Top 5 Stock Picks of Andrew Immerman’s Palestra Capital

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In this article, we discuss the top 5 stock picks of Andrew Immerman’s Palestra Capital. If you want to read our detailed analysis of Immerman’s investment strategy, history, and stock picks, go directly to Top 10 Stock Picks of Andrew Immerman’s Palestra Capital.

5. Workday, Inc. (NASDAQ:WDAY)

Palestra Capital’s Stake Value: $265.46 million

Palestra Capital’s 13F Portfolio: 5.63%

Number of Hedge Fund Holders: 72

Workday, Inc. (NASDAQ:WDAY) develops enterprise cloud applications that help optimize human and financial resources. The firm reported earnings per share of $1.10 in the third quarter, surpassing estimates by $0.23. It also beat quarterly revenue estimates by $15.64 million, with revenue coming in at $1.33 billion.

According to regulatory data for the third quarter, Palestra Capital holds 1.06 million shares of Workday, Inc. (NASDAQ:WDAY), valued at $265.46 million and amounting to 5.63% of the fund’s total holdings. 72 hedge funds were long Workday, Inc. (NASDAQ:WDAY) at the close of the third quarter, holding stakes worth $6.38 billion.

In November, Needham analyst Scott Berg raised the firm’s price target on Workday, Inc. (NASDAQ:WDAY) to $360 from $310, and maintained a ‘Buy’ rating on the shares, noting impressive Q3 results which showed accelerated 24-month subscription growth, and increased subscription revenue growth.

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