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

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

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Beacon Capital Management LLC grew its position in shares of Workday by 333.3% in the fourth quarter. Beacon Capital Management LLC now owns 91 shares of the software maker’s stock valued at $25,000 after purchasing an additional 70 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Workday in the first quarter valued at about $25,000. VisionPoint Advisory Group LLC grew its position in shares of Workday by 215.4% in the third quarter. VisionPoint Advisory Group LLC now owns 123 shares of the software maker’s stock valued at $26,000 after purchasing an additional 84 shares during the period. Clear Street Markets LLC acquired a new stake in shares of Workday in the third quarter valued at about $29,000. Finally, Quarry LP acquired a new stake in shares of Workday in the second quarter valued at about $29,000. Institutional investors and hedge funds own 89.81% of the company’s stock.

Workday Stock Performance

Shares of WDAY stock traded down $1.49 during mid-day trading on Friday, hitting $254.15. The stock had a trading volume of 422,342 shares, compared to its average volume of 1,761,681. Workday, Inc. has a fifty-two week low of $174.25 and a fifty-two week high of $311.28. The firm has a market cap of $67.10 billion, a PE ratio of 49.64, a PEG ratio of 6.42 and a beta of 1.32. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.97 and a quick ratio of 1.97. The company’s 50-day simple moving average is $279.24 and its 200-day simple moving average is $261.98.

Workday (NASDAQ:WDAY) last released its earnings results on Monday, February 26th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.47 by $0.10. Workday had a net margin of 19.02% and a return on equity of 4.87%. The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.92 billion. During the same quarter last year, the business earned ($0.14) EPS. The business’s revenue was up 16.8% on a year-over-year basis. Sell-side analysts anticipate that Workday, Inc. will post 1.76 earnings per share for the current year.

Insider Activity

In other news, insider Douglas A. Robinson sold 3,121 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $293.79, for a total value of $916,918.59. Following the completion of the transaction, the insider now owns 165,932 shares in the company, valued at approximately $48,749,162.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Douglas A. Robinson sold 3,121 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $293.79, for a total value of $916,918.59. Following the completion of the transaction, the insider now owns 165,932 shares in the company, valued at approximately $48,749,162.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Richard Harry Sauer sold 8,447 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $268.21, for a total transaction of $2,265,569.87. Following the completion of the transaction, the insider now owns 66,356 shares of the company’s stock, valued at approximately $17,797,342.76. The disclosure for this sale can be found here. Insiders sold 435,691 shares of company stock worth $117,731,569 in the last 90 days. 21.09% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

WDAY has been the topic of several research reports. Barclays decreased their price target on shares of Workday from $326.00 to $316.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 27th. Guggenheim reissued a “sell” rating and issued a $190.00 price target on shares of Workday in a research note on Tuesday, February 27th. BMO Capital Markets raised their price target on shares of Workday from $290.00 to $338.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 13th. StockNews.com downgraded shares of Workday from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 8th. Finally, The Goldman Sachs Group raised their price target on shares of Workday from $270.00 to $310.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $293.61.

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.