Rakuten Investment Management Inc. Invests $124.72 Million in Workday, Inc. $WDAY

Rakuten Investment Management Inc. purchased a new stake in Workday, Inc. (NASDAQ:WDAY) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 518,083 shares of the software maker’s stock, valued at approximately $124,718,000. Workday comprises 0.4% of Rakuten Investment Management Inc.’s investment portfolio, making the stock its 20th largest position. Rakuten Investment Management Inc. owned about 0.19% of Workday at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of WDAY. Brighton Jones LLC boosted its stake in shares of Workday by 230.2% during the 4th quarter. Brighton Jones LLC now owns 4,005 shares of the software maker’s stock valued at $1,033,000 after buying an additional 2,792 shares during the last quarter. Empowered Funds LLC raised its holdings in Workday by 12.1% in the first quarter. Empowered Funds LLC now owns 11,142 shares of the software maker’s stock valued at $2,602,000 after acquiring an additional 1,206 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Workday by 211.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 187 shares of the software maker’s stock valued at $44,000 after acquiring an additional 127 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in Workday during the 2nd quarter worth $281,000. Finally, Farther Finance Advisors LLC increased its position in shares of Workday by 16.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 4,079 shares of the software maker’s stock worth $979,000 after purchasing an additional 585 shares during the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Workday news, major shareholder David A. Duffield sold 82,884 shares of the business’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $209.75, for a total transaction of $17,384,919.00. Following the completion of the transaction, the insider directly owned 105,049 shares of the company’s stock, valued at $22,034,027.75. The trade was a 44.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Richard Harry Sauer sold 1,130 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $210.00, for a total transaction of $237,300.00. Following the completion of the sale, the insider owned 85,398 shares in the company, valued at $17,933,580. The trade was a 1.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 370,321 shares of company stock worth $78,866,401. 20.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on WDAY. Wells Fargo & Company reduced their price target on shares of Workday from $300.00 to $290.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 26th. Macquarie reaffirmed a “buy” rating on shares of Workday in a report on Wednesday, November 26th. DA Davidson lowered their price target on Workday from $260.00 to $250.00 and set a “hold” rating for the company in a report on Wednesday, November 26th. Needham & Company LLC reissued a “buy” rating and set a $300.00 price target on shares of Workday in a research report on Wednesday, November 26th. Finally, Guggenheim restated a “buy” rating and set a $285.00 price objective on shares of Workday in a research note on Wednesday, November 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and thirteen have given a Hold rating to the company. According to MarketBeat.com, Workday has an average rating of “Moderate Buy” and an average target price of $278.09.

Workday Trading Down 2.1%

NASDAQ:WDAY opened at $182.99 on Wednesday. The firm has a market capitalization of $48.13 billion, a P/E ratio of 76.89, a P/E/G ratio of 2.11 and a beta of 1.14. The business has a 50 day simple moving average of $214.71 and a 200 day simple moving average of $226.07. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.83. Workday, Inc. has a 12-month low of $180.83 and a 12-month high of $283.68.

Workday (NASDAQ:WDAY) last issued its earnings results on Tuesday, November 25th. The software maker reported $2.32 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.15. Workday had a return on equity of 10.50% and a net margin of 6.95%.The firm had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.42 billion. During the same period last year, the company earned $1.89 earnings per share. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. Equities research analysts predict that Workday, Inc. will post 2.63 EPS 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.