19,174 Workday, Inc. $WDAY Shares Bought by Lakehouse Capital Pty Ltd

Key Points

• Lakehouse Capital increased its Workday stake by 77.9% in the third quarter, purchasing 19,174 shares and bringing its holdings to 43,773 shares valued at approximately $8.34 million. Institutional investors collectively own 89.81% of Workday.
• Analyst sentiment is mixed but leans positive, with 20 Buy, 18 Hold, and 2 Sell ratings. The consensus rating is Hold, with an average price target of $206.34.
• Workday exceeded quarterly expectations, reporting adjusted earnings of $2.75 per share versus $2.61 expected and revenue of $2.65 billion, up 12.8% year over year. However, insiders sold 882,438 shares worth roughly $163.5 million over the past three months.

Lakehouse Capital Pty Ltd lifted its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 77.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,773 shares of the software maker's stock after acquiring an additional 19,174 shares during the period. Workday accounts for 6.6% of Lakehouse Capital Pty Ltd's portfolio, making the stock its 6th largest position. Lakehouse Capital Pty Ltd's holdings in Workday were worth $8,337,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Western Wealth Management LLC acquired a new position in shares of Workday during the first quarter worth $39,000. Reflection Asset Management acquired a new stake in Workday in the fourth quarter worth about $66,000. Manning & Napier Advisors LLC purchased a new stake in shares of Workday during the second quarter worth about $42,000. Elevation Wealth Partners LLC grew its stake in shares of Workday by 1,097.0% during the second quarter. Elevation Wealth Partners LLC now owns 395 shares of the software maker's stock worth $48,000 after acquiring an additional 362 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Workday by 26.3% during the second quarter. Parkside Financial Bank & Trust now owns 591 shares of the software maker's stock valued at $72,000 after acquiring an additional 123 shares in the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. UBS Group set a $230.00 target price on shares of Workday in a research note on Friday, August 28th. BMO Capital Markets raised their price target on shares of Workday from $182.00 to $230.00 and gave the stock an "outperform" rating in a report on Friday, August 28th. Dbs Bank upgraded shares of Workday to a "hold" rating in a research note on Wednesday, September 9th. William Blair reissued an "outperform" rating on shares of Workday in a report on Friday, August 28th. Finally, BTIG Research downgraded Workday from a "buy" rating to a "neutral" rating in a research report on Monday, August 17th. Twenty analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $206.34.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 918 shares of Workday stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $142.19, for a total transaction of $130,530.42. Following the completion of the transaction, the chief accounting officer directly owned 73,718 shares of the company's stock, valued at $10,481,962.42. The trade was a 1.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder David A. Duffield sold 107,500 shares of the stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $136.74, for a total transaction of $14,699,550.00. Following the sale, the insider directly owned 105,049 shares in the company, valued at $14,364,400.26. This trade represents a 50.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 882,438 shares of company stock valued at $163,516,891 over the last three months. 18.64% of the stock is currently owned by corporate insiders.

Workday Trading Up 1.5%

NASDAQ WDAY opened at $188.96 on Tuesday. Workday, Inc. has a 1 year low of $110.36 and a 1 year high of $247.40. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market capitalization of $45.54 billion, a PE ratio of 38.33, a P/E/G ratio of 1.87 and a beta of 1.07. The company has a fifty day moving average of $187.92 and a 200 day moving average of $150.17.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings results on Thursday, August 27th. The software maker reported $2.75 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.14. Workday had a return on equity of 20.95% and a net margin of 12.32%.The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.64 billion. During the same period last year, the firm earned $2.21 EPS. The firm's revenue for the quarter was up 12.8% compared to the same quarter last year. Research analysts forecast that Workday, Inc. will post 5.33 earnings per share for the current year.

Workday Profile

Workday, Inc develops cloud-based enterprise software for managing an organization's people, finances and operations. Its platform is primarily used by businesses, government agencies and educational institutions to support human resources, finance, planning, analytics and related administrative processes.

The company's offerings include Workday Human Capital Management, Financial Management, Adaptive Planning, Spend Management, payroll, recruiting, talent management, learning and workforce analytics.

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