AlphaCore Capital LLC Takes $377,000 Position in Workday, Inc. (NASDAQ:WDAY)

Key Points

• AlphaCore Capital LLC acquired a new stake in Workday, Inc., purchasing 1,616 shares valued at approximately $377,000 during the first quarter.
• Several institutional investors have also increased their positions in Workday, with 89.81% of the stock currently owned by institutional investors.
• Recent analyst reports show mixed ratings for Workday, with a consensus rating of "Moderate Buy" and an average price target of $296.88.

AlphaCore Capital LLC purchased a new stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,616 shares of the software maker's stock, valued at approximately $377,000.

Several other institutional investors and hedge funds also recently bought and sold shares of WDAY. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Workday by 12.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 393,533 shares of the software maker's stock worth $91,902,000 after acquiring an additional 43,432 shares in the last quarter. Y.D. More Investments Ltd raised its stake in shares of Workday by 19.2% during the 1st quarter. Y.D. More Investments Ltd now owns 8,188 shares of the software maker's stock valued at $1,912,000 after purchasing an additional 1,320 shares during the period. Ironwood Investment Counsel LLC lifted its holdings in Workday by 7.1% during the 1st quarter. Ironwood Investment Counsel LLC now owns 19,276 shares of the software maker's stock worth $4,502,000 after purchasing an additional 1,279 shares in the last quarter. CenterBook Partners LP bought a new position in Workday in the 1st quarter worth about $2,306,000. Finally, Deutsche Bank AG grew its holdings in Workday by 9.7% during the 1st quarter. Deutsche Bank AG now owns 965,452 shares of the software maker's stock valued at $225,462,000 after buying an additional 85,499 shares in the last quarter. 89.81% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

WDAY has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Workday from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. JMP Securities reaffirmed a "market outperform" rating and set a $315.00 target price on shares of Workday in a report on Friday, May 23rd. Loop Capital cut their price target on shares of Workday from $285.00 to $250.00 and set a "hold" rating for the company in a report on Friday, May 23rd. Mizuho reduced their price target on shares of Workday from $320.00 to $275.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Finally, KeyCorp lowered their price objective on Workday from $335.00 to $325.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $296.88.

Workday Price Performance

WDAY opened at $222.07 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.07 and a quick ratio of 2.07. The stock's 50 day simple moving average is $237.71 and its 200 day simple moving average is $245.22. The firm has a market cap of $59.29 billion, a price-to-earnings ratio of 122.69, a PEG ratio of 3.36 and a beta of 1.24. Workday, Inc. has a 1 year low of $205.33 and a 1 year high of $294.00.

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

Insider Buying and Selling at Workday

In related news, CFO Zane Rowe sold 6,000 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $239.59, for a total value of $1,437,540.00. Following the completion of the sale, the chief financial officer owned 178,418 shares of the company's stock, valued at $42,747,168.62. This trade represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Carl M. Eschenbach sold 6,250 shares of Workday stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $239.43, for a total transaction of $1,496,437.50. Following the completion of the sale, the chief executive officer owned 1,472 shares in the company, valued at approximately $352,440.96. This trade represents a 80.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 329,005 shares of company stock worth $79,203,523 over the last three months. 19.31% of the stock is owned by corporate 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.

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