Light Street Capital Management LLC Invests $11.55 Million in Workday, Inc. (NASDAQ:WDAY)

Light Street Capital Management LLC acquired a new stake in Workday, Inc. (NASDAQ:WDAY - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 44,768 shares of the software maker's stock, valued at approximately $11,551,000. Workday accounts for 2.1% of Light Street Capital Management LLC's portfolio, making the stock its 18th biggest holding.

Several other hedge funds have also bought and sold shares of WDAY. Vanguard Group Inc. increased 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 valued at $5,197,447,000 after purchasing an additional 4,517,272 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Workday in the 4th quarter worth about $658,735,000. Norges Bank purchased a new stake in shares of Workday in the 4th quarter worth about $645,710,000. Parnassus Investments LLC boosted its stake in Workday by 562.2% in 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 in 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 valued at $1,193,105,000 after purchasing an additional 1,772,223 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 497 shares of the business's stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $226.55, for a total transaction of $112,595.35. Following the completion of the sale, the chief accounting officer now owns 34,385 shares in the company, valued at $7,789,921.75. The trade was a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Carl M. Eschenbach sold 3,125 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $234.61, for a total value of $733,156.25. Following the completion of the sale, the chief executive officer now owns 10,847 shares of the company's stock, valued at approximately $2,544,814.67. This represents a 22.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 321,724 shares of company stock worth $77,976,126 over the last 90 days. 19.31% of the stock is owned by insiders.

Workday Stock Down 0.6%

Shares of Workday stock traded down $1.66 on Friday, reaching $273.05. 2,328,351 shares of the company were exchanged, compared to its average volume of 2,570,744. Workday, Inc. has a 1-year low of $199.81 and a 1-year high of $294.00. The company has a market cap of $72.63 billion, a P/E ratio of 45.28, a price-to-earnings-growth ratio of 3.55 and a beta of 1.30. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The stock's 50 day moving average price is $240.57 and its 200-day moving average price is $253.29.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The software maker reported $0.48 EPS for the quarter, missing analysts' consensus estimates of $1.75 by ($1.27). Workday had a return on equity of 6.13% and a net margin of 19.86%. The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.18 billion. As a group, equities analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on WDAY shares. JPMorgan Chase & Co. increased their price objective on shares of Workday from $285.00 to $310.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Jefferies Financial Group cut 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. BNP Paribas raised shares of Workday to a "strong-buy" rating in a research report on Friday, February 14th. Loop Capital increased their price objective on shares of Workday from $242.00 to $260.00 and gave the company a "hold" rating in a research report on Wednesday, February 19th. Finally, Daiwa America raised shares of Workday to a "strong-buy" rating in a research report on Tuesday, March 4th. Ten equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $293.62.

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.