Sawgrass Asset Management LLC Makes New Investment in Workday, Inc. (NASDAQ:WDAY)

Sawgrass Asset Management LLC bought a new position in shares of Workday, Inc. (NASDAQ:WDAY - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 43,302 shares of the software maker's stock, valued at approximately $11,173,000. Workday comprises approximately 1.2% of Sawgrass Asset Management LLC's investment portfolio, making the stock its 29th biggest position.

Other hedge funds have also added to or reduced their stakes in the company. Two Sigma Advisers LP grew its position in shares of Workday by 1,094.2% in the 3rd quarter. Two Sigma Advisers LP now owns 613,800 shares of the software maker's stock valued at $150,019,000 after acquiring an additional 562,400 shares during the period. KBC Group NV lifted its stake in Workday by 340.3% in the 4th quarter. KBC Group NV now owns 655,733 shares of the software maker's stock valued at $169,199,000 after purchasing an additional 506,812 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Workday by 10.7% during the third quarter. Janus Henderson Group PLC now owns 4,985,131 shares of the software maker's stock worth $1,218,415,000 after purchasing an additional 480,459 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in Workday during the third quarter worth approximately $78,003,000. Finally, Lindbrook Capital LLC increased its position in Workday by 17,001.6% during the third quarter. Lindbrook Capital LLC now owns 285,938 shares of the software maker's stock worth $703,000 after buying an additional 284,266 shares during the last quarter. Institutional investors own 89.81% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on WDAY shares. Citigroup reduced their target price on Workday from $287.00 to $270.00 and set a "neutral" rating for the company in a research note on Thursday, January 16th. Scotiabank initiated coverage on Workday in a report on Monday, November 18th. They set a "sector outperform" rating and a $340.00 price target for the company. Bank of America decreased their price objective on shares of Workday from $310.00 to $285.00 and set a "buy" rating on the stock in a report on Wednesday, November 27th. Morgan Stanley raised their target price on shares of Workday from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 27th. Finally, Wells Fargo & Company upped their price target on shares of Workday from $300.00 to $330.00 and gave the company an "overweight" rating in a research note on Monday, December 9th. Eight analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $292.43.

Insider Activity

In other news, CEO Carl M. Eschenbach sold 6,250 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $253.86, for a total value of $1,586,625.00. Following the completion of the sale, the chief executive officer now owns 13,972 shares of the company's stock, valued at approximately $3,546,931.92. This represents a 30.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder David A. Duffield sold 56,000 shares of the company's stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $246.42, for a total value of $13,799,520.00. Following the completion of the sale, the insider now owns 60,000 shares in the company, valued at $14,785,200. The trade was a 48.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 438,819 shares of company stock valued at $113,142,592. Insiders own 20.00% of the company's stock.

Workday Price Performance

NASDAQ:WDAY traded down $2.08 on Monday, hitting $258.05. The company had a trading volume of 1,382,014 shares, compared to its average volume of 2,045,437. Workday, Inc. has a 52 week low of $199.81 and a 52 week high of $311.28. 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 stock has a market capitalization of $68.64 billion, a price-to-earnings ratio of 42.79, a PEG ratio of 3.78 and a beta of 1.35. The firm has a 50 day moving average of $262.13 and a two-hundred day moving average of $251.80.

Workday (NASDAQ:WDAY - Get Free Report) last announced its quarterly earnings results on Tuesday, November 26th. The software maker reported $1.89 EPS for the quarter, beating 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 during the quarter, compared to analysts' expectations of $2.13 billion. During the same period in the prior year, the company earned $0.47 EPS. Workday's revenue was up 15.8% compared to the same quarter last year. On average, research analysts anticipate that Workday, Inc. will post 2.63 earnings per share for the current year.

Workday Company 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.