Douglas Lane & Associates LLC Raises Stock Position in Workday, Inc. (NASDAQ:WDAY)

Douglas Lane & Associates LLC boosted its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 7.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 255,380 shares of the software maker's stock after buying an additional 17,092 shares during the period. Douglas Lane & Associates LLC owned 0.10% of Workday worth $59,639,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Workday by 28.9% during the 4th quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker's stock worth $5,197,447,000 after purchasing an additional 4,517,272 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in Workday during the fourth quarter worth about $658,735,000. Norges Bank purchased a new stake in Workday during the 4th quarter valued at about $645,710,000. Parnassus Investments LLC raised its holdings in Workday by 562.2% in the 4th quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker's stock valued at $631,589,000 after acquiring an additional 2,078,097 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Workday by 61.9% in the 4th quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock worth $1,193,105,000 after purchasing an additional 1,772,223 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. JMP Securities reaffirmed a "market outperform" rating and issued a $315.00 price target on shares of Workday in a report on Friday, May 23rd. Daiwa America raised Workday to a "strong-buy" rating in a research note on Tuesday, March 4th. UBS Group boosted their price target on shares of Workday from $255.00 to $285.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Mizuho cut their price objective 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, Needham & Company LLC reiterated a "buy" rating and issued a $300.00 target price on shares of Workday in a report on Wednesday, May 21st. Nine investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $293.54.

Insider Buying and Selling

In other Workday news, CAO Mark S. Garfield sold 497 shares of Workday stock in a transaction dated Thursday, April 10th. The stock was 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 now directly owns 34,385 shares of the company's stock, valued at $7,789,921.75. The trade was a 1.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder David A. Duffield sold 70,144 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $250.26, for a total value of $17,554,237.44. Following the transaction, the insider now directly owns 102,997 shares of the company's stock, valued at approximately $25,776,029.22. This represents a 40.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 252,338 shares of company stock valued at $59,875,701 in the last three months. 19.31% of the stock is owned by corporate insiders.

Workday Trading Up 0.4%

NASDAQ:WDAY traded up $1.01 on Thursday, reaching $250.49. 835,575 shares of the company's stock were exchanged, compared to its average volume of 2,475,609. The business has a fifty day moving average of $241.89 and a 200-day moving average of $253.15. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. 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 $66.63 billion, a price-to-earnings ratio of 41.54, a price-to-earnings-growth ratio of 3.55 and a beta of 1.30.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, beating the consensus estimate of $2.01 by $0.22. The company had revenue of $2.24 billion during the quarter, compared to analysts' expectations of $2.22 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. The firm's revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.74 EPS. As a group, analysts expect that Workday, Inc. will post 2.63 earnings per share for the current year.

Workday Company 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.