Freestone Grove Partners LP Buys Shares of 204,728 Workday, Inc. (NASDAQ:WDAY)

Freestone Grove Partners LP purchased a new position in Workday, Inc. (NASDAQ:WDAY - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 204,728 shares of the software maker's stock, valued at approximately $52,826,000. Freestone Grove Partners LP owned about 0.08% of Workday as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Workday by 28.9% in the fourth quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker's stock worth $5,197,447,000 after buying an additional 4,517,272 shares during the period. T. Rowe Price Investment Management Inc. bought a new position in shares of Workday during the fourth quarter valued at approximately $658,735,000. Norges Bank purchased a new position in Workday during the fourth quarter valued at approximately $645,710,000. Parnassus Investments LLC raised its stake in Workday by 562.2% in the fourth quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker's stock worth $631,589,000 after buying an additional 2,078,097 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Workday by 61.9% during the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock worth $1,193,105,000 after buying an additional 1,772,223 shares during the period. 89.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on WDAY shares. Royal Bank of Canada upped their price objective on Workday from $320.00 to $340.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. Loop Capital raised their price target on shares of Workday from $242.00 to $260.00 and gave the company a "hold" rating in a report on Wednesday, February 19th. Piper Sandler reduced their price objective on shares of Workday from $290.00 to $230.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Mizuho lowered their target price on shares of Workday from $320.00 to $275.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Oppenheimer upped their price target on Workday from $300.00 to $320.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 26th. Ten investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $293.62.

Insiders Place Their Bets

In other Workday news, insider Sayan Chakraborty sold 6,056 shares of the firm's stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $265.50, for a total value of $1,607,868.00. Following the completion of the sale, the insider now directly owns 111,324 shares of the company's stock, valued at $29,556,522. This trade represents a 5.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder David A. Duffield sold 66,455 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $259.52, for a total transaction of $17,246,401.60. Following the completion of the sale, the insider now directly owns 102,997 shares of the company's stock, valued at $26,729,781.44. This represents a 39.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 321,724 shares of company stock valued at $77,976,126 in the last ninety days. 20.00% of the stock is currently owned by corporate insiders.

Workday Stock Performance

WDAY stock traded down $0.06 during midday trading on Tuesday, hitting $248.28. 305,315 shares of the stock traded hands, compared to its average volume of 2,578,537. The stock's fifty day simple moving average is $238.83 and its 200-day simple moving average is $252.01. The firm has a market cap of $66.04 billion, a P/E ratio of 41.28, a PEG ratio of 3.55 and a beta of 1.30. Workday, Inc. has a 1-year low of $199.81 and a 1-year high of $294.00. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing analysts' consensus estimates of $1.75 by ($1.27). Workday had a return on equity of 6.13% and a net margin of 19.86%. The business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.18 billion. On average, analysts expect that Workday, Inc. will post 2.63 earnings per share for the current year.

About Workday

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.