Contour Asset Management LLC Acquires New Position in Workday, Inc. $WDAY

Contour Asset Management LLC bought a new position in Workday, Inc. (NASDAQ:WDAY) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 857,075 shares of the software maker’s stock, valued at approximately $184,083,000. Workday comprises approximately 4.3% of Contour Asset Management LLC’s holdings, making the stock its 13th biggest holding.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC raised its stake in shares of Workday by 230.2% during the fourth quarter. Brighton Jones LLC now owns 4,005 shares of the software maker’s stock worth $1,033,000 after acquiring an additional 2,792 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Workday by 12.1% in the 1st quarter. Empowered Funds LLC now owns 11,142 shares of the software maker’s stock valued at $2,602,000 after purchasing an additional 1,206 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Workday by 211.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker’s stock valued at $44,000 after purchasing an additional 127 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Workday during the 2nd quarter valued at $281,000. Finally, NewEdge Advisors LLC grew its holdings in shares of Workday by 32.0% during the 2nd quarter. NewEdge Advisors LLC now owns 6,597 shares of the software maker’s stock valued at $1,583,000 after purchasing an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 1,585 shares of the firm’s stock in a transaction on Friday, April 10th. The stock was sold at an average price of $113.05, for a total value of $179,184.25. Following the completion of the sale, the chief accounting officer owned 31,467 shares of the company’s stock, valued at $3,557,344.35. This trade represents a 4.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder David A. Duffield sold 107,500 shares of Workday stock in a transaction on Friday, June 12th. The shares were sold at an average price of $128.52, for a total transaction of $13,815,900.00. Following the completion of the sale, the insider owned 105,049 shares in the company, valued at approximately $13,500,897.48. This trade represents a 50.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 774,814 shares of company stock worth $102,272,866. Insiders own 18.64% of the company’s stock.

Workday Stock Performance

Shares of NASDAQ:WDAY opened at $121.83 on Thursday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $127.78 and a 200-day moving average price of $157.53. The company has a market cap of $30.09 billion, a price-to-earnings ratio of 38.07, a price-to-earnings-growth ratio of 1.34 and a beta of 1.09. Workday, Inc. has a 12 month low of $110.36 and a 12 month high of $249.85.

Workday (NASDAQ:WDAY) last posted its earnings results on Thursday, May 21st. The software maker reported $2.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.51 by $0.15. Workday had a return on equity of 14.75% and a net margin of 8.60%.The company had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same period last year, the firm earned $2.23 earnings per share. Workday’s quarterly revenue was up 13.5% on a year-over-year basis. As a group, equities analysts anticipate that Workday, Inc. will post 5.4 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on WDAY. Piper Sandler boosted their price target on shares of Workday from $135.00 to $145.00 and gave the stock a “neutral” rating in a research note on Friday, May 22nd. Summit Redstone set a $275.00 price objective on Workday in a research note on Wednesday, May 27th. HC Wainwright set a $140.00 target price on Workday in a research note on Wednesday, May 27th. TD Cowen restated a “hold” rating on shares of Workday in a report on Friday, May 22nd. Finally, Robert W. Baird set a $195.00 price target on Workday in a research report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $185.03.

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.