Mcrae Capital Management Inc. Boosts Stock Position in Workday, Inc. (NASDAQ:WDAY)

Mcrae Capital Management Inc. lifted its position in Workday, Inc. (NASDAQ:WDAY) by 0.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 59,478 shares of the software maker’s stock after purchasing an additional 328 shares during the quarter. Workday comprises 3.0% of Mcrae Capital Management Inc.’s holdings, making the stock its 14th largest position. Mcrae Capital Management Inc.’s holdings in Workday were worth $15,347,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of WDAY. Asset Management One Co. Ltd. raised its position in Workday by 8.3% during the 4th quarter. Asset Management One Co. Ltd. now owns 85,217 shares of the software maker’s stock worth $22,688,000 after buying an additional 6,518 shares during the last quarter. Avestar Capital LLC purchased a new position in shares of Workday during the fourth quarter worth $314,000. Sawgrass Asset Management LLC purchased a new position in shares of Workday during the fourth quarter worth $11,173,000. Warren Street Wealth Advisors LLC purchased a new stake in Workday in the fourth quarter valued at $252,000. Finally, Values First Advisors Inc. grew its position in Workday by 201.9% during the 4th quarter. Values First Advisors Inc. now owns 3,740 shares of the software maker’s stock worth $965,000 after purchasing an additional 2,501 shares during the period. Institutional investors and hedge funds own 89.81% of the company’s stock.

Workday Stock Performance

NASDAQ:WDAY opened at $260.13 on Friday. Workday, Inc. has a twelve month low of $199.81 and a twelve month high of $311.28. The company has a market cap of $69.19 billion, a P/E ratio of 43.14, a P/E/G ratio of 3.78 and a beta of 1.35. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. The company’s 50-day moving average price is $262.35 and its 200-day moving average price is $251.18.

Workday (NASDAQ:WDAY) last released its earnings results on Tuesday, November 26th. The software maker reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.13. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.13 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. The business’s revenue was up 15.8% on a year-over-year basis. During the same period last year, the company posted $0.47 EPS. On average, sell-side analysts forecast that Workday, Inc. will post 2.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

WDAY has been the subject of several analyst reports. Loop Capital decreased their price objective on Workday from $270.00 to $242.00 and set a “hold” rating for the company in a report on Wednesday, November 27th. Scotiabank assumed coverage on Workday in a report on Monday, November 18th. They issued a “sector outperform” rating and a $340.00 price target for the company. Royal Bank of Canada raised their price objective on shares of Workday from $300.00 to $320.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 18th. Guggenheim upgraded shares of Workday from a “sell” rating to a “neutral” rating in a research note on Monday, January 6th. Finally, Citigroup dropped their price target on shares of Workday from $287.00 to $270.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $292.43.

Insider Buying and Selling

In other news, major shareholder David A. Duffield sold 57,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $275.31, for a total value of $15,692,670.00. Following the completion of the sale, the insider now owns 284,000 shares of the company’s stock, valued at $78,188,040. This represents a 16.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 472 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $248.24, for a total transaction of $117,169.28. Following the sale, the chief accounting officer now owns 35,408 shares of the company’s stock, valued at $8,789,681.92. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 438,819 shares of company stock worth $113,142,592. 20.00% of the stock is owned by corporate insiders.

About Workday

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.