Fernbridge Capital Management LP Buys 118,868 Shares of Workday, Inc. (NASDAQ:WDAY)

Fernbridge Capital Management LP raised its stake in Workday, Inc. (NASDAQ:WDAY) by 60.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 316,249 shares of the software maker’s stock after acquiring an additional 118,868 shares during the period. Workday accounts for approximately 4.7% of Fernbridge Capital Management LP’s portfolio, making the stock its 9th largest position. Fernbridge Capital Management LP owned approximately 0.12% of Workday worth $70,701,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in WDAY. William Blair Investment Management LLC boosted its position in shares of Workday by 17.6% in the 1st quarter. William Blair Investment Management LLC now owns 32,442 shares of the software maker’s stock valued at $8,849,000 after purchasing an additional 4,865 shares during the period. ORG Partners LLC boosted its holdings in shares of Workday by 3,717.9% in the second quarter. ORG Partners LLC now owns 3,207 shares of the software maker’s stock valued at $721,000 after acquiring an additional 3,123 shares during the period. Bornite Capital Management LP acquired a new stake in shares of Workday in the fourth quarter valued at approximately $34,508,000. Nordea Investment Management AB grew its position in shares of Workday by 3.0% during the first quarter. Nordea Investment Management AB now owns 468,915 shares of the software maker’s stock worth $128,851,000 after acquiring an additional 13,502 shares during the last quarter. Finally, Bain Capital Public Equity LP increased its holdings in shares of Workday by 32.5% in the 4th quarter. Bain Capital Public Equity LP now owns 22,471 shares of the software maker’s stock valued at $6,203,000 after acquiring an additional 5,513 shares during the period. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Workday Price Performance

Shares of NASDAQ:WDAY opened at $248.29 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.04 and a current ratio of 2.04. The business’s fifty day moving average price is $237.48 and its two-hundred day moving average price is $242.12. The stock has a market cap of $65.80 billion, a PE ratio of 44.74, a price-to-earnings-growth ratio of 5.07 and a beta of 1.35. Workday, Inc. has a one year low of $199.81 and a one year high of $311.28.

Workday (NASDAQ:WDAY) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.10. The business had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.07 billion. Workday had a return on equity of 5.34% and a net margin of 19.59%. The business’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.40 earnings per share. On average, analysts forecast that Workday, Inc. will post 2.39 EPS for the current fiscal year.

Analyst Ratings Changes

WDAY has been the subject of a number of recent research reports. BMO Capital Markets reiterated an “outperform” rating and set a $300.00 price target on shares of Workday in a research note on Wednesday. Wells Fargo & Company increased their target price on shares of Workday from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Bank of America boosted their price target on Workday from $265.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Evercore ISI reduced their price objective on Workday from $300.00 to $290.00 and set an “outperform” rating for the company in a research note on Tuesday, August 20th. Finally, KeyCorp lifted their target price on Workday from $275.00 to $305.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, Workday presently has an average rating of “Moderate Buy” and a consensus price target of $286.48.

Insider Transactions at Workday

In related news, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $223.80, for a total transaction of $12,532,800.00. Following the sale, the insider now owns 674,000 shares in the company, valued at $150,841,200. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Workday news, major shareholder David A. Duffield sold 57,000 shares of Workday stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $247.59, for a total value of $14,112,630.00. Following the completion of the sale, the insider now owns 505,000 shares in the company, valued at approximately $125,032,950. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder David A. Duffield sold 56,000 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $223.80, for a total transaction of $12,532,800.00. Following the completion of the sale, the insider now directly owns 674,000 shares in the company, valued at $150,841,200. The disclosure for this sale can be found here. Insiders sold a total of 467,402 shares of company stock worth $109,864,184 over the last ninety days. 20.00% of the stock is currently owned by corporate insiders.

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.