8 Stocks Jeff Bezos is Buying

2. Workday Inc. (NYSE:WDAY)

Number of Hedge Fund Holders: 86

Workday, Inc. (NASDAQ:WDAY) is a global leader in enterprise cloud applications, specializing in finance and human resources solutions. Founded in 2005 in California, Workday provides financial management, human capital management, and analytics services to businesses, educational institutions, and government organizations worldwide.

Oppenheimer reaffirmed its positive outlook on Workday, Inc. (NASDAQ:WDAY) , a leading provider of enterprise cloud applications for finance and HR, maintaining an Outperform rating with a $300 price target. This follows feedback from customer interviews and partner checks at Workday’s annual Rising conference, which Oppenheimer used to assess the company’s market position and performance as it heads into its fourth fiscal quarter. The financial outlook for Workday, Inc. (NASDAQ:WDAY) is strong, with Oppenheimer forecasting a notable acceleration in cash flow growth, expecting over 25% compound annual growth for 2025 and 2026, which it views as highly attractive.

Workday, Inc. (NASDAQ:WDAY) recently reported a 17% increase in subscription revenue, reaching $1.903 billion, and adjusted its revenue growth forecast to 15%. The company also set ambitious targets for fiscal year 2027, aiming for a 34% operating cash flow margin and a 30% free cash flow margin. Additionally, Workday Ventures, its strategic investment arm, invested in 10 AI startups focused on improving workplace productivity and decision-making. Workday, Inc. (NASDAQ:WDAY) also introduced 12 new Industry Accelerators to enhance HR and finance operations across different sectors.

By the end of Q2 2024, 86 of the 912 hedge funds tracked by Insider Monkey held shares in Workday, Inc. (NASDAQ:WDAY). Viking Global, led by Andreas Halvorsen, held the largest position, valued at $885.28 million, based on its most recent 13F filing.