Blue Ridge Capital Purchases a 7% Stake in Workday Inc

Blue Ridge Capital Purchases a 7% Stake in Workday Inc
Ken Griffin

Blue Ridge Capital Purchases a 7% Stake in Workday Inc

According to a 13G filed with the Securities and Exchange Commission (SEC), John Griffin’s Blue Ridge Capital has purchased a 6.87% stake in Workday Inc.  Based on previous filings from the $11 billion plus value based hedge fund, this appears to be a new filing. Blue Ridge Capital now owns 1,798,000 shares of Workday. Workday shares closed on Friday at $50.00 a share. Blue Ridge’s stake in Workday is now worth close to $90 million.

Workday, Inc. providers cloud-based applications for payroll, employee expense management, human capital management (HCM) , financial management, procurement and time tracking.

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Workday Inc (NYSE:WDAY) filed for an IPO on October 15th, with shares priced at $28. Workday shares increased by over 70% on the day of the IPO.

The Pleasanton, California- based company, considered a leader in the cloud computing sector, opened New York Stock Exchange trading at $48.05 and reached as high as $49.21 after pricing shares above the expected range at $28.00. It sold 22.75 million shares, raising $637 million. Earlier in the week, Workday raised its price range to $24 to $26 per share from $21 to $24 per share. Workday, whose software helps companies manage resources like employees, will have a dual class voting structure, with Class B shares worth 10 times the voting power of Class A shares. Workday Inc (NYSE:WDAY) shares were up 73.89 percent.

Blue Ridge Capital appears to have purchased shares on October 18th.

For the three months ended 30 April 2012, Workday Inc (NYSE:WDAY) revenues increased from $24.7M to $56.8M. Net loss applicable to common stockholders increased 28% to $20.3M. Revenues reflect an increase in demand for the Company’s products and services due to favorable market conditions. Higher net loss reflects Sales and Marketing increase of 94% to $24.8M (expense), Research and Development increase of 67% to $20.8M (expense).

Disclosure: No position

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