Dark Forest Capital Management LP Reduces Stock Position in Workday, Inc. (NASDAQ:WDAY)

Dark Forest Capital Management LP lowered its position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) by 95.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,180 shares of the software maker's stock after selling 60,100 shares during the quarter. Dark Forest Capital Management LP's holdings in Workday were worth $821,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted 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 valued at $5,197,447,000 after purchasing an additional 4,517,272 shares during the period. Norges Bank acquired a new stake in shares of Workday in the 4th quarter valued at approximately $645,710,000. Parnassus Investments LLC lifted its holdings in shares of 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 buying an additional 2,078,097 shares during the period. Geode Capital Management LLC boosted its stake in shares of Workday by 61.9% in the fourth quarter. Geode Capital Management LLC now owns 4,637,387 shares of the software maker's stock valued at $1,193,105,000 after buying an additional 1,772,223 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in 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 acquiring an additional 939,955 shares during the period. Institutional investors and hedge funds own 89.81% of the company's stock.

Workday Trading Up 0.1 %

WDAY stock traded up $0.29 during trading on Monday, reaching $239.82. 898,471 shares of the stock traded hands, compared to its average volume of 2,621,563. The business's 50 day moving average price is $240.73 and its 200-day moving average price is $251.90. The firm has a market capitalization of $63.79 billion, a PE ratio of 39.77, a P/E/G 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, Inc. has a 52-week low of $199.81 and a 52-week high of $294.00.

Workday (NASDAQ:WDAY - Get Free Report) 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 business had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.18 billion. As a group, sell-side analysts forecast that Workday, Inc. will post 2.63 earnings per share for the current year.

Analyst Ratings Changes

WDAY has been the topic of a number of research analyst reports. Daiwa America raised shares of Workday to a "strong-buy" rating in a report on Tuesday, March 4th. KeyCorp upped their price target on Workday from $305.00 to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. Oppenheimer lifted their price objective on Workday from $300.00 to $320.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. Mizuho lowered their target price on Workday from $320.00 to $275.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Finally, Deutsche Bank Aktiengesellschaft raised Workday from a "hold" rating to a "buy" rating and lifted their price target for the stock from $265.00 to $300.00 in a research note on Wednesday, January 8th. Ten investment 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 company currently has an average rating of "Moderate Buy" and a consensus price target of $292.86.

Insider Buying and Selling

In other Workday news, CEO Carl M. Eschenbach sold 3,125 shares of the stock in a transaction that occurred 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 owns 10,847 shares of the company's stock, valued at $2,544,814.67. This trade represents a 22.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder David A. Duffield sold 66,455 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $259.52, for a total transaction of $17,246,401.60. Following the transaction, the insider now directly owns 102,997 shares in the company, valued at approximately $26,729,781.44. The trade was a 39.22 % 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 valued at $77,976,126. Company insiders own 20.00% of the company's stock.

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.