Andreas Halvorsen Stock Portfolio: 5 Top Stock Picks

2. Workday, Inc. (NASDAQ:WDAY)

Number of Hedge Fund Holders: 71  

Workday, Inc. (NASDAQ:WDAY) markets enterprise cloud applications and is headquartered in California. 13F filings reveal that Viking Global owned over 5.2 million shares of Workday, Inc. (NASDAQ:WDAY) at the end of the third quarter of 2023 worth $1.1 billion, representing 4.56% of the portfolio. 

On November 20, investment advisory Bank of America maintained a Buy rating on Workday, Inc. (NASDAQ:WDAY) stock and raised the price target to $270 from $260.

At the end of the second quarter of 2023, 71 hedge funds in the database of Insider Monkey held stakes worth $5.06 billion in Workday, Inc. (NASDAQ:WDAY), compared to 86 in the previous quarter worth $5.02 billion.

In its Q3 2023 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Workday, Inc. (NASDAQ:WDAY) was one of them. Here is what the fund said:

“Despite near-term macro uncertainty, it’s important to frame that we find ourselves in the early innings of both the AI investment cycle and overall cloud penetration. We estimate cloud penetration to be between 25% and 30% versus the likely 70% to 75% level over time, if not even higher. AI deployments are literally just getting off the ground.Infrastructure and development platforms for securely storing and curating data, training and fine-tuning large-language and other AI models, and developing and delivering AI applications. Beneficiaries include Microsoft Azure and Amazon Web Services. Integration of generative AI capabilities, such as AI agents and copilots, directly into existing product offerings and customer workflows. Software vendors capitalizing on this opportunity includes Workday, Inc.“