Workday (NASDAQ:WDAY) Stock Price Down 9.4% – What’s Next?

Workday, Inc. (NASDAQ:WDAY) shares traded down 9.4% during mid-day trading on Thursday . The stock traded as low as $153.92 and last traded at $152.1840. 1,173,744 shares changed hands during trading, a decline of 77% from the average daily volume of 5,096,620 shares. The stock had previously closed at $168.01.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WDAY. UBS Group boosted their price objective on shares of Workday from $130.00 to $140.00 and gave the company a “neutral” rating in a research report on Friday, May 22nd. William Blair upgraded shares of Workday to a “strong-buy” rating in a research report on Friday, May 22nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Workday in a research note on Wednesday, June 17th. Piper Sandler raised their price objective on shares of Workday from $135.00 to $145.00 and gave the stock a “neutral” rating in a report on Friday, May 22nd. Finally, DA Davidson set a $135.00 price objective on Workday in a research report on Tuesday, May 26th. 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 given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $179.80.

Workday Price Performance

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.30. The stock has a 50 day simple moving average of $134.94 and a 200-day simple moving average of $140.27. The firm has a market cap of $37.87 billion, a PE ratio of 47.85, a price-to-earnings-growth ratio of 1.70 and a beta of 1.11.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.15. Workday had a return on equity of 14.75% and a net margin of 8.60%.The company had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.52 billion. The firm’s revenue was up 13.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.23 EPS. Equities analysts anticipate that Workday, Inc. will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Workday

In related news, insider Robert Enslin sold 5,374 shares of the stock in a transaction that occurred on Sunday, July 5th. The stock was sold at an average price of $134.90, for a total value of $724,952.60. Following the transaction, the insider owned 239,469 shares of the company’s stock, valued at $32,304,368.10. This represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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, insider Gerrit S. Kazmaier sold 2,728 shares of the company’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $143.62, for a total value of $391,795.36. Following the sale, the insider owned 266,388 shares of the company’s stock, valued at $38,258,644.56. This trade represents a 1.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Over the last ninety days, insiders sold 875,020 shares of company stock worth $113,938,503. Company insiders own 18.64% of the company’s stock.

Institutional Investors Weigh In On Workday

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Brighton Jones LLC increased its holdings in Workday by 230.2% in the 4th quarter. Brighton Jones LLC now owns 4,005 shares of the software maker’s stock valued at $1,033,000 after purchasing an additional 2,792 shares during the last quarter. Empowered Funds LLC increased its holdings in Workday by 12.1% during the 1st quarter. Empowered Funds LLC now owns 11,142 shares of the software maker’s stock worth $2,602,000 after purchasing an additional 1,206 shares during the period. Geneos Wealth Management Inc. raised its position in Workday by 211.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker’s stock valued at $44,000 after purchasing an additional 127 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Workday in the 2nd quarter valued at about $281,000. Finally, NewEdge Advisors LLC boosted its stake in shares of Workday by 32.0% in the 2nd quarter. NewEdge Advisors LLC now owns 6,597 shares of the software maker’s stock valued at $1,583,000 after buying an additional 1,600 shares during the period. 89.81% of the stock is currently owned by institutional investors and hedge funds.

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.