Caitong International Asset Management Co. Ltd Invests $676,000 in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Caitong International Asset Management Co. Ltd has acquired a new position in Workday, buying 2,895 shares valued at approximately $676,000, making it the firm's 29th largest holding at 0.5% of their portfolio.
• Multiple hedge funds have recently increased their stakes in Workday, with LGT Group Foundation raising its holdings by an impressive 1,178.1% during the same quarter.
• Workday reported quarterly earnings of $2.23 per share, exceeding expectations, with revenue up 12.6% year-over-year, demonstrating strong performance amid varying analyst ratings and price targets.

Caitong International Asset Management Co. Ltd purchased a new position in Workday, Inc. (NASDAQ:WDAY - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,895 shares of the software maker's stock, valued at approximately $676,000. Workday comprises 0.5% of Caitong International Asset Management Co. Ltd's investment portfolio, making the stock its 29th largest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. bought a new position in shares of Workday during the 4th quarter worth about $658,735,000. Nuveen LLC bought a new position in shares of Workday during the 1st quarter worth about $456,341,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Workday by 60.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock worth $960,454,000 after acquiring an additional 1,406,088 shares during the period. Northern Trust Corp lifted its holdings in shares of Workday by 51.2% during the 4th quarter. Northern Trust Corp now owns 2,263,981 shares of the software maker's stock worth $584,175,000 after acquiring an additional 767,034 shares during the period. Finally, Contour Asset Management LLC bought a new position in shares of Workday during the 4th quarter worth about $183,516,000. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on WDAY. Westpark Capital raised their price objective on shares of Workday from $315.00 to $328.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Royal Bank Of Canada reissued an "outperform" rating and set a $340.00 price target on shares of Workday in a report on Friday, May 23rd. Wall Street Zen raised shares of Workday from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. JPMorgan Chase & Co. cut their price target on shares of Workday from $310.00 to $295.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. Finally, Guggenheim reissued a "neutral" rating on shares of Workday in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $294.31.

Workday Trading Down 0.5%

Shares of WDAY traded down $1.15 on Thursday, reaching $221.92. 3,254,754 shares of the company's stock were exchanged, compared to its average volume of 2,875,696. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $59.25 billion, a P/E ratio of 122.61, a price-to-earnings-growth ratio of 3.37 and a beta of 1.24. The business has a 50 day moving average price of $235.20 and a two-hundred day moving average price of $244.18. Workday, Inc. has a 12 month low of $205.33 and a 12 month high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last posted its quarterly 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. The business had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.22 billion. Workday had a net margin of 5.60% and a return on equity of 8.00%. Workday's revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.74 earnings per share. Research analysts anticipate that Workday, Inc. will post 2.63 earnings per share for the current year.

Insider Buying and Selling at Workday

In related news, major shareholder David A. Duffield sold 72,551 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $239.61, for a total transaction of $17,383,945.11. Following the completion of the sale, the insider directly owned 102,997 shares of the company's stock, valued at $24,679,111.17. The trade was a 41.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Carl M. Eschenbach sold 6,250 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $239.43, for a total transaction of $1,496,437.50. Following the sale, the chief executive officer directly owned 1,472 shares of the company's stock, valued at approximately $352,440.96. This trade represents a 80.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 329,005 shares of company stock valued at $79,203,523 over the last 90 days. 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.