Cannon Global Investment Management LLC Makes New Investment in Workday, Inc. (NASDAQ:WDAY)

Cannon Global Investment Management LLC acquired a new position in shares of Workday, Inc. (NASDAQ:WDAY) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,400 shares of the software maker’s stock, valued at approximately $386,000. Workday accounts for approximately 2.9% of Cannon Global Investment Management LLC’s holdings, making the stock its 16th largest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. AIA Group Ltd increased its holdings in shares of Workday by 1.9% in the 4th quarter. AIA Group Ltd now owns 36,725 shares of the software maker’s stock valued at $10,138,000 after purchasing an additional 676 shares during the period. Federated Hermes Inc. increased its holdings in shares of Workday by 25.4% in the 4th quarter. Federated Hermes Inc. now owns 439,512 shares of the software maker’s stock valued at $121,332,000 after purchasing an additional 89,039 shares during the period. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Workday by 44.4% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 436 shares of the software maker’s stock valued at $120,000 after purchasing an additional 134 shares during the period. Slow Capital Inc. increased its holdings in shares of Workday by 1.8% in the 4th quarter. Slow Capital Inc. now owns 9,879 shares of the software maker’s stock valued at $2,727,000 after purchasing an additional 176 shares during the period. Finally, Wealth Alliance increased its holdings in shares of Workday by 13.9% in the 4th quarter. Wealth Alliance now owns 3,084 shares of the software maker’s stock valued at $851,000 after purchasing an additional 377 shares during the period. Institutional investors and hedge funds own 89.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group upped their target price on Workday from $270.00 to $310.00 and gave the company a “buy” rating in a report on Tuesday, February 27th. Barclays dropped their target price on Workday from $326.00 to $316.00 and set an “overweight” rating on the stock in a report on Tuesday, February 27th. Citigroup upped their target price on Workday from $270.00 to $293.00 and gave the company a “neutral” rating in a research note on Tuesday, February 27th. Wells Fargo & Company increased their price objective on Workday from $300.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 20th. Finally, StockNews.com lowered Workday from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $293.61.

Insider Activity at Workday

In related news, insider Douglas A. Robinson sold 3,121 shares of Workday stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $293.79, for a total value of $916,918.59. Following the sale, the insider now owns 165,932 shares of the company’s stock, valued at approximately $48,749,162.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Douglas A. Robinson sold 3,121 shares of Workday stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $293.79, for a total value of $916,918.59. Following the sale, the insider now owns 165,932 shares of the company’s stock, valued at approximately $48,749,162.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder David A. Duffield sold 56,000 shares of Workday stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $264.89, for a total value of $14,833,840.00. Following the completion of the sale, the insider now directly owns 843,000 shares in the company, valued at approximately $223,302,270. The disclosure for this sale can be found here. In the last quarter, insiders have sold 435,691 shares of company stock valued at $117,731,569. 21.09% of the stock is owned by insiders.

Workday Stock Down 0.6 %

Shares of NASDAQ WDAY traded down $1.49 during mid-day trading on Friday, reaching $254.15. 422,342 shares of the company’s stock were exchanged, compared to its average volume of 1,761,681. The firm has a market capitalization of $67.10 billion, a price-to-earnings ratio of 49.64, a PEG ratio of 6.42 and a beta of 1.32. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $279.24 and a 200 day simple moving average of $261.98. Workday, Inc. has a twelve month low of $174.25 and a twelve month high of $311.28.

Workday (NASDAQ:WDAY) last released its quarterly earnings results on Monday, February 26th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.10. The company had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.92 billion. Workday had a return on equity of 4.87% and a net margin of 19.02%. Workday’s revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.14) earnings per share. As a group, equities analysts expect that Workday, Inc. will post 1.76 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.