M3 Advisory Group LLC Takes Position in Workday, Inc. (NASDAQ:WDAY)

M3 Advisory Group LLC acquired a new position in shares of Workday, Inc. (NASDAQ:WDAY) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 778 shares of the software maker’s stock, valued at approximately $201,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Marcum Wealth LLC grew its holdings in shares of Workday by 4.4% in the 4th quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock worth $249,000 after acquiring an additional 41 shares during the period. Meeder Asset Management Inc. grew its holdings in Workday by 42.2% in the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after purchasing an additional 43 shares during the last quarter. Kingsview Wealth Management LLC increased its position in shares of Workday by 0.9% in the third quarter. Kingsview Wealth Management LLC now owns 5,085 shares of the software maker’s stock valued at $1,243,000 after buying an additional 43 shares in the last quarter. Opal Wealth Advisors LLC raised its stake in shares of Workday by 5.2% during the 3rd quarter. Opal Wealth Advisors LLC now owns 946 shares of the software maker’s stock worth $231,000 after buying an additional 47 shares during the last quarter. Finally, Fulton Bank N.A. boosted its position in shares of Workday by 1.3% in the 4th quarter. Fulton Bank N.A. now owns 3,696 shares of the software maker’s stock worth $954,000 after buying an additional 48 shares in the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on WDAY. Deutsche Bank Aktiengesellschaft upgraded shares of Workday from a “hold” rating to a “buy” rating and lifted their target price for the stock from $265.00 to $300.00 in a research report on Wednesday, January 8th. Morgan Stanley upped their target price on Workday from $315.00 to $330.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Royal Bank of Canada raised their price target on Workday from $300.00 to $320.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 18th. Scotiabank initiated coverage on Workday in a research report on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price objective on the stock. Finally, Piper Sandler reissued a “neutral” rating and issued a $270.00 target price (down previously from $285.00) on shares of Workday in a research note on Wednesday, November 27th. Eight research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $292.25.

Workday Stock Performance

NASDAQ:WDAY opened at $258.28 on Friday. The firm’s fifty day simple moving average is $260.91 and its 200 day simple moving average is $247.59. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. Workday, Inc. has a twelve month low of $199.81 and a twelve month high of $311.28. The firm has a market capitalization of $68.70 billion, a price-to-earnings ratio of 42.83, a PEG ratio of 4.58 and a beta of 1.34.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.13. Workday had a return on equity of 6.13% and a net margin of 19.86%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the business earned $0.47 earnings per share. The company’s revenue was up 15.8% compared to the same quarter last year. As a group, equities research analysts expect that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 472 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the completion of the sale, the chief accounting officer now directly owns 35,408 shares in the company, valued at $8,789,681.92. This trade represents a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder David A. Duffield sold 70,003 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $251.20, for a total value of $17,584,753.60. Following the completion of the transaction, the insider now owns 102,997 shares in the company, valued at approximately $25,872,846.40. This trade represents a 40.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 438,819 shares of company stock worth $113,142,592 in the last 90 days. 20.00% of the stock is owned by company insiders.

About Workday

Workday, Inc provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations.