Light Street Capital Management LLC Acquires New Position in Workday, Inc. (NASDAQ:WDAY)

Light Street Capital Management LLC purchased a new position in shares of Workday, Inc. (NASDAQ:WDAY) during the fourth quarter, Holdings Channel.com reports. The fund purchased 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 holdings, making the stock its 18th largest position.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WDAY. Roxbury Financial LLC bought a new position in Workday in the 4th quarter worth approximately $25,000. Crews Bank & Trust acquired a new position in shares of Workday during the 4th quarter valued at $26,000. Avion Wealth boosted its stake in Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock valued at $27,000 after buying an additional 86 shares in the last quarter. TCTC Holdings LLC acquired a new stake in shares of Workday during the 4th quarter valued at $35,000. Finally, Rakuten Securities Inc. grew its holdings in shares of Workday by 78.6% in the 4th quarter. Rakuten Securities Inc. now owns 150 shares of the software maker’s stock worth $39,000 after acquiring an additional 66 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

Workday Stock Performance

NASDAQ WDAY opened at $259.01 on Monday. The firm’s fifty day moving average price is $238.49 and its two-hundred day moving average price is $252.33. The stock has a market cap of $68.90 billion, a PE ratio of 42.95, a PEG ratio of 3.55 and a beta of 1.30. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.05 and a current ratio of 2.05. Workday, Inc. has a fifty-two week low of $199.81 and a fifty-two week high of $294.00.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (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 firm had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.18 billion. On average, equities analysts expect that Workday, Inc. will post 2.63 EPS for the current fiscal year.

Insider Buying and Selling at Workday

In related news, insider Sayan Chakraborty sold 6,056 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $265.50, for a total transaction of $1,607,868.00. Following the completion of the transaction, the insider now directly owns 111,324 shares of the company’s stock, valued at $29,556,522. This trade represents a 5.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder David A. Duffield sold 66,455 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $259.52, for a total value of $17,246,401.60. Following the completion of the sale, the insider now owns 102,997 shares in the company, valued at $26,729,781.44. This trade represents a 39.22% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 321,724 shares of company stock worth $77,976,126. 19.31% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. StockNews.com downgraded Workday from a “buy” rating to a “hold” rating in a report on Monday, January 13th. Needham & Company LLC reiterated a “buy” rating and set a $300.00 price target on shares of Workday in a research note on Monday, March 24th. Westpark Capital started coverage on Workday in a research report on Tuesday, May 6th. They issued a “buy” rating and a $315.00 price target on the stock. Loop Capital boosted their target price on shares of Workday from $242.00 to $260.00 and gave the stock a “hold” rating in a research report on Wednesday, February 19th. Finally, BNP Paribas upgraded shares of Workday to a “strong-buy” rating in a research report on Friday, February 14th. Ten investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Workday presently has an average rating of “Moderate Buy” and an average price target of $293.62.

Workday Company 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.