Neo Ivy Capital Management Makes New $1.69 Million Investment in Workday, Inc. (NASDAQ:WDAY)

Neo Ivy Capital Management acquired a new position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,912 shares of the software maker's stock, valued at approximately $1,690,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new stake in Workday in the 3rd quarter valued at $26,000. Meeder Asset Management Inc. increased its position in Workday by 42.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 145 shares of the software maker's stock worth $35,000 after buying an additional 43 shares during the period. True Wealth Design LLC increased its position in Workday by 4,766.7% during the 3rd quarter. True Wealth Design LLC now owns 146 shares of the software maker's stock worth $36,000 after buying an additional 143 shares during the period. New Millennium Group LLC increased its position in Workday by 177.4% during the 3rd quarter. New Millennium Group LLC now owns 147 shares of the software maker's stock worth $36,000 after buying an additional 94 shares during the period. Finally, SouthState Corp increased its position in Workday by 614.3% during the 2nd quarter. SouthState Corp now owns 150 shares of the software maker's stock worth $34,000 after buying an additional 129 shares during the period. Institutional investors own 89.81% of the company's stock.

Workday Price Performance

Shares of NASDAQ:WDAY traded up $1.99 during mid-day trading on Wednesday, reaching $272.87. The stock had a trading volume of 1,827,672 shares, compared to its average volume of 2,227,896. 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 $72.31 billion, a P/E ratio of 45.52, a price-to-earnings-growth ratio of 4.91 and a beta of 1.34. Workday, Inc. has a 1 year low of $199.81 and a 1 year high of $311.28. The business's 50 day moving average price is $251.73 and its 200 day moving average price is $237.88.

Workday (NASDAQ:WDAY - Get Free Report) last posted its earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, topping analysts' consensus estimates of $1.76 by $0.13. Workday had a return on equity of 6.13% and a net margin of 19.86%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the business earned $0.47 earnings per share. The firm's revenue for the quarter was up 15.8% on a year-over-year basis. Research analysts expect that Workday, Inc. will post 2.58 EPS for the current fiscal year.

Insider Activity

In other Workday news, major shareholder David A. Duffield sold 70,003 shares of the company's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $251.20, for a total transaction of $17,584,753.60. Following the completion of the sale, the insider now owns 102,997 shares in the company, valued at $25,872,846.40. This represents a 40.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sayan Chakraborty sold 5,498 shares of the firm's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $250.78, for a total value of $1,378,788.44. Following the completion of the transaction, the insider now owns 121,100 shares of the company's stock, valued at $30,369,458. This trade represents a 4.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 361,463 shares of company stock valued at $88,422,088. 20.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on WDAY shares. StockNews.com lowered Workday from a "buy" rating to a "hold" rating in a report on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft increased their target price on Workday from $265.00 to $275.00 and gave the stock a "hold" rating in a report on Friday, August 23rd. DA Davidson raised their price objective on Workday from $255.00 to $270.00 and gave the company a "neutral" rating in a research note on Friday, August 23rd. Scotiabank assumed coverage on Workday in a research note on Monday, November 18th. They issued a "sector outperform" rating and a $340.00 price objective on the stock. Finally, Bank of America reduced their price objective on Workday from $310.00 to $285.00 and set a "buy" rating on the stock in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $289.21.

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.