Lavelle Capital LP Purchases New Stake in Workday, Inc. $WDAY

Lavelle Capital LP purchased a new stake in shares of Workday, Inc. (NASDAQ:WDAY) in the 1st quarter, Holdings Channel reports. The fund purchased 7,140 shares of the software maker’s stock, valued at approximately $928,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rakuten Securities Inc. acquired a new position in shares of Workday in the second quarter valued at $25,000. Measured Wealth Private Client Group LLC bought a new position in shares of Workday in the third quarter valued at about $26,000. JPL Wealth Management LLC acquired a new stake in shares of Workday during the 3rd quarter worth about $30,000. DT Investment Partners LLC acquired a new stake in shares of Workday during the 4th quarter worth about $27,000. Finally, LRI Investments LLC acquired a new stake in shares of Workday during the 4th quarter worth about $29,000. 89.81% of the stock is owned by institutional investors.

Workday Price Performance

NASDAQ:WDAY opened at $160.34 on Friday. Workday, Inc. has a 52 week low of $110.36 and a 52 week high of $249.85. The firm has a market cap of $39.60 billion, a price-to-earnings ratio of 50.11, a P/E/G ratio of 1.71 and a beta of 1.11. The firm’s 50-day simple moving average is $136.31 and its 200 day simple moving average is $140.07. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01.

Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Thursday, May 21st. The software maker reported $2.66 earnings per share for the quarter, topping the consensus estimate of $2.51 by $0.15. The business had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.52 billion. Workday had a net margin of 8.60% and a return on equity of 14.75%. The business’s revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.23 EPS. As a group, sell-side analysts predict that Workday, Inc. will post 5.38 earnings per share for the current year.

Insider Transactions at Workday

In other news, major shareholder David A. Duffield sold 107,500 shares of Workday stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $122.04, for a total value of $13,119,300.00. Following the completion of the sale, the insider directly owned 105,049 shares in the company, valued at approximately $12,820,179.96. The trade was a 50.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Enslin sold 5,374 shares of the business’s stock in a transaction that occurred on Sunday, July 5th. The shares were sold at an average price of $134.90, for a total value of $724,952.60. Following the completion of the sale, the insider owned 239,469 shares of the company’s stock, valued at approximately $32,304,368.10. This trade represents a 2.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 875,020 shares of company stock valued at $113,938,503. 18.64% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Citigroup reiterated a “market perform” rating on shares of Workday in a research note on Friday, May 22nd. Bank of America began coverage on shares of Workday in a research report on Wednesday, May 27th. They set a “neutral” rating and a $140.00 price objective for the company. Wells Fargo & Company boosted their price objective on Workday from $180.00 to $185.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Morgan Stanley downgraded Workday from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $185.00 to $145.00 in a research report on Tuesday, July 21st. Finally, Barclays upgraded Workday from an “overweight” rating to a “buy” rating in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $179.80.

Workday Profile

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.