Envestnet Portfolio Solutions Inc. Cuts Stock Position in Workday, Inc. $WDAY

Envestnet Portfolio Solutions Inc. trimmed its holdings in shares of Workday, Inc. (NASDAQ:WDAY) by 62.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,010 shares of the software maker’s stock after selling 8,347 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Workday were worth $1,206,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Workday by 2.5% during the second quarter. Vanguard Group Inc. now owns 21,114,184 shares of the software maker’s stock valued at $5,067,404,000 after purchasing an additional 515,529 shares during the last quarter. State Street Corp lifted its stake in shares of Workday by 3.3% during the 2nd quarter. State Street Corp now owns 9,600,516 shares of the software maker’s stock valued at $2,304,124,000 after buying an additional 303,713 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Workday by 2.9% during the 2nd quarter. Geode Capital Management LLC now owns 4,952,938 shares of the software maker’s stock valued at $1,183,112,000 after buying an additional 140,042 shares in the last quarter. Parnassus Investments LLC grew its stake in Workday by 13.1% in the 3rd quarter. Parnassus Investments LLC now owns 3,217,205 shares of the software maker’s stock valued at $774,478,000 after buying an additional 371,561 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Workday by 10.4% in the 2nd quarter. Invesco Ltd. now owns 2,187,137 shares of the software maker’s stock valued at $524,913,000 after buying an additional 205,403 shares in the last quarter. Institutional investors own 89.81% of the company’s stock.

Workday Stock Down 1.2%

Shares of NASDAQ WDAY opened at $188.58 on Wednesday. The stock has a market capitalization of $49.60 billion, a P/E ratio of 79.24, a PEG ratio of 2.15 and a beta of 1.14. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.83. Workday, Inc. has a one year low of $180.56 and a one year high of $283.68. The firm’s 50 day simple moving average is $210.90 and its two-hundred day simple moving average is $224.42.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, November 25th. The software maker reported $2.32 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.15. Workday had a net margin of 6.95% and a return on equity of 10.50%. The company had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.42 billion. During the same quarter last year, the company earned $1.89 EPS. The firm’s revenue was up 12.6% compared to the same quarter last year. As a group, analysts expect that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Carl M. Eschenbach sold 3,125 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $210.00, for a total transaction of $656,250.00. Following the completion of the sale, the chief executive officer directly owned 17,097 shares in the company, valued at $3,590,370. This represents a 15.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Robert Enslin sold 22,185 shares of the firm’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $210.17, for a total transaction of $4,662,621.45. Following the completion of the sale, the insider directly owned 106,330 shares in the company, valued at approximately $22,347,376.10. This trade represents a 17.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 370,321 shares of company stock worth $78,866,401. 20.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on WDAY. UBS Group set a $260.00 target price on shares of Workday in a research note on Wednesday, November 26th. Loop Capital set a $280.00 price objective on Workday in a research report on Wednesday, December 10th. Weiss Ratings restated a “hold (c)” rating on shares of Workday in a research report on Wednesday, October 8th. Citigroup lowered their price target on Workday from $261.00 to $247.00 and set a “neutral” rating on the stock in a report on Wednesday, November 26th. Finally, KeyCorp cut their price objective on Workday from $285.00 to $260.00 and set an “overweight” rating for the company in a report on Wednesday, November 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $278.09.

About Workday

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.