Night Squared LP Purchases Shares of 15,000 Workday, Inc. $WDAY

Key Points

• Night Squared LP bought a new position in Workday, acquiring 15,000 shares in Q3 valued at about $3.61 million.
• Analyst sentiment is mixed: MarketBeat shows a consensus of Moderate Buy with an average price target of $203, while several firms (Evercore, TD Cowen, Citigroup) have recently downgraded or cut targets.
• Workday beat quarterly expectations (EPS $2.47 vs. $2.32) with revenue up 14.5% to $2.53B; the company has a ~$35B market cap, a high institutional ownership (~89.8%), and notable insider selling in the last quarter.

Night Squared LP purchased a new position in Workday, Inc. (NASDAQ:WDAY - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 15,000 shares of the software maker's stock, valued at approximately $3,611,000.

A number of other large investors have also recently made changes to their positions in WDAY. Rakuten Securities Inc. purchased a new position in Workday in the 2nd quarter worth $25,000. Berbice Capital Management LLC increased its holdings in shares of 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 purchasing an additional 75 shares during the period. Root Financial Partners LLC acquired a new position in shares of Workday in the third quarter valued at about $40,000. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Workday in the second quarter worth about $41,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Workday by 211.7% during the first quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker's stock worth $44,000 after purchasing an additional 127 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on WDAY. Evercore lowered Workday from an "outperform" rating to an "in-line" rating and set a $160.00 target price on the stock. in a research report on Wednesday, February 25th. Wall Street Zen cut shares of Workday from a "buy" rating to a "hold" rating in a research note on Saturday. Loop Capital set a $210.00 price objective on shares of Workday in a report on Thursday. TD Cowen cut shares of Workday from a "buy" rating to a "hold" rating and set a $155.00 target price for the company. in a report on Wednesday, February 25th. Finally, Citigroup reduced their target price on shares of Workday from $247.00 to $148.00 and set a "neutral" rating for the company in a report on Thursday, February 26th. Twenty research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $203.00.

Workday Trading Down 0.8%

Shares of NASDAQ:WDAY opened at $133.09 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.83 and a debt-to-equity ratio of 0.38. Workday, Inc. has a 12-month low of $117.76 and a 12-month high of $276.00. The business has a 50 day moving average of $164.66 and a two-hundred day moving average of $206.10. The company has a market capitalization of $35.00 billion, a PE ratio of 51.59, a PEG ratio of 1.30 and a beta of 1.16.

Workday (NASDAQ:WDAY - Get Free Report) last issued its quarterly earnings data on Tuesday, February 24th. The software maker reported $2.47 EPS for the quarter, topping analysts' consensus estimates of $2.32 by $0.15. Workday had a net margin of 7.26% and a return on equity of 13.37%. The business had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter last year, the company earned $1.92 EPS. The business's revenue was up 14.5% on a year-over-year basis. As a group, analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

Insider Activity at Workday

In other Workday news, CAO Mark S. Garfield sold 953 shares of the company's stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $209.56, for a total value of $199,710.68. Following the completion of the transaction, the chief accounting officer owned 35,336 shares in the company, valued at approximately $7,405,012.16. This represents a 2.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Zane Rowe sold 6,000 shares of the stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $208.75, for a total transaction of $1,252,500.00. Following the sale, the chief financial officer directly owned 159,158 shares in the company, valued at approximately $33,224,232.50. The trade was a 3.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 610,796 shares of company stock valued at $107,013,566 in the last quarter. 19.31% of the stock is currently owned by insiders.

Workday Profile

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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