Kornitzer Capital Management Inc. KS Increases Stake in Workday, Inc. (NASDAQ:WDAY)

Kornitzer Capital Management Inc. KS grew its holdings in shares of Workday, Inc. (NASDAQ:WDAY) by 61.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,010 shares of the software maker’s stock after acquiring an additional 14,510 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Workday were worth $8,498,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of WDAY. Vanguard Group Inc. grew its holdings in 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 purchasing an additional 324,540 shares during the period. Norges Bank purchased a new stake in Workday in the 4th quarter worth approximately $1,491,149,000. Sustainable Growth Advisers LP raised its stake in Workday by 9.7% during the 1st 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 period. Clearbridge Investments LLC lifted its holdings in Workday by 12.4% during the first quarter. Clearbridge Investments LLC now owns 2,542,189 shares of the software maker’s stock valued at $693,382,000 after purchasing an additional 281,207 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its stake in shares of Workday by 5.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,511,764 shares of the software maker’s stock worth $417,338,000 after purchasing an additional 75,903 shares in the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder David A. Duffield sold 57,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $209.17, for a total value of $11,922,690.00. Following the transaction, the insider now owns 786,000 shares of the company’s stock, valued at approximately $164,407,620. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Richard Harry Sauer sold 3,134 shares of the stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $226.67, for a total value of $710,383.78. Following the transaction, the insider now owns 92,014 shares of the company’s stock, valued at $20,856,813.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder David A. Duffield sold 57,000 shares of Workday stock in a transaction on Friday, June 14th. The shares were sold at an average price of $209.17, for a total value of $11,922,690.00. Following the sale, the insider now directly owns 786,000 shares of the company’s stock, valued at $164,407,620. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 515,902 shares of company stock valued at $117,998,849. 20.00% of the stock is currently owned by company insiders.

Workday Stock Performance

Workday stock opened at $255.79 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 2.00. The firm has a market capitalization of $67.78 billion, a P/E ratio of 46.09, a price-to-earnings-growth ratio of 5.56 and a beta of 1.35. Workday, Inc. has a 1-year low of $199.81 and a 1-year high of $311.28. The company’s 50-day moving average is $231.94 and its 200 day moving average is $245.84.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.10. The firm had revenue of $2.09 billion during 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% compared to the same quarter last year. During the same period last year, the company earned $0.40 EPS. Research analysts forecast that Workday, Inc. will post 2.27 EPS for the current year.

Analyst Ratings Changes

WDAY has been the subject of several recent analyst reports. Jefferies Financial Group dropped their target price on shares of Workday from $350.00 to $330.00 and set a “buy” rating for the company in a report on Friday, May 24th. 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 report on Friday, August 23rd. Citigroup lowered their price target on Workday from $293.00 to $255.00 and set a “neutral” rating on the stock in a report on Friday, May 24th. Oppenheimer cut their price objective on shares of Workday from $320.00 to $300.00 and set an “outperform” rating for the company in a report on Friday, May 24th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Workday from $300.00 to $285.00 and set an “overweight” rating on the stock in a report on Friday, May 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, Workday has an average rating of “Moderate Buy” and a consensus price target of $288.15.

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.