Ardmore Road Asset Management LP Makes New $15.37 Million Investment in Workday, Inc. $WDAY

Ardmore Road Asset Management LP bought a new stake in Workday, Inc. (NASDAQ:WDAY) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 118,300 shares of the software maker’s stock, valued at approximately $15,370,000.

Several other hedge funds and other institutional investors also recently modified their holdings of WDAY. Brighton Jones LLC increased its holdings in shares of Workday by 230.2% in the 4th quarter. Brighton Jones LLC now owns 4,005 shares of the software maker’s stock worth $1,033,000 after acquiring an additional 2,792 shares during the period. Empowered Funds LLC boosted its stake in Workday by 12.1% during the 1st quarter. Empowered Funds LLC now owns 11,142 shares of the software maker’s stock valued at $2,602,000 after purchasing an additional 1,206 shares during the period. Geneos Wealth Management Inc. boosted its stake in Workday by 211.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker’s stock valued at $44,000 after purchasing an additional 127 shares during the period. Sivia Capital Partners LLC bought a new position in Workday in the 2nd quarter worth about $281,000. Finally, NewEdge Advisors LLC grew its position in Workday by 32.0% in the 2nd quarter. NewEdge Advisors LLC now owns 6,597 shares of the software maker’s stock worth $1,583,000 after purchasing an additional 1,600 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler lifted their price target on Workday from $135.00 to $145.00 and gave the company a “neutral” rating in a report on Friday, May 22nd. Citigroup reissued a “market perform” rating on shares of Workday in a report on Friday, May 22nd. UBS Group raised their target price on Workday from $130.00 to $140.00 and gave the company a “neutral” rating in a research report on Friday, May 22nd. Needham & Company LLC cut their target price on Workday from $300.00 to $180.00 and set a “buy” rating on the stock in a research note on Friday, May 22nd. Finally, DA Davidson set a $135.00 price target on Workday in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $179.80.

Workday Price Performance

NASDAQ WDAY opened at $135.34 on Monday. Workday, Inc. has a 12 month low of $110.36 and a 12 month high of $249.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $33.43 billion, a PE ratio of 42.29, a P/E/G ratio of 1.44 and a beta of 1.11. The company’s 50 day simple moving average is $133.13 and its 200 day simple moving average is $141.37.

Workday (NASDAQ:WDAY) last released its earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.15. The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.52 billion. Workday had a return on equity of 14.75% and a net margin of 8.60%.The firm’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.23 earnings per share. As a group, equities research analysts forecast that Workday, Inc. will post 5.38 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder David A. Duffield sold 107,500 shares of the business’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $122.04, for a total value of $13,119,300.00. Following the sale, the insider owned 105,049 shares of the company’s stock, valued at approximately $12,820,179.96. The trade was a 50.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Robert Enslin sold 5,374 shares of the company’s stock in a transaction on Sunday, July 5th. The shares were sold at an average price of $134.90, for a total value of $724,952.60. Following the completion of the sale, the insider owned 239,469 shares of the company’s stock, valued at approximately $32,304,368.10. This trade represents a 2.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 875,020 shares of company stock worth $113,938,503. 18.64% of the stock is owned by company insiders.

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.