Fourpath Capital Management LLC Increases Holdings in Workday, Inc. (NASDAQ:WDAY)

Fourpath Capital Management LLC lifted its stake in Workday, Inc. (NASDAQ:WDAY) by 12.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 901 shares of the software maker’s stock after purchasing an additional 102 shares during the period. Fourpath Capital Management LLC’s holdings in Workday were worth $210,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake 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 worth $5,197,447,000 after purchasing an additional 4,517,272 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Workday by 61.9% in 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 in the last quarter. The Manufacturers Life Insurance Company increased 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 worth $960,454,000 after purchasing an additional 1,406,088 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of Workday by 1.5% in the 4th quarter. Brown Advisory Inc. now owns 3,530,701 shares of the software maker’s stock worth $911,027,000 after purchasing an additional 52,104 shares in the last quarter. Finally, FIL Ltd increased its stake in shares of Workday by 6.5% in the 4th quarter. FIL Ltd now owns 2,963,124 shares of the software maker’s stock worth $764,575,000 after purchasing an additional 181,899 shares in the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on WDAY. Scotiabank reduced their price objective on Workday from $355.00 to $305.00 and set a “sector outperform” rating for the company in a research note on Monday, March 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 target price on shares of Workday in a report on Wednesday, May 21st. Guggenheim reaffirmed a “neutral” rating on shares of Workday in a report on Friday, May 23rd. Canaccord Genuity Group upped their target price on shares of Workday from $300.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, February 26th. Finally, Wells Fargo & Company dropped their target price 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. Nine investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $293.54.

Insider Activity

In related news, CEO Carl M. Eschenbach sold 3,125 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $234.61, for a total value of $733,156.25. Following the sale, the chief executive officer now directly owns 10,847 shares of the company’s stock, valued at $2,544,814.67. This represents a 22.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $241.33, for a total transaction of $1,809,975.00. Following the completion of the sale, the director now directly owns 75,000 shares in the company, valued at $18,099,750. This trade represents a 9.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 259,838 shares of company stock worth $61,738,776. 19.31% of the stock is currently owned by corporate insiders.

Workday Stock Down 0.1%

Shares of NASDAQ WDAY opened at $252.73 on Wednesday. The firm’s 50-day moving average price is $243.42 and its 200-day moving average price is $252.78. 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 stock has a market capitalization of $67.48 billion, a price-to-earnings ratio of 41.91, a P/E/G ratio of 3.55 and a beta of 1.24. Workday, Inc. has a 12-month low of $199.81 and a 12-month high of $294.00.

Workday (NASDAQ:WDAY) last announced its earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.22. The firm had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. The business’s revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.74 EPS. On average, equities research analysts anticipate that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Workday Company Profile

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.