Concentric Capital Strategies LP Takes Position in Workday, Inc. (NASDAQ:WDAY)

Concentric Capital Strategies LP purchased a new position in shares of Workday, Inc. (NASDAQ:WDAY) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 42,919 shares of the software maker’s stock, valued at approximately $10,490,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Performance Advisors LLP purchased a new position in shares of Workday in the third quarter valued at $26,000. Meeder Asset Management Inc. grew its stake in shares of Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after acquiring an additional 43 shares in the last quarter. True Wealth Design LLC increased its position in shares of Workday by 4,766.7% during the third quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock worth $36,000 after acquiring an additional 143 shares during the last quarter. New Millennium Group LLC lifted its stake in shares of Workday by 177.4% in the third quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock worth $36,000 after acquiring an additional 94 shares in the last quarter. Finally, SouthState Corp lifted its stake in shares of Workday by 614.3% in the second quarter. SouthState Corp now owns 150 shares of the software maker’s stock worth $34,000 after acquiring an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Analyst Ratings Changes

WDAY has been the topic of several analyst reports. Morgan Stanley lifted their price objective on Workday from $315.00 to $330.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Canaccord Genuity Group reiterated a “buy” rating and set a $300.00 price objective on shares of Workday in a research note on Friday, September 13th. Evercore ISI cut their target price on shares of Workday from $300.00 to $290.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. Bank of America decreased their price target on Workday from $310.00 to $285.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Finally, DA Davidson upped their price objective on Workday from $255.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $288.14.

Workday Stock Performance

WDAY opened at $249.99 on Monday. The business has a 50 day moving average price of $248.77 and a two-hundred day moving average price of $237.30. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 2.04. The company has a market capitalization of $66.25 billion, a price-to-earnings ratio of 41.46, a price-to-earnings-growth ratio of 4.96 and a beta of 1.34. Workday, Inc. has a 1-year low of $199.81 and a 1-year high of $311.28.

Workday (NASDAQ:WDAY) last announced its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.13. Workday had a return on equity of 6.21% and a net margin of 19.86%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the business posted $0.47 earnings per share. The company’s quarterly revenue was up 15.8% on a year-over-year basis. Research analysts predict that Workday, Inc. will post 2.4 EPS for the current fiscal year.

Insider Transactions at Workday

In other news, major shareholder David A. Duffield sold 57,000 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $247.59, for a total transaction of $14,112,630.00. Following the sale, the insider now directly owns 505,000 shares of the company’s stock, valued at $125,032,950. The trade was a 10.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director George J. Still, Jr. sold 7,500 shares of Workday stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $255.45, for a total value of $1,915,875.00. Following the completion of the transaction, the director now directly owns 90,000 shares in the company, valued at $22,990,500. This represents a 7.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 359,954 shares of company stock valued at $88,742,132 in the last quarter. Insiders own 20.00% of the company’s stock.

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.