Cinctive Capital Management LP Takes $1.22 Million Position in Workday, Inc. (NASDAQ:WDAY)

Cinctive Capital Management LP acquired a new stake in Workday, Inc. (NASDAQ:WDAY) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,000 shares of the software maker’s stock, valued at approximately $1,222,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Capital Performance Advisors LLP acquired a new position in shares of Workday in the 3rd quarter valued at $26,000. Meeder Asset Management Inc. lifted its position in Workday by 42.2% in the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock valued at $35,000 after buying an additional 43 shares during the last quarter. True Wealth Design LLC lifted its position in Workday by 4,766.7% in the third quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock valued at $36,000 after buying an additional 143 shares during the last quarter. New Millennium Group LLC increased its position in shares of Workday by 177.4% during the third quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock valued at $36,000 after acquiring an additional 94 shares during the last quarter. Finally, SouthState Corp lifted its holdings in shares of Workday by 614.3% in the 2nd quarter. SouthState Corp now owns 150 shares of the software maker’s stock worth $34,000 after acquiring an additional 129 shares during the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Bank of America dropped their target price on shares of Workday from $310.00 to $285.00 and set a “buy” rating for the company in a report on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft raised their target price on Workday from $265.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 23rd. BMO Capital Markets reiterated an “outperform” rating and set a $300.00 price target on shares of Workday in a research note on Wednesday, September 18th. Morgan Stanley raised their price objective on shares of Workday from $315.00 to $330.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Finally, KeyCorp upped their target price on shares of Workday from $275.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, Workday presently has a consensus rating of “Moderate Buy” and a consensus price target of $288.14.

Workday Stock Performance

Shares of WDAY stock opened at $257.06 on Wednesday. The stock’s 50-day moving average is $249.10 and its two-hundred day moving average is $237.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. Workday, Inc. has a 1 year low of $199.81 and a 1 year high of $311.28. The firm has a market cap of $68.12 billion, a price-to-earnings ratio of 42.63, a PEG ratio of 4.66 and a beta of 1.34.

Workday (NASDAQ:WDAY) last released its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. Workday had a return on equity of 6.21% and a net margin of 19.86%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter last year, the business posted $0.47 EPS. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. Analysts predict that Workday, Inc. will post 2.57 earnings per share for the current year.

Insider Activity

In other Workday news, insider Richard Harry Sauer sold 3,134 shares of Workday stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total value of $738,934.52. Following the transaction, the insider now directly owns 85,795 shares in the company, valued at approximately $20,228,745.10. The trade was a 3.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Sayan Chakraborty sold 5,498 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $250.78, for a total transaction of $1,378,788.44. Following the completion of the sale, the insider now directly owns 121,100 shares of the company’s stock, valued at $30,369,458. The trade was a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 298,960 shares of company stock valued at $72,753,210 in the last ninety days. 20.00% of the stock is currently owned by company insiders.

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.