Summit Financial LLC Has $3.62 Million Holdings in Workday, Inc. (NASDAQ:WDAY)

Summit Financial LLC grew its holdings in Workday, Inc. (NASDAQ:WDAY) by 118.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,125 shares of the software maker’s stock after purchasing an additional 7,115 shares during the period. Summit Financial LLC’s holdings in Workday were worth $3,623,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP increased its holdings in Workday by 37.4% during the third quarter. Wellington Management Group LLP now owns 5,163,362 shares of the software maker’s stock worth $1,109,348,000 after buying an additional 1,406,153 shares during the last quarter. Winslow Capital Management LLC increased its holdings in Workday by 76.4% during the third quarter. Winslow Capital Management LLC now owns 2,310,619 shares of the software maker’s stock worth $496,436,000 after buying an additional 1,000,922 shares during the last quarter. Morgan Stanley increased its holdings in Workday by 47.0% during the third quarter. Morgan Stanley now owns 2,727,580 shares of the software maker’s stock worth $586,021,000 after buying an additional 872,288 shares during the last quarter. Alkeon Capital Management LLC acquired a new position in Workday during the third quarter worth $107,425,000. Finally, Invesco Ltd. increased its holdings in Workday by 22.1% during the third quarter. Invesco Ltd. now owns 1,802,209 shares of the software maker’s stock worth $387,205,000 after buying an additional 326,283 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Workday Price Performance

NASDAQ WDAY traded up $0.23 during trading on Wednesday, hitting $244.96. 2,560,334 shares of the company’s stock were exchanged, compared to its average volume of 1,786,197. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.37. The company has a market cap of $64.67 billion, a PE ratio of 47.52, a P/E/G ratio of 6.21 and a beta of 1.32. Workday, Inc. has a fifty-two week low of $174.25 and a fifty-two week high of $311.28. The stock’s 50 day moving average price is $271.27 and its two-hundred day moving average price is $264.80.

Workday (NASDAQ:WDAY) last released its quarterly earnings data on Monday, February 26th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.10. Workday had a return on equity of 4.87% and a net margin of 19.02%. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter in the prior year, the firm posted ($0.14) earnings per share. The firm’s revenue was up 16.8% compared to the same quarter last year. Research analysts expect that Workday, Inc. will post 1.76 EPS for the current year.

Insider Activity at Workday

In related news, insider Douglas A. Robinson sold 3,121 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $293.79, for a total value of $916,918.59. Following the sale, the insider now directly owns 165,932 shares in the company, valued at $48,749,162.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction on Friday, April 12th. The shares were sold at an average price of $264.89, for a total value of $14,833,840.00. Following the completion of the sale, the insider now owns 843,000 shares of the company’s stock, valued at approximately $223,302,270. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Douglas A. Robinson sold 3,121 shares of Workday stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $293.79, for a total transaction of $916,918.59. Following the completion of the sale, the insider now directly owns 165,932 shares of the company’s stock, valued at approximately $48,749,162.28. The disclosure for this sale can be found here. Insiders have sold 435,691 shares of company stock worth $117,731,569 over the last ninety days. Insiders own 21.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on WDAY shares. Evercore ISI lifted their price objective on shares of Workday from $310.00 to $350.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. The Goldman Sachs Group lifted their price objective on shares of Workday from $270.00 to $310.00 and gave the stock a “buy” rating in a research report on Tuesday, February 27th. Morgan Stanley reduced their price objective on shares of Workday from $335.00 to $330.00 and set an “overweight” rating for the company in a research report on Tuesday, February 27th. Barclays reduced their price objective on shares of Workday from $326.00 to $316.00 and set an “overweight” rating for the company in a research report on Tuesday, February 27th. Finally, TheStreet raised shares of Workday from a “c” rating to a “b-” rating in a research report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $293.61.

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.