Contour Asset Management LLC Buys Shares of 857,075 Workday, Inc. $WDAY

Contour Asset Management LLC purchased a new stake in shares of Workday, Inc. (NASDAQ:WDAY) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 857,075 shares of the software maker’s stock, valued at approximately $184,083,000. Workday comprises about 4.3% of Contour Asset Management LLC’s holdings, making the stock its 13th largest holding. Contour Asset Management LLC owned 0.33% of Workday at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Finivi Inc. raised its stake in Workday by 3.3% in the 3rd quarter. Finivi Inc. now owns 1,516 shares of the software maker’s stock valued at $365,000 after acquiring an additional 48 shares during the period. Strategic Investment Advisors MI boosted its position in Workday by 1.6% during the second quarter. Strategic Investment Advisors MI now owns 3,263 shares of the software maker’s stock worth $777,000 after purchasing an additional 50 shares during the period. Legacy Financial Advisors Inc. increased its stake in shares of Workday by 5.1% in the third quarter. Legacy Financial Advisors Inc. now owns 1,113 shares of the software maker’s stock worth $268,000 after purchasing an additional 54 shares in the last quarter. Sagespring Wealth Partners LLC raised its position in shares of Workday by 3.0% in the fourth quarter. Sagespring Wealth Partners LLC now owns 2,052 shares of the software maker’s stock valued at $441,000 after purchasing an additional 59 shares during the period. Finally, CVA Family Office LLC raised its position in shares of Workday by 35.3% in the fourth quarter. CVA Family Office LLC now owns 249 shares of the software maker’s stock valued at $53,000 after purchasing an additional 65 shares during the period. Institutional investors own 89.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on WDAY. Wolfe Research reiterated an “outperform” rating and issued a $160.00 price objective on shares of Workday in a research note on Friday, May 22nd. Deutsche Bank Aktiengesellschaft cut their price target on Workday from $265.00 to $190.00 and set a “buy” rating for the company in a report on Wednesday, February 18th. Evercore cut Workday from an “outperform” rating to an “in-line” rating and set a $160.00 price target for the company. in a research report on Wednesday, February 25th. Piper Sandler increased their price objective on Workday from $135.00 to $145.00 and gave the stock a “neutral” rating in a report on Friday, May 22nd. Finally, Wells Fargo & Company raised their target price on Workday from $180.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Workday has an average rating of “Moderate Buy” and an average price target of $185.03.

Workday Price Performance

Workday stock opened at $121.83 on Thursday. The stock has a market cap of $30.09 billion, a price-to-earnings ratio of 38.07, a PEG ratio of 1.34 and a beta of 1.09. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. The business has a 50-day simple moving average of $127.78 and a 200 day simple moving average of $157.53. Workday, Inc. has a 52 week low of $110.36 and a 52 week high of $249.85.

Workday (NASDAQ:WDAY) last released its quarterly 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 return on equity of 14.75% and a net margin of 8.60%.The firm had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter last year, the firm posted $2.23 EPS. The company’s revenue was up 13.5% compared to the same quarter last year. On average, research analysts forecast that Workday, Inc. will post 5.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Workday news, insider Gerrit S. Kazmaier sold 9,356 shares of Workday stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $128.39, for a total transaction of $1,201,216.84. Following the completion of the sale, the insider directly owned 165,074 shares in the company, valued at $21,193,850.86. The trade was a 5.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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, CFO Zane Rowe sold 6,000 shares of the stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $128.22, for a total transaction of $769,320.00. Following the completion of the transaction, the chief financial officer directly owned 217,930 shares in the company, valued at $27,942,984.60. The trade was a 2.68% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 774,814 shares of company stock valued at $102,272,866 over the last three months. Corporate insiders own 18.64% of the company’s stock.

About Workday

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.