Light Street Capital Management LLC Invests $11.55 Million in Workday, Inc. (NASDAQ:WDAY)

Light Street Capital Management LLC acquired a new stake in Workday, Inc. (NASDAQ:WDAY) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 44,768 shares of the software maker’s stock, valued at approximately $11,551,000. Workday accounts for about 2.1% of Light Street Capital Management LLC’s holdings, making the stock its 18th biggest holding.

A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Workday by 28.9% in the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock valued at $5,197,447,000 after buying an additional 4,517,272 shares during the last quarter. Geode Capital Management LLC raised its holdings in Workday by 61.9% during the 4th quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock worth $1,193,105,000 after purchasing an additional 1,772,223 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Workday by 60.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker’s stock valued at $960,454,000 after purchasing an additional 1,406,088 shares during the last quarter. Brown Advisory Inc. raised its stake in Workday by 1.5% during the fourth quarter. Brown Advisory Inc. now owns 3,530,701 shares of the software maker’s stock worth $911,027,000 after buying an additional 52,104 shares during the last quarter. Finally, FIL Ltd lifted its holdings in Workday by 6.5% in the fourth quarter. FIL Ltd now owns 2,963,124 shares of the software maker’s stock valued at $764,575,000 after buying an additional 181,899 shares during the period. Institutional investors own 89.81% of the company’s stock.

Insider Buying and Selling at Workday

In other news, CAO Mark S. Garfield sold 497 shares of Workday stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $226.55, for a total value of $112,595.35. Following the transaction, the chief accounting officer now directly owns 34,385 shares of the company’s stock, valued at $7,789,921.75. The trade was a 1.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Sayan Chakraborty sold 6,056 shares of Workday stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $265.50, for a total transaction of $1,607,868.00. Following the transaction, the insider now owns 111,324 shares in the company, valued at $29,556,522. The trade was a 5.16% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 321,724 shares of company stock worth $77,976,126. 19.31% of the stock is owned by corporate insiders.

Workday Trading Up 0.4%

Shares of WDAY opened at $259.01 on Monday. The firm has a 50-day moving average price of $238.49 and a 200 day moving average price of $252.33. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $68.90 billion, a P/E ratio of 42.95, a P/E/G ratio of 3.55 and a beta of 1.30. Workday, Inc. has a 12-month low of $199.81 and a 12-month high of $294.00.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). Workday had a return on equity of 6.13% and a net margin of 19.86%. The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Sell-side analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WDAY. UBS Group boosted their price objective on Workday from $255.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. Wells Fargo & Company reduced their price target on shares of Workday from $360.00 to $325.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Loop Capital upped their price objective on shares of Workday from $242.00 to $260.00 and gave the company a “hold” rating in a report on Wednesday, February 19th. Stifel Nicolaus increased their price objective on shares of Workday from $270.00 to $310.00 and gave the stock a “hold” rating in a research report on Wednesday, February 26th. Finally, Oppenheimer boosted their target price on Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Ten equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $293.62.

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.