Workday, Inc. (NASDAQ:WDAY) Shares Bought by Legato Capital Management LLC

Legato Capital Management LLC raised its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 94.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,900 shares of the software maker's stock after buying an additional 5,285 shares during the period. Legato Capital Management LLC's holdings in Workday were worth $2,545,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of WDAY. T. Rowe Price Investment Management Inc. purchased a new position in Workday during the fourth quarter worth about $658,735,000. Norges Bank acquired a new position in Workday during the fourth quarter worth about $645,710,000. Geode Capital Management LLC grew its position in shares of Workday by 61.9% in the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock valued at $1,193,105,000 after purchasing an additional 1,772,223 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Workday by 60.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,722,255 shares of the software maker's stock valued at $960,454,000 after purchasing an additional 1,406,088 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Workday by 102.6% during the fourth quarter. Invesco Ltd. now owns 1,855,778 shares of the software maker's stock worth $478,846,000 after acquiring an additional 939,955 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director George J. Still, Jr. sold 7,500 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $248.41, for a total transaction of $1,863,075.00. Following the sale, the director owned 67,500 shares of the company's stock, valued at approximately $16,767,675. This trade represents a 10.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder David A. Duffield sold 73,971 shares of Workday stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $238.66, for a total value of $17,653,918.86. Following the completion of the sale, the insider directly owned 102,997 shares in the company, valued at approximately $24,581,264.02. This represents a 41.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold 329,005 shares of company stock worth $79,203,523 over the last ninety days. 20.00% of the stock is owned by insiders.

Workday Stock Performance

NASDAQ:WDAY opened at $239.11 on Wednesday. The firm's fifty day moving average price is $245.83 and its 200 day moving average price is $247.13. 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 firm has a market cap of $63.84 billion, a price-to-earnings ratio of 132.10, a price-to-earnings-growth ratio of 3.53 and a beta of 1.21. Workday, Inc. has a 1-year low of $199.81 and a 1-year high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) last posted its earnings results 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 firm had revenue of $2.24 billion for the quarter, compared to analysts' expectations of $2.22 billion. Workday had a return on equity of 8.00% and a net margin of 5.60%. The firm's revenue was up 12.6% compared to the same quarter last year. During the same period last year, the firm earned $1.74 EPS. On average, sell-side analysts expect that Workday, Inc. will post 2.63 EPS for the current year.

Wall Street Analysts Forecast Growth

WDAY has been the subject of several research reports. Wells Fargo & Company decreased their price target on shares of Workday from $360.00 to $325.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. KeyCorp dropped their price objective on shares of Workday from $335.00 to $325.00 and set an "overweight" rating on the stock in a research note on Friday, May 23rd. JMP Securities restated a "market outperform" rating and set a $315.00 price target on shares of Workday in a research note on Friday, May 23rd. Westpark Capital upped their price objective on shares of Workday from $315.00 to $328.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Finally, Morgan Stanley set a $255.00 price target on shares of Workday and gave the company an "equal weight" rating in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Workday has a consensus 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.

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