Picton Mahoney Asset Management Increases Stock Position in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Picton Mahoney Asset Management dramatically increased its stake in Workday, Inc. by 989,875.0%, bringing its total shares to 39,599, valued at approximately $9.25 million.
• In the fourth quarter, several institutional investors, including T. Rowe Price and Invesco Ltd., significantly increased their stakes in Workday, showcasing strong institutional interest.
• Workday recently reported $2.23 earnings per share, surpassing analyst estimates, with a 12.6% year-over-year revenue increase, indicating positive financial performance amidst changing market conditions.

Picton Mahoney Asset Management lifted its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 989,875.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,599 shares of the software maker's stock after buying an additional 39,595 shares during the period. Picton Mahoney Asset Management's holdings in Workday were worth $9,249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Private Trust Co. NA raised its position in shares of Workday by 15.2% in the 1st quarter. Private Trust Co. NA now owns 318 shares of the software maker's stock valued at $74,000 after purchasing an additional 42 shares during the last quarter. CreativeOne Wealth LLC lifted its position in Workday by 1.5% in the fourth quarter. CreativeOne Wealth LLC now owns 2,889 shares of the software maker's stock valued at $745,000 after acquiring an additional 43 shares during the last quarter. Salvus Wealth Management LLC lifted its stake in shares of Workday by 2.8% in the first quarter. Salvus Wealth Management LLC now owns 1,658 shares of the software maker's stock valued at $387,000 after purchasing an additional 45 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Workday by 15.0% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 353 shares of the software maker's stock worth $82,000 after buying an additional 46 shares in the last quarter. Finally, AE Wealth Management LLC boosted its holdings in Workday by 0.4% in the 1st quarter. AE Wealth Management LLC now owns 11,896 shares of the software maker's stock worth $2,778,000 after acquiring an additional 46 shares during the period. Institutional investors own 89.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on WDAY. Citigroup lowered Workday from a "neutral" rating to a "mixed" rating in a report on Friday, May 16th. Mizuho dropped their price objective on Workday from $320.00 to $275.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Wells Fargo & Company reduced their price objective on shares of Workday from $360.00 to $325.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. DA Davidson lifted their price target on Workday from $230.00 to $250.00 and gave the company a "neutral" rating in a research note on Friday, May 23rd. Finally, Loop Capital decreased their target price on Workday from $285.00 to $250.00 and set a "hold" rating for the company in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $296.88.

Insider Buying and Selling

In other Workday news, CFO Zane Rowe sold 6,000 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $239.59, for a total transaction of $1,437,540.00. Following the transaction, the chief financial officer owned 178,418 shares in the company, valued at approximately $42,747,168.62. This represents a 3.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 451 shares of the company's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $234.86, for a total value of $105,921.86. Following the completion of the sale, the chief accounting officer owned 42,977 shares of the company's stock, valued at approximately $10,093,578.22. The trade was a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 329,005 shares of company stock valued at $79,203,523 over the last quarter. 19.31% of the stock is owned by company insiders.

Workday Stock Down 1.7%

Shares of NASDAQ:WDAY traded down $4.00 during trading on Friday, hitting $225.38. The stock had a trading volume of 1,671,198 shares, compared to its average volume of 2,265,355. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $60.18 billion, a PE ratio of 124.10, a PEG ratio of 3.59 and a beta of 1.21. The firm's fifty day moving average is $239.71 and its 200 day moving average is $246.31. Workday, Inc. has a 12 month low of $199.81 and a 12 month high of $294.00.

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

Workday 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.