Mcrae Capital Management Inc. Increases Stake in Workday, Inc. (NASDAQ:WDAY)

Mcrae Capital Management Inc. increased its holdings in Workday, Inc. (NASDAQ:WDAY) by 2.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 59,150 shares of the software maker’s stock after purchasing an additional 1,184 shares during the quarter. Workday accounts for 2.8% of Mcrae Capital Management Inc.’s investment portfolio, making the stock its 16th biggest position. Mcrae Capital Management Inc.’s holdings in Workday were worth $14,457,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its holdings in shares of Workday by 79.1% in the second quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker’s stock worth $514,637,000 after purchasing an additional 1,016,394 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Workday by 17,345.2% during the second quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker’s stock valued at $208,068,000 after acquiring an additional 925,366 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Workday by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker’s stock worth $4,029,244,000 after purchasing an additional 324,540 shares during the period. D1 Capital Partners L.P. grew its stake in shares of Workday by 152.1% in the second quarter. D1 Capital Partners L.P. now owns 518,000 shares of the software maker’s stock worth $115,804,000 after purchasing an additional 312,500 shares during the last quarter. Finally, Sustainable Growth Advisers LP increased its holdings in Workday by 9.7% during the 1st quarter. Sustainable Growth Advisers LP now owns 3,402,374 shares of the software maker’s stock valued at $927,998,000 after purchasing an additional 301,463 shares during the period. 89.81% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on WDAY shares. Wells Fargo & Company lifted their price objective on Workday from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Morgan Stanley reduced their price objective on shares of Workday from $325.00 to $315.00 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Bank of America raised their target price on shares of Workday from $265.00 to $310.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. DA Davidson boosted their price target on shares of Workday from $255.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Finally, Citigroup decreased their price target on shares of Workday from $274.00 to $270.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, Workday currently has an average rating of “Moderate Buy” and a consensus target price of $287.04.

Workday Price Performance

Shares of WDAY opened at $237.71 on Friday. Workday, Inc. has a twelve month low of $199.81 and a twelve month high of $311.28. The company has a market capitalization of $62.99 billion, a P/E ratio of 42.83, a price-to-earnings-growth ratio of 4.90 and a beta of 1.35. The firm has a 50 day moving average of $247.09 and a 200 day moving average of $237.03. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 0.36.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, August 22nd. The software maker reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.10. The business had revenue of $2.09 billion during 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 company’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.40 EPS. As a group, equities research analysts anticipate that Workday, Inc. will post 2.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 66,492 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 102,997 shares of the company’s stock, valued at $26,902,816.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Workday news, insider Richard Harry Sauer sold 3,134 shares of Workday stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $235.78, for a total value of $738,934.52. Following the completion of the sale, the insider now owns 85,795 shares of the company’s stock, valued at approximately $20,228,745.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 66,492 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total value of $17,367,710.40. Following the transaction, the insider now directly owns 102,997 shares in the company, valued at $26,902,816.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 370,575 shares of company stock worth $91,506,897. 20.00% of the stock is owned by corporate insiders.

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.