FORA Capital LLC Makes New $1.95 Million Investment in Workday, Inc. $WDAY

Key Points

• FORA Capital LLC initiated a new position in Workday, buying 8,115 shares in Q3 valued at approximately $1.95 million.
• Major shareholder David A. Duffield sold 107,500 shares for about $14.45 million (a 50.58% drop in his stake), and insiders sold a total of 610,796 shares worth roughly $107 million last quarter.
• Workday beat quarterly expectations (EPS $2.47 vs. $2.32; revenue up 14.5%), but several analysts trimmed price targets; the consensus remains a Moderate Buy with an average target of $203.00.

FORA Capital LLC bought a new stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 8,115 shares of the software maker's stock, valued at approximately $1,954,000.

A number of other large investors also recently made changes to their positions in the stock. Rakuten Securities Inc. acquired a new stake in shares of Workday during the second quarter worth $25,000. Berbice Capital Management LLC lifted its stake in Workday by 136.4% in the second quarter. Berbice Capital Management LLC now owns 130 shares of the software maker's stock valued at $31,000 after buying an additional 75 shares during the period. Root Financial Partners LLC bought a new position in Workday during the third quarter worth about $40,000. Twin Peaks Wealth Advisors LLC bought a new position in Workday during the second quarter worth about $41,000. Finally, Geneos Wealth Management Inc. grew its position in shares of Workday by 211.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker's stock worth $44,000 after buying an additional 127 shares during the period. Institutional investors and hedge funds own 89.81% of the company's stock.

Insider Activity at Workday

In other news, major shareholder David A. Duffield sold 107,500 shares of the company's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $134.40, for a total transaction of $14,448,000.00. Following the completion of the transaction, the insider directly owned 105,049 shares of the company's stock, valued at $14,118,585.60. This represents a 50.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert Enslin sold 22,185 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $210.17, for a total value of $4,662,621.45. Following the transaction, the insider owned 106,330 shares of the company's stock, valued at approximately $22,347,376.10. The trade was a 17.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 610,796 shares of company stock valued at $107,013,566 in the last quarter. 19.31% of the stock is currently owned by company insiders.

Workday Stock Performance

Shares of WDAY stock opened at $133.09 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.83 and a current ratio of 1.32. Workday, Inc. has a 52 week low of $117.76 and a 52 week high of $276.00. The company's 50 day moving average price is $164.66 and its two-hundred day moving average price is $206.10. The company has a market capitalization of $35.00 billion, a P/E ratio of 51.59, a price-to-earnings-growth ratio of 1.30 and a beta of 1.16.

Workday (NASDAQ:WDAY - Get Free Report) last released its quarterly earnings results on Tuesday, February 24th. The software maker reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.15. Workday had a net margin of 7.26% and a return on equity of 13.37%. The company had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter in the prior year, the company earned $1.92 earnings per share. The business's quarterly revenue was up 14.5% compared to the same quarter last year. On average, analysts expect that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on WDAY shares. Piper Sandler cut their price target on shares of Workday from $200.00 to $135.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 25th. Oppenheimer decreased their price objective on shares of Workday from $200.00 to $165.00 and set an "outperform" rating for the company in a report on Wednesday, February 25th. Stifel Nicolaus set a $175.00 target price on shares of Workday in a research note on Monday, February 9th. Wells Fargo & Company reduced their price target on shares of Workday from $255.00 to $180.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 25th. Finally, Jefferies Financial Group lowered shares of Workday from a "buy" rating to a "hold" rating and decreased their price target for the company from $325.00 to $150.00 in a report on Monday, February 23rd. Twenty investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $203.00.

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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