Connective Portfolio Management LLC Takes Position in Workday, Inc. (NASDAQ:WDAY)

Connective Portfolio Management LLC acquired a new position in shares of Workday, Inc. (NASDAQ:WDAY) in the fourth quarter, HoldingsChannel reports. The fund acquired 1,200 shares of the software maker’s stock, valued at approximately $310,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Capital Performance Advisors LLP acquired a new position in shares of Workday during the 3rd quarter worth about $26,000. Meeder Asset Management Inc. boosted its stake in Workday by 42.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker’s stock worth $35,000 after acquiring an additional 43 shares during the last quarter. True Wealth Design LLC grew its holdings in Workday by 4,766.7% during the third quarter. True Wealth Design LLC now owns 146 shares of the software maker’s stock valued at $36,000 after purchasing an additional 143 shares during the period. New Millennium Group LLC increased its stake in Workday by 177.4% in 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. Finally, Goodman Advisory Group LLC acquired a new stake in Workday in the second quarter worth $35,000. Institutional investors own 89.81% of the company’s stock.

Workday Trading Up 1.0 %

Workday stock opened at $248.57 on Thursday. The stock has a 50-day simple moving average of $262.75 and a 200 day simple moving average of $246.44. The stock has a market capitalization of $66.12 billion, a P/E ratio of 41.22, a PEG ratio of 4.51 and a beta of 1.34. 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 52 week low of $199.81 and a 52 week high of $311.28.

Workday (NASDAQ:WDAY) last posted its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. Workday had a return on equity of 6.13% and a net margin of 19.86%. 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 firm earned $0.47 EPS. The firm’s revenue was up 15.8% compared to the same quarter last year. Analysts expect that Workday, Inc. will post 2.64 earnings per share for the current year.

Insider Buying and Selling at Workday

In related news, major shareholder David A. Duffield sold 70,003 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $251.20, for a total value of $17,584,753.60. Following the transaction, the insider now owns 102,997 shares in the company, valued at approximately $25,872,846.40. This represents a 40.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sayan Chakraborty sold 5,498 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $250.78, for a total transaction of $1,378,788.44. Following the sale, the insider now owns 121,100 shares of the company’s stock, valued at $30,369,458. This trade represents a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock worth $113,142,592 over the last ninety days. Insiders own 20.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on WDAY. Royal Bank of Canada upped their price objective on shares of Workday from $300.00 to $320.00 and gave the company an “outperform” rating in a research report on Wednesday, December 18th. Morgan Stanley increased their price target on Workday from $315.00 to $330.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Barclays decreased their price objective on Workday from $314.00 to $305.00 and set an “overweight” rating for the company in a research report on Wednesday, November 27th. The Goldman Sachs Group raised their target price on shares of Workday from $300.00 to $305.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Wells Fargo & Company upped their price target on shares of Workday from $300.00 to $330.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Eight investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, Workday currently has an average rating of “Moderate Buy” and an average price target of $292.25.

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.