Third Point LLC Invests $129.02 Million in Workday, Inc. (NASDAQ:WDAY)

Third Point LLC purchased a new stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 500,000 shares of the software maker's stock, valued at approximately $129,015,000. Workday makes up approximately 1.7% of Third Point LLC's investment portfolio, making the stock its 25th biggest position. Third Point LLC owned about 0.19% of Workday as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WDAY. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 4,517,272 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Workday by 61.9% during the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock valued at $1,193,105,000 after buying an additional 1,772,223 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Workday by 60.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock valued at $960,454,000 after acquiring an additional 1,406,088 shares in the last quarter. FIL Ltd raised its holdings in Workday by 6.5% in the 4th quarter. FIL Ltd now owns 2,963,124 shares of the software maker's stock worth $764,575,000 after acquiring an additional 181,899 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its position in Workday by 5.4% in the 4th quarter. Clearbridge Investments LLC now owns 2,663,398 shares of the software maker's stock valued at $687,237,000 after acquiring an additional 136,211 shares in the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on WDAY shares. DA Davidson decreased their price target on Workday from $270.00 to $230.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. BNP Paribas raised Workday to a "strong-buy" rating in a research report on Friday, February 14th. KeyCorp raised their price target on shares of Workday from $305.00 to $335.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. Royal Bank of Canada boosted their price objective on shares of Workday from $320.00 to $340.00 and gave the company an "outperform" rating in a report on Wednesday, February 26th. Finally, Stifel Nicolaus raised their target price on shares of Workday from $270.00 to $310.00 and gave the stock a "hold" rating in a report on Wednesday, February 26th. Ten investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $292.86.

Workday Price Performance

Shares of WDAY traded up $2.07 during trading hours on Friday, reaching $248.68. 1,302,174 shares of the stock traded hands, compared to its average volume of 2,594,706. The company has a market cap of $66.15 billion, a P/E ratio of 41.24, a price-to-earnings-growth ratio of 3.55 and a beta of 1.30. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The company's 50-day moving average price is $239.28 and its two-hundred day moving average price is $251.92. Workday, Inc. has a 52-week low of $199.81 and a 52-week high of $294.00.

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

Insiders Place Their Bets

In other Workday news, CEO Carl M. Eschenbach sold 3,125 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $234.61, for a total value of $733,156.25. Following the sale, the chief executive officer now owns 10,847 shares in the company, valued at $2,544,814.67. The trade was a 22.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 497 shares of the firm's stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $226.55, for a total value of $112,595.35. Following the transaction, the chief accounting officer now owns 34,385 shares of the company's stock, valued at approximately $7,789,921.75. The trade was a 1.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 321,724 shares of company stock worth $77,976,126 in the last three months. 20.00% of the stock is owned by company insiders.

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.