SummitTX Capital L.P. Makes New Investment in Workday, Inc. $WDAY

SummitTX Capital L.P. purchased a new stake in Workday, Inc. (NASDAQ:WDAY) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 11,948 shares of the software maker’s stock, valued at approximately $1,552,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Strategic Investment Advisors MI lifted its holdings in shares of Workday by 1.6% during the 2nd quarter. Strategic Investment Advisors MI now owns 3,263 shares of the software maker’s stock worth $777,000 after acquiring an additional 50 shares during the period. Aspire Private Capital LLC boosted its position in shares of Workday by 1.3% in the fourth quarter. Aspire Private Capital LLC now owns 5,560 shares of the software maker’s stock worth $1,194,000 after acquiring an additional 71 shares during the last quarter. Red Door Wealth Management LLC grew its holdings in Workday by 5.0% in the fourth quarter. Red Door Wealth Management LLC now owns 1,620 shares of the software maker’s stock valued at $348,000 after purchasing an additional 77 shares during the period. L2 Asset Management LLC grew its holdings in Workday by 7.8% in the fourth quarter. L2 Asset Management LLC now owns 1,079 shares of the software maker’s stock valued at $232,000 after purchasing an additional 78 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its position in Workday by 0.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 24,798 shares of the software maker’s stock worth $5,326,000 after purchasing an additional 80 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

Insider Buying and Selling

In related news, insider Gerrit S. Kazmaier sold 2,728 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $143.62, for a total transaction of $391,795.36. Following the transaction, the insider directly owned 266,388 shares of the company’s stock, valued at approximately $38,258,644.56. The trade was a 1.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Mark S. Garfield sold 918 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $142.19, for a total value of $130,530.42. Following the completion of the transaction, the chief accounting officer owned 73,718 shares of the company’s stock, valued at approximately $10,481,962.42. This represents a 1.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 875,020 shares of company stock valued at $113,938,503. 18.64% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on WDAY shares. Wolfe Research reaffirmed an “outperform” rating and set a $160.00 price target on shares of Workday in a research note on Friday, May 22nd. TD Cowen reissued a “hold” rating on shares of Workday in a research note on Friday, May 22nd. HC Wainwright set a $140.00 price objective on Workday in a report on Wednesday, May 27th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Workday in a research report on Friday, May 22nd. Finally, Monness Crespi & Hardt upgraded Workday from a “neutral” rating to a “buy” rating and set a $150.00 target price on the stock in a report on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $179.80.

Workday Price Performance

WDAY opened at $168.01 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. Workday, Inc. has a 52-week low of $110.36 and a 52-week high of $249.85. The company has a 50 day moving average of $134.94 and a two-hundred day moving average of $140.27. The company has a market cap of $41.50 billion, a P/E ratio of 52.50, a P/E/G ratio of 1.70 and a beta of 1.11.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share for the quarter, beating the consensus estimate of $2.51 by $0.15. Workday had a net margin of 8.60% and a return on equity of 14.75%. The business had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter in the previous year, the business posted $2.23 EPS. The business’s quarterly revenue was up 13.5% on a year-over-year basis. On average, analysts expect that Workday, Inc. will post 5.38 earnings per share for the current year.

Workday Profile

Workday, Inc (NASDAQ: WDAY) is a provider of cloud-based enterprise applications focused on human capital management (HCM) and financial management. Founded in 2005 by Dave Duffield and Aneel Bhusri following their tenure at PeopleSoft, the company develops software-as-a-service solutions that help organizations manage workforce and financial processes in a unified, cloud-native environment. Workday’s platform emphasizes continuous updates, data security, and a configurable architecture aimed at large and mid-sized enterprises.

The company’s product portfolio centers on Workday Human Capital Management and Workday Financial Management, with additional offerings for payroll, talent management, workforce planning and analytics.