Arcus Capital Partners LLC Increases Position in Workday, Inc. (NASDAQ:WDAY)

Arcus Capital Partners LLC lifted its stake in Workday, Inc. (NASDAQ:WDAY - Free Report) by 28.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,962 shares of the software maker's stock after buying an additional 3,075 shares during the period. Workday makes up 1.3% of Arcus Capital Partners LLC's investment portfolio, making the stock its 13th largest holding. Arcus Capital Partners LLC's holdings in Workday were worth $3,261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position 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. purchased a new position in Workday during the 4th quarter worth $658,735,000. Norges Bank purchased a new position in Workday during the 4th quarter worth $645,710,000. Parnassus Investments LLC grew its position in Workday by 562.2% during the 4th quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker's stock worth $631,589,000 after purchasing an additional 2,078,097 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Workday by 61.9% during 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 during the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Workday Price Performance

WDAY stock traded down $10.87 during trading on Thursday, reaching $229.30. 4,155,441 shares of the company were exchanged, compared to its average volume of 2,482,317. The company has a market cap of $61.22 billion, a P/E ratio of 126.69, a PEG ratio of 3.63 and a beta of 1.21. Workday, Inc. has a 52-week low of $199.81 and a 52-week high of $294.00. The stock's 50 day moving average price is $249.15 and its 200 day moving average price is $249.07. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.07 and a current ratio of 2.07.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.22. Workday had a net margin of 5.60% and a return on equity of 8.00%. The company had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the prior year, the firm earned $1.74 earnings per share. The company's revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, analysts predict that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on WDAY. Jefferies Financial Group lowered their price objective on shares of Workday from $350.00 to $325.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. JMP Securities restated a "market outperform" rating and issued a $315.00 target price on shares of Workday in a research note on Friday, May 23rd. Wall Street Zen cut shares of Workday from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Scotiabank reduced their target price on shares of Workday from $355.00 to $305.00 and set a "sector outperform" rating for the company in a research note on Monday, March 17th. Finally, Westpark Capital raised their target price on shares of Workday from $315.00 to $328.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $296.88.

Insider Buying and Selling at Workday

In other Workday news, major shareholder David A. Duffield sold 72,551 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $239.61, for a total value of $17,383,945.11. Following the sale, the insider owned 102,997 shares of the company's stock, valued at $24,679,111.17. This represents a 41.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Zane Rowe sold 6,000 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $239.59, for a total transaction of $1,437,540.00. Following the completion of the sale, the chief financial officer directly owned 178,418 shares in the company, valued at $42,747,168.62. This trade represents a 3.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 328,554 shares of company stock worth $79,097,601 over the last ninety days. 19.31% of the stock is currently owned by company insiders.

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.