Cornerstone Capital Inc. Raises Stock Position in Workday, Inc. (NASDAQ:WDAY)

Cornerstone Capital Inc. grew its position in Workday, Inc. (NASDAQ:WDAY - Free Report) by 12.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 105,662 shares of the software maker's stock after acquiring an additional 11,330 shares during the period. Workday comprises approximately 2.4% of Cornerstone Capital Inc.'s investment portfolio, making the stock its 14th biggest position. Cornerstone Capital Inc.'s holdings in Workday were worth $25,825,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. The Manufacturers Life Insurance Company increased its stake in shares of Workday by 79.1% during the second quarter. The Manufacturers Life Insurance Company now owns 2,302,008 shares of the software maker's stock worth $514,637,000 after purchasing an additional 1,016,394 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Workday by 17,345.2% during the second quarter. Van ECK Associates Corp now owns 930,701 shares of the software maker's stock valued at $208,068,000 after acquiring an additional 925,366 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Workday by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,772,665 shares of the software maker's stock valued at $4,029,244,000 after acquiring an additional 324,540 shares during the last quarter. D1 Capital Partners L.P. lifted its position in shares of Workday by 152.1% in the second quarter. D1 Capital Partners L.P. now owns 518,000 shares of the software maker's stock valued at $115,804,000 after acquiring an additional 312,500 shares in the last quarter. Finally, Sustainable Growth Advisers LP boosted its stake in shares of Workday by 9.7% in the first quarter. Sustainable Growth Advisers LP now owns 3,402,374 shares of the software maker's stock worth $927,998,000 after acquiring an additional 301,463 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WDAY has been the subject of several research reports. Loop Capital upped their price objective on shares of Workday from $240.00 to $255.00 and gave the company a "hold" rating in a research note on Friday, August 23rd. BMO Capital Markets reaffirmed an "outperform" rating and issued a $300.00 price target on shares of Workday in a report on Wednesday, September 18th. Bank of America boosted their price objective on Workday from $265.00 to $310.00 and gave the stock a "buy" rating in a research note on Friday, August 23rd. Morgan Stanley cut their target price on Workday from $325.00 to $315.00 and set an "overweight" rating for the company in a research note on Friday, August 23rd. Finally, JMP Securities reissued a "market outperform" rating and set a $315.00 price target on shares of Workday in a research report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $287.04.

Workday Stock Performance

Shares of NASDAQ:WDAY traded down $0.01 during midday trading on Tuesday, hitting $241.13. The stock had a trading volume of 645,522 shares, compared to its average volume of 2,101,755. Workday, Inc. has a 1 year low of $199.81 and a 1 year high of $311.28. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.36. The stock has a 50 day moving average price of $246.61 and a two-hundred day moving average price of $235.86. The company has a market capitalization of $63.90 billion, a PE ratio of 41.97, a P/E/G ratio of 4.75 and a beta of 1.35.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.65 by $0.10. The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.07 billion. Workday had a return on equity of 5.34% and a net margin of 19.59%. Workday's quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.40 earnings per share. As a group, equities analysts predict that Workday, Inc. will post 2.4 earnings per share for the current fiscal year.

Insider Activity

In other news, Director George J. Still, Jr. sold 7,500 shares of the firm's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $260.32, for a total transaction of $1,952,400.00. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $25,381,200. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, major shareholder David A. Duffield sold 66,492 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $261.20, for a total transaction of $17,367,710.40. Following the sale, the insider now owns 102,997 shares in the company, valued at approximately $26,902,816.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director George J. Still, Jr. sold 7,500 shares of the business's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $260.32, for a total value of $1,952,400.00. Following the completion of the transaction, the director now owns 97,500 shares of the company's stock, valued at $25,381,200. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 370,575 shares of company stock worth $91,506,897 over the last 90 days. 20.00% of the stock is currently owned by corporate insiders.

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.