North Peak Capital Management LLC Trims Stock Position in Workday, Inc. (NASDAQ:WDAY)

North Peak Capital Management LLC reduced its position in shares of Workday, Inc. (NASDAQ:WDAY) by 27.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 420,003 shares of the software maker’s stock after selling 156,342 shares during the period. Workday comprises approximately 14.4% of North Peak Capital Management LLC’s holdings, making the stock its 3rd largest holding. North Peak Capital Management LLC’s holdings in Workday were worth $108,373,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Workday by 28.9% in the fourth quarter. Vanguard Group Inc. now owns 20,142,800 shares of the software maker’s stock worth $5,197,447,000 after buying an additional 4,517,272 shares during the period. Norges Bank acquired a new stake in shares of Workday in the 4th quarter worth about $645,710,000. Parnassus Investments LLC lifted its position in Workday by 562.2% in the 4th quarter. Parnassus Investments LLC now owns 2,447,735 shares of the software maker’s stock valued at $631,589,000 after purchasing an additional 2,078,097 shares during the last quarter. Geode Capital Management LLC grew its position in Workday by 61.9% in the 4th quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker’s stock worth $1,193,105,000 after purchasing an additional 1,772,223 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Workday by 102.6% in the fourth quarter. Invesco Ltd. now owns 1,855,778 shares of the software maker’s stock valued at $478,846,000 after purchasing an additional 939,955 shares during the period. Institutional investors and hedge funds own 89.81% of the company’s stock.

Workday Price Performance

NASDAQ WDAY opened at $221.02 on Friday. The company has a 50 day simple moving average of $244.00 and a 200-day simple moving average of $252.18. Workday, Inc. has a 52-week low of $199.81 and a 52-week high of $294.00. The firm has a market capitalization of $58.79 billion, a price-to-earnings ratio of 36.65, a price-to-earnings-growth ratio of 3.55 and a beta of 1.32. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 2.05.

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

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. UBS Group raised their target price on Workday from $255.00 to $285.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Piper Sandler upped their price objective on shares of Workday from $270.00 to $290.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Needham & Company LLC reissued a “buy” rating and set a $300.00 target price on shares of Workday in a research note on Monday, March 24th. Wells Fargo & Company increased their price objective on shares of Workday from $330.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Finally, StockNews.com downgraded Workday from a “buy” rating to a “hold” rating in a research report on Monday, January 13th. Ten analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $296.25.

Insider Activity

In related news, CEO Carl M. Eschenbach sold 3,125 shares of the company’s stock in a transaction on 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 directly owns 10,847 shares in the company, valued at approximately $2,544,814.67. This represents a 22.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder David A. Duffield sold 66,455 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $259.52, for a total value of $17,246,401.60. Following the transaction, the insider now owns 102,997 shares in the company, valued at approximately $26,729,781.44. This trade represents a 39.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 321,724 shares of company stock worth $77,976,126 in the last three months. 20.00% of the stock is owned by insiders.

Workday 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.