Cynosure Group LLC Raises Stake in Workday, Inc. (NASDAQ:WDAY)

Key Points

• Cynosure Group LLC increased its stake in Workday, Inc. by 5.5% during the first quarter, owning 23,845 shares valued at approximately $5.57 million.
• Workday reported earnings of $2.23 EPS for the last quarter, surpassing the analyst consensus estimate of $2.01, with revenues also exceeding expectations at $2.24 billion.
• Institutional investors hold 89.81% of Workday's stock, indicating a strong institutional backing, with varied price targets from analysts ranging from $230.00 to $340.00.

Cynosure Group LLC lifted its stake in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 5.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,845 shares of the software maker's stock after buying an additional 1,250 shares during the quarter. Workday makes up about 0.8% of Cynosure Group LLC's investment portfolio, making the stock its 22nd largest holding. Cynosure Group LLC's holdings in Workday were worth $5,569,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in WDAY. Brighton Jones LLC increased its holdings in shares of Workday by 230.2% during the fourth quarter. Brighton Jones LLC now owns 4,005 shares of the software maker's stock valued at $1,033,000 after purchasing an additional 2,792 shares during the period. Bank Pictet & Cie Europe AG grew its stake in Workday by 24.0% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,075 shares of the software maker's stock valued at $793,000 after acquiring an additional 595 shares in the last quarter. Advisory Services Network LLC lifted its holdings in shares of Workday by 27.6% during the 4th quarter. Advisory Services Network LLC now owns 703 shares of the software maker's stock valued at $181,000 after buying an additional 152 shares during the last quarter. Martingale Asset Management L P acquired a new stake in Workday in the 4th quarter worth approximately $362,000. Finally, Bessemer Group Inc. lifted its holdings in shares of Workday by 20.7% during the fourth quarter. Bessemer Group Inc. now owns 3,279 shares of the software maker's stock worth $847,000 after buying an additional 563 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors.

Workday Stock Performance

Shares of NASDAQ:WDAY traded up $1.09 during midday trading on Friday, hitting $222.07. The company had a trading volume of 2,386,346 shares, compared to its average volume of 2,506,795. The company has a market cap of $59.29 billion, a price-to-earnings ratio of 122.69, a PEG ratio of 3.36 and a beta of 1.24. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.07 and a quick ratio of 2.07. The company has a fifty day moving average of $237.71 and a two-hundred day moving average of $245.15. Workday, Inc. has a 12-month low of $205.33 and a 12-month high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last issued its earnings results on Thursday, May 22nd. The software maker reported $2.23 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.22. The business had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.22 billion. Workday had a net margin of 5.60% and a return on equity of 8.00%. The company's quarterly revenue was up 12.6% compared to the same quarter last year. During the same period last year, the company posted $1.74 earnings per share. On average, equities research analysts expect that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Insider Buying and Selling at Workday

In other Workday news, Director George J. Still, Jr. sold 7,500 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $248.41, for a total value of $1,863,075.00. Following the sale, the director directly owned 67,500 shares of the company's stock, valued at approximately $16,767,675. This represents a 10.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Zane Rowe sold 6,000 shares of the stock in a transaction on 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 329,005 shares of company stock valued at $79,203,523. Corporate insiders own 20.00% of the company's stock.

Wall Street Analysts Forecast Growth

WDAY has been the topic of a number of analyst reports. Needham & Company LLC reiterated a "buy" rating and issued a $300.00 price target on shares of Workday in a research report on Wednesday, May 21st. Wall Street Zen upgraded Workday from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Wells Fargo & Company cut their price objective on Workday from $360.00 to $325.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Oppenheimer dropped their price target on Workday from $320.00 to $300.00 and set an "outperform" rating for the company in a report on Friday, May 23rd. Finally, JMP Securities reiterated a "market outperform" rating and issued a $315.00 price target on shares of Workday in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Workday currently has an average rating of "Moderate Buy" and a consensus price target of $296.88.

About Workday

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.