Bares Capital Management Inc. Reduces Stake in Workday, Inc. (NASDAQ:WDAY)

Bares Capital Management Inc. trimmed its holdings in Workday, Inc. (NASDAQ:WDAY) by 4.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 623,585 shares of the software maker’s stock after selling 28,547 shares during the quarter. Workday accounts for 14.5% of Bares Capital Management Inc.’s portfolio, making the stock its 4th largest holding. Bares Capital Management Inc. owned approximately 0.23% of Workday worth $160,904,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Simplicity Wealth LLC boosted its holdings in Workday by 3.0% in the 4th quarter. Simplicity Wealth LLC now owns 1,277 shares of the software maker’s stock valued at $330,000 after purchasing an additional 37 shares during the period. Marcum Wealth LLC lifted its stake in shares of Workday by 4.4% in the fourth quarter. Marcum Wealth LLC now owns 966 shares of the software maker’s stock valued at $249,000 after buying an additional 41 shares during the period. Custom Index Systems LLC grew its position in Workday by 3.0% during the fourth quarter. Custom Index Systems LLC now owns 1,412 shares of the software maker’s stock worth $364,000 after buying an additional 41 shares in the last quarter. AllSquare Wealth Management LLC grew its position in Workday by 19.4% during the fourth quarter. AllSquare Wealth Management LLC now owns 252 shares of the software maker’s stock worth $65,000 after buying an additional 41 shares in the last quarter. Finally, CreativeOne Wealth LLC raised its holdings in Workday by 1.5% in the 4th quarter. CreativeOne Wealth LLC now owns 2,889 shares of the software maker’s stock valued at $745,000 after acquiring an additional 43 shares in the last quarter. Institutional investors and hedge funds own 89.81% of the company’s stock.

Analysts Set New Price Targets

WDAY has been the topic of a number of research reports. Royal Bank of Canada boosted their price objective on Workday from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. BMO Capital Markets boosted their price target on shares of Workday from $300.00 to $314.00 and gave the company an “outperform” rating in a report on Thursday, February 27th. Morgan Stanley reduced their price objective on shares of Workday from $275.00 to $250.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Piper Sandler decreased their target price on shares of Workday from $290.00 to $230.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 23rd. Finally, KeyCorp increased their price target on shares of Workday from $305.00 to $335.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Ten research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $292.86.

Workday Stock Performance

WDAY stock opened at $248.68 on Friday. The stock has a market capitalization of $66.15 billion, a PE ratio of 41.24, a price-to-earnings-growth ratio of 3.55 and a beta of 1.30. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05. The company has a 50 day moving average price of $239.28 and a 200 day moving average price of $251.92. Workday, Inc. has a fifty-two week low of $199.81 and a fifty-two week high of $294.00.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($1.27). The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. Analysts forecast that Workday, Inc. will post 2.63 EPS for the current year.

Insider Activity

In other news, major shareholder David A. Duffield sold 81,275 shares of the firm’s stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $214.68, for a total value of $17,448,117.00. Following the transaction, the insider now directly owns 102,997 shares in the company, valued at $22,111,395.96. This trade represents a 44.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Carl M. Eschenbach sold 3,125 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $234.61, for a total value of $733,156.25. Following the completion of the sale, the chief executive officer now owns 10,847 shares of the company’s stock, valued at $2,544,814.67. This represents a 22.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 321,724 shares of company stock valued at $77,976,126. 20.00% of the stock is currently owned by insiders.

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.