ABLE Financial Group LLC Invests $899,000 in Workday, Inc. (NASDAQ:WDAY)

ABLE Financial Group LLC purchased a new position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,849 shares of the software maker's stock, valued at approximately $899,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WDAY. Brighton Jones LLC increased its holdings in Workday by 230.2% in the 4th quarter. Brighton Jones LLC now owns 4,005 shares of the software maker's stock valued at $1,033,000 after purchasing an additional 2,792 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its position in shares of Workday by 24.0% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 3,075 shares of the software maker's stock worth $793,000 after buying an additional 595 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in Workday by 68.4% during the 4th quarter. Oppenheimer & Co. Inc. now owns 6,100 shares of the software maker's stock worth $1,574,000 after buying an additional 2,477 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in Workday by 6.9% in the fourth quarter. QRG Capital Management Inc. now owns 7,668 shares of the software maker's stock valued at $1,979,000 after purchasing an additional 498 shares during the period. Finally, Mutual of America Capital Management LLC purchased a new position in shares of Workday in the 4th quarter valued at about $6,575,000. Institutional investors and hedge funds own 89.81% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $340.00 price objective on shares of Workday in a research report on Friday, May 23rd. Stifel Nicolaus cut their price target on Workday from $310.00 to $275.00 and set a "hold" rating on the stock in a research note on Friday, May 23rd. Loop Capital lowered their price objective on Workday from $285.00 to $250.00 and set a "hold" rating for the company in a research report on Friday, May 23rd. Needham & Company LLC reissued a "buy" rating and set a $300.00 target price on shares of Workday in a research report on Wednesday, May 21st. Finally, Westpark Capital boosted their target price on Workday from $315.00 to $328.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Nine equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Workday presently has an average rating of "Moderate Buy" and a consensus target price of $297.68.

Workday Price Performance

Shares of NASDAQ:WDAY traded up $4.29 during trading on Thursday, reaching $242.03. 1,301,694 shares of the company traded hands, compared to its average volume of 2,257,592. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.33. Workday, Inc. has a 52 week low of $199.81 and a 52 week high of $294.00. The firm has a market capitalization of $64.62 billion, a PE ratio of 133.72, a PEG ratio of 3.61 and a beta of 1.21. The company's 50 day moving average is $249.12 and its two-hundred day moving average is $250.17.

Workday (NASDAQ:WDAY - Get Free Report) last posted its earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share for the quarter, topping analysts' consensus estimates of $2.01 by $0.22. Workday had a net margin of 5.60% and a return on equity of 8.00%. The firm had revenue of $2.24 billion for the quarter, compared to analysts' expectations of $2.22 billion. During the same quarter in the previous year, the firm posted $1.74 earnings per share. The company's revenue was up 12.6% on a year-over-year basis. As a group, sell-side analysts predict that Workday, Inc. will post 2.63 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 73,971 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $238.66, for a total transaction of $17,653,918.86. Following the completion of the sale, the insider owned 102,997 shares of the company's stock, valued at $24,581,264.02. This trade represents a 41.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 497 shares of Workday stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $226.55, for a total transaction of $112,595.35. Following the completion of the sale, the chief accounting officer owned 34,385 shares of the company's stock, valued at $7,789,921.75. This represents a 1.42% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 252,608 shares of company stock valued at $58,916,144. Company 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.