This marks a 259% increase in the hedge fund's position size since the end of the fourth quarter when they owned just over 980,000 shares. The 13G was required due to portfolio activity on April 10th.
In other activity from the hedge fund, last week we pointed out that Lone Pine boosted its Lululemon stake.
Per Google Finance, Workday is "a provider of enterprise cloud-based applications for human capital management (HCM), payroll, financial management, time tracking, procurement and employee expense management. It is focused on the consumer Internet experience and cloud delivery model. Its applications are designed for global enterprises to manage complex and dynamic operating environments. The Company provides its customers the applications to manage critical business functions for their financial and human capital resources."
Other Hedge Funds Involved
Workday went public in October of 2012 and numerous hedge funds participated in its initial public offering. At the end of 2012, some of the largest holders of WDAY shares included the likes of Blue Ridge Capital, Lone Pine Capital, Tiger Global, and Dorsal Capital. The largest disclosed owner seems to be venture capital firm Greylock Partners.
Steve Mandel was recently named one of the top 10 highest paid hedge fund managers of 2012. You can see additional portfolio activity from Lone Pine here.