Ardmore Road Asset Management LP Acquires Shares of 118,300 Workday, Inc. $WDAY

Ardmore Road Asset Management LP bought a new stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 118,300 shares of the software maker's stock, valued at approximately $15,370,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Rakuten Securities Inc. purchased a new position in Workday in the second quarter valued at about $25,000. Measured Wealth Private Client Group LLC purchased a new stake in Workday during the 3rd quarter worth approximately $26,000. DT Investment Partners LLC purchased a new stake in Workday during the 4th quarter worth approximately $27,000. LRI Investments LLC acquired a new position in shares of Workday in the 4th quarter valued at approximately $29,000. Finally, JPL Wealth Management LLC acquired a new position in shares of Workday in the 3rd quarter valued at approximately $30,000. 89.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on WDAY shares. Sanford C. Bernstein reissued an "outperform" rating and set a $216.00 price target on shares of Workday in a research report on Friday, May 22nd. TD Cowen reaffirmed a "hold" rating on shares of Workday in a report on Friday, May 22nd. Wolfe Research reiterated an "outperform" rating and set a $160.00 price objective on shares of Workday in a research note on Friday, May 22nd. Morgan Stanley lowered shares of Workday from an "equal weight" rating to an "underweight" rating and decreased their price objective for the stock from $185.00 to $145.00 in a report on Tuesday, July 21st. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of Workday in a research report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $179.80.

Insider Activity

In other Workday news, insider Robert Enslin sold 5,374 shares of the firm's stock in a transaction dated Sunday, July 5th. The shares were sold at an average price of $134.90, for a total value of $724,952.60. Following the transaction, the insider owned 239,469 shares of the company's stock, valued at $32,304,368.10. This trade represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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. Also, major shareholder David A. Duffield sold 107,500 shares of Workday stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $122.04, for a total value of $13,119,300.00. Following the completion of the transaction, the insider owned 105,049 shares of the company's stock, valued at approximately $12,820,179.96. The trade was a 50.58% 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. In the last three months, insiders sold 875,020 shares of company stock valued at $113,938,503. Company insiders own 18.64% of the company's stock.

Workday Stock Performance

Shares of WDAY opened at $135.34 on Monday. The stock has a market capitalization of $33.43 billion, a PE ratio of 42.29, a price-to-earnings-growth ratio of 1.44 and a beta of 1.11. The business's fifty day moving average price is $133.13 and its 200 day moving average price is $141.37. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01. Workday, Inc. has a 12-month low of $110.36 and a 12-month high of $249.85.

Workday (NASDAQ:WDAY - Get Free Report) last released its earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.15. The firm had revenue of $2.54 billion during 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 firm's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.23 earnings per share. Equities research analysts forecast that Workday, Inc. will post 5.38 EPS for the current year.

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.

Want to see what other hedge funds are holding WDAY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Workday, Inc. (NASDAQ:WDAY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.