Concentric Capital Strategies LP Purchases New Stake in Workday, Inc. (NASDAQ:WDAY)

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

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Meeder Asset Management Inc. boosted its holdings 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 worth $35,000 after purchasing an additional 43 shares during the period. Kingsview Wealth Management LLC increased its stake in shares of Workday by 0.9% in the third quarter. Kingsview Wealth Management LLC now owns 5,085 shares of the software maker’s stock worth $1,243,000 after acquiring an additional 43 shares during the last quarter. Diversified Trust Co increased its stake in shares of Workday by 1.0% in the second quarter. Diversified Trust Co now owns 4,830 shares of the software maker’s stock worth $1,080,000 after acquiring an additional 47 shares during the last quarter. Opal Wealth Advisors LLC raised its holdings in shares of Workday by 5.2% during the third quarter. Opal Wealth Advisors LLC now owns 946 shares of the software maker’s stock worth $231,000 after acquiring an additional 47 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. grew its stake in Workday by 3.4% in the second quarter. Mesirow Financial Investment Management Inc. now owns 1,451 shares of the software maker’s stock valued at $324,000 after purchasing an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on WDAY. BMO Capital Markets reaffirmed an “outperform” rating and set a $300.00 price target on shares of Workday in a research note on Wednesday, September 18th. StockNews.com cut shares of Workday from a “buy” rating to a “hold” rating in a research note on Thursday. Loop Capital cut their price target on shares of Workday from $270.00 to $242.00 and set a “hold” rating on the stock in a report on Wednesday, November 27th. The Goldman Sachs Group increased their price objective on Workday from $300.00 to $305.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, Evercore ISI reduced their target price on Workday from $300.00 to $290.00 and set an “outperform” rating for the company in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, Workday presently has an average rating of “Moderate Buy” and an average target price of $288.14.

Insider Transactions at Workday

In other Workday news, major shareholder David A. Duffield sold 66,492 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the sale, the insider now owns 102,997 shares of the company’s stock, valued at $26,902,816.40. This represents a 39.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wayne A.I. Frederick sold 1,828 shares of the business’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $241.85, for a total transaction of $442,101.80. Following the completion of the transaction, the director now directly owns 8,674 shares of the company’s stock, valued at approximately $2,097,806.90. This represents a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 359,954 shares of company stock valued at $88,742,132. Corporate insiders own 20.00% of the company’s stock.

Workday Price Performance

Workday stock opened at $249.99 on Monday. The business has a 50 day simple moving average of $248.77 and a 200 day simple moving average 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 PE ratio of 41.46, a price-to-earnings-growth ratio of 4.96 and a beta of 1.34. Workday, Inc. has a one year low of $199.81 and a one year high of $311.28.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating the consensus estimate of $1.76 by $0.13. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.21%. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.47 EPS. On average, sell-side analysts forecast that Workday, Inc. will post 2.4 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.