simple moving average is $252.32. The firm has a market capitalization of $56.17 billion, a price-to-earnings ratio of 38.19, a price-to-earnings-growth ratio of 5.32 and a beta of 1.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.00 and a quick ratio of 2.00.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Thursday, May 23rd. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.31 by $0.20. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.97 billion. Workday had a net margin of 19.66% and a return on equity of 5.78%. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.16 earnings per share. On average, equities analysts predict that Workday, Inc. will post 2.12 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder David A. Duffield sold 82,762 shares of Workday stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $210.28, for a total value of $17,403,193.36. Following the completion of the transaction, the insider now owns 102,997 shares in the company, valued at $21,658,209.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Workday news, insider Douglas A. Robinson sold 3,121 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $214.44, for a total value of $669,267.24. Following the transaction, the insider now directly owns 204,066 shares in the company, valued at $43,759,913.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder David A. Duffield sold 82,762 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $210.28, for a total transaction of $17,403,193.36. Following the completion of the transaction, the insider now directly owns 102,997 shares in the company, valued at $21,658,209.16. The disclosure for this sale can be found here. Insiders have sold a total of 524,672 shares of company stock worth $115,938,834 in the last quarter. 20.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Jefferies Financial Group cut their target price on shares of Workday from $350.00 to $330.00 and set a “buy” rating for the company in a research note on Friday, May 24th. Piper Sandler reduced their target price on Workday from $280.00 to $262.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Stifel Nicolaus decreased their target price on Workday from $290.00 to $250.00 and set a “hold” rating on the stock in a research report on Friday, May 24th. Needham & Company LLC reiterated a “buy” rating and set a $350.00 price target on shares of Workday in a research report on Friday, May 24th. Finally, Mizuho decreased their price objective on Workday from $325.00 to $280.00 and set a “buy” rating on the stock in a report on Friday, May 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $281.44.

Workday 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.