Summit Financial LLC Acquires 391 Shares of Workday, Inc. (NASDAQ:WDAY)

Summit Financial LLC lifted its holdings in Workday, Inc. (NASDAQ:WDAY) by 5.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,362 shares of the software maker’s stock after purchasing an additional 391 shares during the quarter. Summit Financial LLC’s holdings in Workday were worth $1,899,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of WDAY. Roxbury Financial LLC bought a new position in Workday during the 4th quarter valued at about $25,000. Crews Bank & Trust purchased a new position in shares of Workday during the fourth quarter valued at approximately $26,000. Avion Wealth lifted its position in Workday by 452.6% during the fourth quarter. Avion Wealth now owns 105 shares of the software maker’s stock valued at $27,000 after purchasing an additional 86 shares during the period. TCTC Holdings LLC purchased a new stake in Workday in the fourth quarter worth approximately $35,000. Finally, Rakuten Securities Inc. grew its position in Workday by 78.6% in the 4th quarter. Rakuten Securities Inc. now owns 150 shares of the software maker’s stock worth $39,000 after purchasing an additional 66 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

Workday Price Performance

Shares of Workday stock opened at $234.53 on Wednesday. The firm has a market cap of $62.38 billion, a PE ratio of 38.89, a PEG ratio of 3.55 and a beta of 1.38. The stock has a 50 day moving average of $256.02 and a 200 day moving average of $254.58. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.35. Workday, Inc. has a 12 month low of $199.81 and a 12 month high of $294.00.

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

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 472 shares of Workday stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $248.24, for a total value of $117,169.28. Following the completion of the transaction, the chief accounting officer now owns 35,408 shares in the company, valued at approximately $8,789,681.92. This trade represents a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder David A. Duffield sold 70,144 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $250.26, for a total value of $17,554,237.44. Following the sale, the insider now owns 102,997 shares in the company, valued at approximately $25,776,029.22. This trade represents a 40.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 431,145 shares of company stock valued at $108,631,438 in the last three months. Corporate insiders own 20.00% of the company’s stock.

Wall Street Analysts Forecast Growth

WDAY has been the topic of a number of research reports. BMO Capital Markets raised their price target on Workday from $300.00 to $314.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th. Canaccord Genuity Group boosted their price target on Workday from $300.00 to $330.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Morgan Stanley lowered shares of Workday from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $330.00 to $275.00 in a research report on Wednesday, February 19th. JPMorgan Chase & Co. raised their price objective on shares of Workday from $285.00 to $310.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Finally, Loop Capital upped their target price on shares of Workday from $242.00 to $260.00 and gave the company a “hold” rating in a report on Wednesday, February 19th. Ten equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $300.18.

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.