Contour Asset Management LLC Invests $183.52 Million in Workday, Inc. (NASDAQ:WDAY)

Contour Asset Management LLC purchased a new stake in Workday, Inc. (NASDAQ:WDAY - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 711,218 shares of the software maker's stock, valued at approximately $183,516,000. Workday comprises 5.3% of Contour Asset Management LLC's investment portfolio, making the stock its 7th largest position. Contour Asset Management LLC owned about 0.27% of Workday at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in WDAY. Vanguard Group Inc. boosted its holdings in shares of Workday by 28.9% in the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker's stock valued at $5,197,447,000 after buying an additional 4,517,272 shares during the period. T. Rowe Price Investment Management Inc. bought a new stake in Workday in the 4th quarter valued at about $658,735,000. Norges Bank bought a new stake in Workday in the 4th quarter valued at about $645,710,000. Parnassus Investments LLC lifted its position in Workday by 562.2% in the 4th quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker's stock valued at $631,589,000 after purchasing an additional 2,078,097 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Workday by 61.9% in the 4th quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock valued at $1,193,105,000 after purchasing an additional 1,772,223 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on WDAY. Wells Fargo & Company cut their price objective on shares of Workday from $360.00 to $325.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. BNP Paribas upgraded shares of Workday to a "strong-buy" rating in a research report on Friday, February 14th. Oppenheimer lifted their price objective on shares of Workday from $300.00 to $320.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. Canaccord Genuity Group boosted their price target on shares of Workday from $300.00 to $330.00 and gave the stock a "buy" rating in a research report on Wednesday, February 26th. Finally, Citigroup dropped their price target on shares of Workday from $287.00 to $270.00 and set a "neutral" rating on the stock in a research report on Thursday, January 16th. Ten 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 stock. According to data from MarketBeat.com, Workday presently has a consensus rating of "Moderate Buy" and an average price target of $293.62.

Workday Trading Up 1.7%

Shares of Workday stock traded up $4.53 during trading hours on Monday, hitting $263.71. The company's stock had a trading volume of 702,011 shares, compared to its average volume of 2,570,674. Workday, Inc. has a 12 month low of $199.81 and a 12 month high of $294.00. The stock has a 50 day moving average of $238.49 and a 200 day moving average of $252.33. The company has a market capitalization of $70.15 billion, a PE ratio of 43.65, a price-to-earnings-growth ratio of 3.55 and a beta of 1.30. 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 posted its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.75 by ($1.27). The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.18 billion. Workday had a return on equity of 6.13% and a net margin of 19.86%. Analysts predict that Workday, Inc. will post 2.63 earnings per share for the current year.

Insider Activity at Workday

In other news, insider Sayan Chakraborty sold 6,056 shares of the firm's stock in a transaction that occurred 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder David A. Duffield sold 81,275 shares of the firm's stock in a transaction that occurred on Tuesday, April 8th. The shares were sold at an average price of $214.68, for a total value of $17,448,117.00. Following the completion of the sale, the insider now directly owns 102,997 shares of the company's stock, valued at approximately $22,111,395.96. The trade was a 44.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 321,724 shares of company stock valued at $77,976,126. Insiders own 19.31% of the company's stock.

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.