Lone Pine Capital LLC Decreases Holdings in Workday, Inc. (NASDAQ:WDAY)

Lone Pine Capital LLC trimmed its stake in shares of Workday, Inc. (NASDAQ:WDAY) by 3.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,543,464 shares of the software maker’s stock after selling 60,921 shares during the quarter. Workday makes up 3.0% of Lone Pine Capital LLC’s investment portfolio, making the stock its 17th largest position. Lone Pine Capital LLC’s holdings in Workday were worth $398,260,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bristlecone Advisors LLC raised its position in shares of Workday by 49.6% in the fourth quarter. Bristlecone Advisors LLC now owns 2,921 shares of the software maker’s stock valued at $754,000 after buying an additional 968 shares during the last quarter. Nordea Investment Management AB increased its position in Workday by 20.5% during the fourth quarter. Nordea Investment Management AB now owns 702,990 shares of the software maker’s stock worth $182,753,000 after purchasing an additional 119,769 shares during the last quarter. Burns Matteson Capital Management LLC acquired a new stake in Workday during the fourth quarter worth about $369,000. Principal Financial Group Inc. increased its position in Workday by 45.0% during the third quarter. Principal Financial Group Inc. now owns 17,794 shares of the software maker’s stock worth $4,349,000 after purchasing an additional 5,519 shares during the last quarter. Finally, Smith Group Asset Management LLC increased its position in Workday by 9.4% during the fourth quarter. Smith Group Asset Management LLC now owns 109,013 shares of the software maker’s stock worth $28,129,000 after purchasing an additional 9,324 shares during the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on WDAY. Citigroup cut their price objective on shares of Workday from $287.00 to $270.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Mizuho cut their price objective on shares of Workday from $320.00 to $275.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. BMO Capital Markets raised their price objective on shares of Workday from $300.00 to $314.00 and gave the stock an “outperform” rating in a research report on Thursday, February 27th. Guggenheim reiterated a “neutral” rating on shares of Workday in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company dropped their price target on shares of Workday from $360.00 to $325.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Ten research 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $292.86.

Insider Activity

In related news, CAO Mark S. Garfield sold 497 shares of Workday stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $226.55, for a total transaction of $112,595.35. Following the completion of the transaction, the chief accounting officer now directly owns 34,385 shares in the company, valued at $7,789,921.75. The trade was a 1.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sayan Chakraborty sold 6,056 shares of Workday stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $265.50, for a total value of $1,607,868.00. Following the transaction, the insider now owns 111,324 shares of the company’s stock, valued at $29,556,522. This represents a 5.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 321,724 shares of company stock worth $77,976,126. Company insiders own 20.00% of the company’s stock.

Workday Price Performance

WDAY stock opened at $239.53 on Monday. The firm has a 50 day moving average of $240.73 and a 200-day moving average of $251.90. Workday, Inc. has a 12-month low of $199.81 and a 12-month high of $294.00. 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 has a market cap of $63.71 billion, a price-to-earnings ratio of 39.72, a PEG ratio of 3.55 and a beta of 1.32.

Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share (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 company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.18 billion. As a group, equities analysts expect that Workday, Inc. will post 2.63 EPS for the current fiscal year.

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.