5 Return-to-Office Stocks to Buy in 2022

3. Workday, Inc. (NYSE:WDAY)

Number of Hedge Fund Holders: 74

Workday, Inc. (NYSE:WDAY) is a leading provider of enterprise cloud applications worldwide. Its applications help businesses plan, execute, analyze, and scale to other applications and environments, to optimize operations. It is ranked among the top 3 return-to-office stocks to buy in 2022 because of its unique suite of financial management and human capital management enterprise solutions.

On February 28, 2022, Workday, Inc. (NYSE:WDAY) reported market-beating earnings for the fiscal fourth quarter of 2022. According to the company’s earnings report, Workday, Inc. (NYSE:WDAY) registered an EPS of $0.78, beating expert estimates by $0.07. The company’s revenues came in at $1.38 billion, up 21.60% year over year, and beat market estimates by $11.54 million.

This March, BofA analyst Brad Sills raised his price target on Workday, Inc. (NYSE:WDAY) to $320 from $300 and maintained a Buy rating on the shares in light of the company’s solid earnings for the fiscal fourth quarter of 2022.

Hedge funds are raising their stake in Workday, Inc. (NYSE:WDAY). At the end of the fourth quarter of 2021, 74 hedge funds held long positions in Workday, Inc. (NYSE:WDAY) worth $7.17 billion. This is compared to 72 positions in the previous quarter with stakes of $6.38 billion.

Lone Pine Capital was the most bullish hedge fund on Workday, Inc. (NYSE:WDAY) at the end of last December owning over 5.8 million shares of the stock. The fund’s stakes came in at $1.58 billion, which covers 6.5% of its 13F portfolio.

ClearBridge Investments mentioned Workday, Inc. (NYSE:WDAY) in its recently published “Sustainability Leaders Strategy” fourth-quarter 2021 investor letter:

“We believe the weakness created an opportunity for us to add to an exceptionally high-quality payments franchise with an attractive growth and free cash flow profile and little credit or interest rate exposure. It also supported our efforts to maintain diversified IT exposure in a narrowing market; additions to our software-as-aservice (SaaS) holding Workday during the quarter also bolstered this diversification, in which we seek to balance exposure to more widely owned mega cap names…”