MIG Capital LLC Acquires Shares of 68,866 Workday, Inc. (NASDAQ:WDAY)

MIG Capital LLC bought a new position in shares of Workday, Inc. (NASDAQ:WDAY) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 68,866 shares of the software maker’s stock, valued at approximately $16,832,000. Workday comprises approximately 2.0% of MIG Capital LLC’s portfolio, making the stock its 18th biggest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of WDAY. The Manufacturers Life Insurance Company grew its stake in Workday by 0.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,316,167 shares of the software maker’s stock valued at $566,094,000 after purchasing an additional 14,159 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Workday by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 1,719,976 shares of the software maker’s stock valued at $384,518,000 after buying an additional 118,180 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Workday by 15.2% during the second quarter. Bank of New York Mellon Corp now owns 1,167,131 shares of the software maker’s stock worth $260,924,000 after buying an additional 153,577 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Workday by 0.4% in the third quarter. Van ECK Associates Corp now owns 934,828 shares of the software maker’s stock worth $226,266,000 after buying an additional 4,127 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Workday by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 835,203 shares of the software maker’s stock worth $204,132,000 after buying an additional 24,195 shares during the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on WDAY. Needham & Company LLC reiterated a “buy” rating and set a $300.00 price objective on shares of Workday in a research note on Monday. Deutsche Bank Aktiengesellschaft increased their price target on shares of Workday from $265.00 to $275.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Canaccord Genuity Group reiterated a “buy” rating and issued a $300.00 price target on shares of Workday in a research note on Friday, September 13th. DA Davidson upped their price objective on Workday from $255.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Finally, Bank of America decreased their target price on Workday from $310.00 to $285.00 and set a “buy” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $288.14.

Workday Stock Performance

WDAY stock opened at $253.40 on Thursday. The company has a 50-day simple moving average of $248.62 and a 200 day simple moving average of $237.33. The company has a market capitalization of $67.15 billion, a P/E ratio of 42.02, a PEG ratio of 5.36 and a beta of 1.35. 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, Inc. has a fifty-two week low of $199.81 and a fifty-two week high of $311.28.

Workday (NASDAQ:WDAY) last issued its quarterly 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 net margin of 19.86% and a return on equity of 6.21%. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business posted $0.47 EPS. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. Sell-side analysts predict that Workday, Inc. will post 2.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Workday

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 completion of the transaction, the insider now owns 102,997 shares in the company, valued at approximately $26,902,816.40. This trade represents a 39.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Wayne A.I. Frederick sold 1,828 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $241.85, for a total transaction of $442,101.80. Following the sale, the director now owns 8,674 shares of the company’s stock, valued at $2,097,806.90. The trade was a 17.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 359,954 shares of company stock valued at $88,742,132. 20.00% of the stock is 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.