MIG Capital LLC Makes New Investment in Workday, Inc. (NASDAQ:WDAY)

MIG Capital LLC purchased a new stake in shares of Workday, Inc. (NASDAQ:WDAY) during the third quarter, Holdings Channel.com reports. The firm purchased 68,866 shares of the software maker’s stock, valued at approximately $16,832,000. Workday comprises 2.0% of MIG Capital LLC’s portfolio, making the stock its 18th biggest holding.

Several other hedge funds have also made changes to their positions in WDAY. Capital Performance Advisors LLP purchased a new position in Workday during the 3rd quarter valued at about $26,000. Meeder Asset Management Inc. boosted its holdings in shares of Workday by 42.2% during the third quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after purchasing an additional 43 shares during the period. New Millennium Group LLC grew its position in Workday by 177.4% during the third quarter. New Millennium Group LLC now owns 147 shares of the software maker’s stock valued at $36,000 after purchasing an additional 94 shares in the last quarter. SouthState Corp increased its stake in Workday by 614.3% in the 2nd quarter. SouthState Corp now owns 150 shares of the software maker’s stock valued at $34,000 after buying an additional 129 shares during the period. Finally, Crewe Advisors LLC lifted its position in Workday by 56.6% in the 2nd quarter. Crewe Advisors LLC now owns 155 shares of the software maker’s stock worth $35,000 after buying an additional 56 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 66,492 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the completion of the sale, the insider now owns 102,997 shares of the company’s stock, valued at approximately $26,902,816.40. This trade represents a 39.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Wayne A.I. Frederick sold 1,828 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $241.85, for a total value of $442,101.80. Following the completion of the transaction, the director now directly owns 8,674 shares in the company, valued at $2,097,806.90. The trade was a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 359,954 shares of company stock worth $88,742,132 in the last quarter. 20.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on WDAY shares. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Workday from $265.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 23rd. BMO Capital Markets restated an “outperform” rating and issued a $300.00 target price on shares of Workday in a research note on Wednesday, September 18th. The Goldman Sachs Group upped their target price on Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Canaccord Genuity Group reiterated a “buy” rating and set a $300.00 price target on shares of Workday in a report on Friday, September 13th. Finally, Loop Capital dropped their price objective on Workday from $270.00 to $242.00 and set a “hold” rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $288.14.

Workday Stock Down 6.2 %

WDAY opened at $253.40 on Thursday. Workday, Inc. has a fifty-two week low of $199.81 and a fifty-two week high of $311.28. The company has a market capitalization of $67.15 billion, a P/E ratio of 42.02, a P/E/G ratio of 5.36 and a beta of 1.35. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 2.04. The firm’s fifty day moving average price is $248.62 and its two-hundred day moving average price is $237.33.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.13. Workday had a net margin of 19.86% and a return on equity of 6.21%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the business earned $0.47 EPS. The firm’s revenue was up 15.8% on a year-over-year basis. On average, analysts anticipate that Workday, Inc. will post 2.4 EPS for the current year.

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.