Workday rises after Elliott reveals $2B stake, cites strong progress

[Workday headquarters in Silicon Valley]
Sundry Photography/iStock Editorial via Getty Images

Workday (NASDAQ:WDAY [https://seekingalpha.com/symbol/WDAY]) rose over 5% premarket on Wednesday after activist investor Elliott Investment Management said it has built a stake of more than $2 billion in the human resources software provider.

“Elliott is one of Workday's largest investors, with an investment of more than $2 billion. We believe CEO Carl Eschenbach, CFO Zane Rowe and the entire Workday team have made substantial progress in recent years, positioning Workday as a unique software franchise with industry-leading growth potential, best-in-class customer retention, and a proven management team,” the investment firm said [https://seekingalpha.com/pr/20234842-elliott-issues-statement-on-workday-inc]late Tuesday.

Elliott added it was pleased with its dialogue with the team and voiced confidence that the multi-year strategy shared at the company’s Financial Analyst Day will deliver strong long-term value for shareholders.

Workday (NASDAQ:WDAY [https://seekingalpha.com/symbol/WDAY]) on Tuesday announced a collaboration with Microsoft (MSFT [https://seekingalpha.com/symbol/MSFT]) and several AI solutions for customers and partners. Separately, Workday said it is acquiring Sana, an AI company developing the next generation of enterprise knowledge tools, for about $1.1B.

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