5 Stocks Stanley Druckenmiller is Selling

3. Workday, Inc. (NASDAQ: WDAY)

Number of Hedge Fund Holders: 69    

Workday, Inc. (NASDAQ: WDAY) is a software company that provides enterprise-level cloud solutions. It is ranked third on our list of 10 stocks Stanley Druckenmiller is selling. The company’s shares have returned 29% to investors in the past year. Druckenmiller has sold off his entire stake in the firm during the first three months of the year. 

Workday, Inc. (NASDAQ: WDAY) posted quarterly earnings on May 26, reporting earnings per share of $0.87 for the first three months of 2021, beating market predictions by $0.14. The revenue over the period was more than $1.1 billion, up 15% year-on-year. 

At the end of the first quarter of 2021, 69 hedge funds in the database of Insider Monkey held stakes worth $5.1 billion in Workday, Inc. (NASDAQ: WDAY), down from 80 in the previous quarter worth $4.4 billion.

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Workday, Inc. (NASDAQ: WDAY) was one of them. Here is what the fund said:

“In addition to the new issue market, we have been tactically adding growth exposure. We took advantage of the selloff in disruptors that comprise a large portion of the portfolio to initiate a position in enterprise software maker Workday.”