Top 5 Losers on Tuesday

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1. Workday, Inc. (NASDAQ:WDAY)

Number of Hedge Fund Holders: 71

Shares of Workday, Inc. (NASDAQ:WDAY) slightly moved down after the opening bell on Tuesday. The drop came after OTR Global lowered its ratings for the enterprise cloud applications provider from “Positive” to “Mixed.” The research firm said it found decelerating momentum in the second quarter following its checks with partners.

The downgrade came just ahead of the company’s Q2 results. Workday, Inc. (NASDAQ:WDAY) is set to release its earnings report after the close of market on Thursday, Aug 25, 2022.

Earlier this year, investment management firm ClearBridge Investments also mentioned Workday, Inc. (NASDAQ:WDAY) in its fourth-quarter 2021 investor letter, stating:

“We believe the weakness created an opportunity for us to add to an exceptionally high-quality payments franchise with an attractive growth and free cash flow profile and little credit or interest rate exposure. It also supported our efforts to maintain diversified IT exposure in a narrowing market; additions to our software-as-aservice (SaaS) holding Workday during the quarter also bolstered this diversification, in which we seek to balance exposure to more widely owned mega cap names…”

You can also take a peek at Jim Cramer Recommends These 10 Stocks For Recession and 10 Best Cyclical Stocks for Inflation.

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