Fred Alger Management LLC Makes New $56,000 Investment in Workday, Inc. (NASDAQ:WDAY)

Fred Alger Management LLC bought a new position in shares of Workday, Inc. (NASDAQ:WDAY) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 228 shares of the software maker’s stock, valued at approximately $56,000.

Other hedge funds also recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its holdings in Workday by 79.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock valued at $514,637,000 after buying an additional 1,016,394 shares during the period. Van ECK Associates Corp increased its stake in Workday by 17,345.2% in the second quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock valued at $208,068,000 after acquiring an additional 925,366 shares during the last quarter. D1 Capital Partners L.P. raised its position in Workday by 152.1% during the second quarter. D1 Capital Partners L.P. now owns 518,000 shares of the software maker’s stock valued at $115,804,000 after purchasing an additional 312,500 shares in the last quarter. Lindbrook Capital LLC boosted its holdings in shares of Workday by 17,001.6% in the 3rd quarter. Lindbrook Capital LLC now owns 285,938 shares of the software maker’s stock valued at $703,000 after purchasing an additional 284,266 shares in the last quarter. Finally, International Assets Investment Management LLC increased its stake in shares of Workday by 24,593.2% in the 3rd quarter. International Assets Investment Management LLC now owns 215,325 shares of the software maker’s stock valued at $52,628,000 after purchasing an additional 214,453 shares during the last quarter. Institutional investors own 89.81% of the company’s stock.

Insider Buying and Selling

In related news, insider Richard Harry Sauer sold 3,134 shares of the company’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total value of $738,934.52. Following the sale, the insider now owns 85,795 shares in the company, valued at $20,228,745.10. This represents a 3.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $242.01, for a total transaction of $13,552,560.00. Following the completion of the transaction, the insider now directly owns 281,000 shares in the company, valued at approximately $68,004,810. The trade was a 16.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 359,954 shares of company stock valued at $88,742,132. 20.00% of the stock is owned by company insiders.

Workday Stock Performance

Shares of WDAY stock opened at $249.99 on Monday. The firm has a 50 day moving average of $248.77 and a 200-day moving average of $237.30. The company has a market cap 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 1.35. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36. Workday, Inc. has a 52 week low of $199.81 and a 52 week high of $311.28.

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

Analyst Ratings Changes

Several analysts recently weighed in on WDAY shares. Evercore ISI reduced their price objective on Workday from $300.00 to $290.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 20th. JMP Securities reaffirmed a “market outperform” rating and set a $315.00 price target on shares of Workday in a report on Thursday, September 19th. KeyCorp increased their price objective on shares of Workday from $275.00 to $305.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. StockNews.com cut shares of Workday from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, DA Davidson increased their price target on Workday from $255.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, Workday has a consensus rating of “Moderate Buy” and an average price target of $288.14.

Workday 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.