Workday Shares Fall 1% Amid 33.3% Surge in Trading Volume to $910M, Ranking 102nd in Market Activity

On August 20, 2025, Workday (WDAY) fell 1.00% despite a 33.34% increase in trading volume to $910 million, ranking 102nd in market activity. The decline came amid mixed signals from institutional investors and analyst activity, though the firm’s quarterly earnings beat expectations in May.

Raymond James Financial Inc. increased its stake in Workday by 2.6%, now holding 0.29% of shares valued at $180.77 million. Cornerstone Planning Group LLC and Financial Management Professionals Inc. also boosted holdings, while Pinnacle Bancorp Inc. and Dagco Inc. initiated new positions. Institutional ownership remains strong at 89.81% of the stock.

Analyst ratings showed divergent views. Citigroup downgraded the stock to "mixed" from "neutral," while Westpark Capital raised its price target to $328 and Royal Bank of Canada reaffirmed an "outperform" rating. JPMorgan cut its price target to $295, and Piper Sandler maintained an "underweight" rating with a $235 target. The stock currently has a "Moderate Buy" consensus and an average target of $294.31.

Insider transactions included CEO Carl Eschenbach selling 6,250 shares, reducing his position by 80.94%, and CAO Mark Garfield disposing of 451 shares. Combined, insiders sold $79.2 million worth of stock in the past 90 days. This contrasts with the firm’s 12.6% year-over-year revenue growth and 5.6% net margin reported in its May earnings.

A strategy of purchasing the top 500 stocks by daily trading volume and holding them for one day from 2022 to present yielded moderate returns. The 1-day return averaged 0.98%, with a cumulative 31.52% gain over 365 days. This suggests the strategy captured some short-term momentum but also reflected market volatility and timing risks.