Fernbridge Capital Management LP Grows Stock Position in Workday, Inc. $WDAY

Fernbridge Capital Management LP grew its position in Workday, Inc. (NASDAQ:WDAY) by 11.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,382,293 shares of the software maker’s stock after acquiring an additional 140,913 shares during the quarter. Workday makes up approximately 16.2% of Fernbridge Capital Management LP’s holdings, making the stock its 2nd largest position. Fernbridge Capital Management LP’s holdings in Workday were worth $332,759,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in WDAY. First Eagle Investment Management LLC acquired a new position in shares of Workday in the 3rd quarter valued at about $556,252,000. PKO Investment Management Joint Stock Co acquired a new stake in Workday during the third quarter worth about $1,805,000. Phoenix Financial Ltd. bought a new position in Workday in the third quarter worth about $2,000,000. Rakuten Investment Management Inc. acquired a new position in Workday in the third quarter valued at approximately $124,718,000. Finally, Norges Bank bought a new position in shares of Workday during the second quarter valued at approximately $442,702,000. 89.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

WDAY has been the topic of several recent research reports. Sanford C. Bernstein cut their price target on Workday from $298.00 to $214.00 and set an “outperform” rating on the stock in a report on Wednesday, February 25th. JPMorgan Chase & Co. dropped their target price on Workday from $270.00 to $230.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 24th. The Goldman Sachs Group cut their target price on Workday from $238.00 to $206.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 25th. DA Davidson reduced their price target on shares of Workday from $250.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday, February 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $300.00 price target on shares of Workday in a research report on Wednesday, February 25th. Twenty research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $203.00.

Workday Stock Down 0.8%

WDAY opened at $133.09 on Friday. The stock’s 50 day moving average price is $164.66 and its 200 day moving average price is $206.10. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.32 and a quick ratio of 1.83. The stock has a market cap of $35.00 billion, a P/E ratio of 51.59, a P/E/G ratio of 1.30 and a beta of 1.16. Workday, Inc. has a 12 month low of $117.76 and a 12 month high of $276.00.

Workday (NASDAQ:WDAY) last announced its quarterly earnings results on Tuesday, February 24th. The software maker reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.15. The company had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. Workday had a return on equity of 13.37% and a net margin of 7.26%.The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.92 EPS. As a group, research analysts predict that Workday, Inc. will post 2.63 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder David A. Duffield sold 107,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $142.18, for a total value of $15,284,350.00. Following the completion of the sale, the insider directly owned 105,049 shares of the company’s stock, valued at approximately $14,935,866.82. This represents a 50.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Richard Harry Sauer sold 1,130 shares of the stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $210.00, for a total transaction of $237,300.00. Following the completion of the transaction, the insider owned 85,398 shares of the company’s stock, valued at $17,933,580. This trade represents a 1.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 610,796 shares of company stock valued at $107,013,566. Corporate insiders own 19.31% of the company’s stock.

About Workday

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.