71 West Capital Partners Takes $6.98 Million Position in Workday, Inc. $WDAY

Key Points

• 71 West Capital Partners opened a new position in Workday during the fourth quarter, buying 32,513 shares worth about $6.98 million.
• Workday reported better-than-expected quarterly results, with EPS of $2.66 versus $2.51 expected and revenue of $2.54 billion, up 13.5% year over year.
• Analysts remain broadly positive on the stock, with a consensus rating of Moderate Buy and an average price target of $185.03, even as the shares traded around $129.60 and were down 0.9% on the day.

71 West Capital Partners purchased a new stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 32,513 shares of the software maker's stock, valued at approximately $6,983,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC raised 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 buying an additional 2,792 shares during the period. Empowered Funds LLC raised its holdings in Workday by 12.1% in the 1st quarter. Empowered Funds LLC now owns 11,142 shares of the software maker's stock valued at $2,602,000 after buying an additional 1,206 shares during the period. Geneos Wealth Management Inc. raised its holdings in Workday by 211.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker's stock valued at $44,000 after buying an additional 127 shares during the period. Sivia Capital Partners LLC purchased a new stake in Workday in the 2nd quarter valued at about $281,000. Finally, NewEdge Advisors LLC raised its holdings in Workday by 32.0% in the 2nd quarter. NewEdge Advisors LLC now owns 6,597 shares of the software maker's stock valued at $1,583,000 after buying an additional 1,600 shares during the period. Institutional investors and hedge funds own 89.81% of the company's stock.

Workday Stock Down 0.9%

Shares of NASDAQ:WDAY opened at $129.60 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $32.01 billion, a PE ratio of 40.50, a price-to-earnings-growth ratio of 1.39 and a beta of 1.09. The firm's 50-day moving average is $128.05 and its two-hundred day moving average is $158.82. Workday, Inc. has a 1 year low of $110.36 and a 1 year high of $249.85.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.51 by $0.15. The company had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.52 billion. Workday had a net margin of 8.60% and a return on equity of 14.75%. The business's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.23 earnings per share. Analysts predict that Workday, Inc. will post 5.4 EPS for the current year.

Insider Activity at Workday

In other Workday news, CAO Mark S. Garfield sold 1,585 shares of the business's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $113.05, for a total transaction of $179,184.25. Following the sale, the chief accounting officer directly owned 31,467 shares in the company, valued at $3,557,344.35. This represents a 4.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gerrit S. Kazmaier sold 9,356 shares of the company's stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $128.39, for a total transaction of $1,201,216.84. Following the sale, the insider owned 165,074 shares in the company, valued at $21,193,850.86. The trade was a 5.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 882,314 shares of company stock valued at $116,525,216. 18.64% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

WDAY has been the topic of several research analyst reports. BMO Capital Markets restated an "outperform" rating on shares of Workday in a report on Friday, May 22nd. Royal Bank Of Canada restated an "outperform" rating on shares of Workday in a report on Friday, May 22nd. Cantor Fitzgerald reduced their price objective on shares of Workday from $200.00 to $160.00 and set an "overweight" rating on the stock in a report on Wednesday, May 20th. Bank of America initiated coverage on shares of Workday in a report on Wednesday, May 27th. They issued a "neutral" rating and a $140.00 price objective on the stock. Finally, HC Wainwright set a $140.00 price objective on shares of Workday in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Workday currently has a consensus rating of "Moderate Buy" and an average target price of $185.03.

About Workday

Workday, Inc NASDAQ: WDAY is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday's platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company's product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.

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