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What Makes Workday (WDAY) a Good Investment Initiative?

Soumya Eswaran
·2 分鐘文章

ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The Strategy lagged behind the benchmark Russell 3000 Growth Index in the quarter. On an absolute basis, the strategy posted gains across all nine sectors it invested in. IT and communication services sectors were the primary contributors. Overall stock selection detracted from performance on a relative basis.  In addition, please check the fund’s top five holdings to know its best picks in 2024.

ClearBridge All Cap Growth Strategy highlighted stocks like Workday, Inc. (NASDAQ:WDAY), in the first quarter 2024 investor letter. Workday, Inc. (NASDAQ:WDAY) offers enterprise cloud applications. The one-month return of Workday, Inc. (NASDAQ:WDAY) was 2.74%, and its shares lost 2.50% of their value over the last 52 weeks. On June 25, 2024, Workday, Inc. (NASDAQ:WDAY) stock closed at $217.38 per share with a market capitalization of $57.691 billion.

ClearBridge All Cap Growth Strategy stated the following regarding Workday, Inc. (NASDAQ:WDAY) in its first quarter 2024 investor letter:

"We also sold our remaining position in data monitoring software maker Splunk (splk) ahead of its acquisition by Cisco Systems. Part of the proceeds were redeployed into enterprise resource planning and finance software maker Workday, Inc. (NASDAQ:WDAY), as we believe its products are well-positioned for consistent, robust subscription growth with potentially further upside as new investment initiatives scale."

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Workday, Inc. (NASDAQ:WDAY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 83 hedge fund portfolios held Workday, Inc. (NASDAQ:WDAY) at the end of the first quarter which was 81 in the previous quarter. While we acknowledge the potential of Workday, Inc. (NASDAQ:WDAY) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

We discussed Workday, Inc. (NASDAQ:WDAY) in another article and shared the list of best SaaS stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.