Golden State Wealth Management LLC has dramatically increased its investment in Workday, Inc. (NASDAQ:WDAY), boosting its stake by an astonishing 9,166.7% in the first quarter. This move, detailed in the company’s latest filing with the Securities and Exchange Commission, saw the fund acquire an additional 275 shares, bringing its total to 278 shares valued at $65,000.
This substantial increase in holdings comes amidst a broader trend of hedge funds and institutional investors adjusting their positions in Workday. Notably, TCTC Holdings LLC and Farmers & Merchants Investments Inc. have also acquired new positions in the company recently, with investments worth $35,000 and $32,000 respectively.
Institutional Investments on the Rise
Several other institutional investors have made significant changes to their Workday portfolios. Rakuten Securities Inc. increased its holdings by 78.6% during the fourth quarter, while Financial Management Professionals Inc. boosted its stake by 54.0% in the first quarter. Rothschild Investment LLC also made a notable move, increasing its holdings by 169.6%.
Currently, hedge funds and institutional investors own a significant 89.81% of Workday’s stock, underscoring the company’s strong appeal among major financial players.
Workday’s Financial Performance and Market Position
Workday’s stock opened at $240.00 on Tuesday, reflecting a 1.1% increase. The company maintains a current ratio and quick ratio of 2.07, with a debt-to-equity ratio of 0.33. Over the past year, Workday’s stock has fluctuated between a low of $199.81 and a high of $294.00, with a market cap standing at $64.08 billion.
The company’s recent earnings report, released on May 22nd, revealed a strong performance with earnings per share (EPS) of $2.23, surpassing analysts’ expectations by $0.22. Workday’s revenue for the quarter was $2.24 billion, marking a 12.6% increase compared to the same period last year.
Research analysts forecast that Workday, Inc. will post earnings of 2.63 per share for the current fiscal year.
Insider Trading and Analyst Ratings
In recent insider trading activity, major shareholder David A. Duffield sold 73,971 shares of Workday stock, while CEO Carl M. Eschenbach sold 3,125 shares. These transactions have been part of a broader trend of insider sales, with insiders selling a total of 255,733 shares valued at $59,649,301 over the last 90 days.
Analyst ratings for Workday remain largely positive. The Royal Bank of Canada and Oppenheimer have both issued “outperform” ratings, with price targets set at $340.00 and $300.00 respectively. Meanwhile, Piper Sandler has adjusted its price objective to $255.00, up from $230.00.
Nine analysts have rated the stock as a hold, eighteen have issued a buy rating, and two have given a strong buy rating, resulting in an average rating of “Moderate Buy” with a consensus target price of $297.68.
Looking Ahead
As Workday continues to expand its enterprise cloud applications globally, the company’s financial management tools remain a key draw for investors. These applications enable businesses to streamline financial processes, enhance operational insights, and maintain robust internal controls.
With a significant portion of its stock held by institutional investors and a strong performance in recent quarters, Workday appears well-positioned to maintain its growth trajectory. As analysts set new price targets and investor interest remains high, the company’s future looks promising.
For more detailed insights into Workday’s financial performance and market strategy, interested parties can access the latest research reports and analyst forecasts.