market folly

John Griffin's hedge fund firm Blue Ridge Capital filed a 13G with the SEC regarding shares of Workday (WDAY).  Per the filing, Blue Ridge has revealed a 6.87% ownership stake in WDAY with 1,798,000 shares.

This is a brand new position for the hedge fund and the company just began trading on October 15th.  There's no way to know for sure if they participated in the IPO, but the reason that is important to point out is because shares spiked 70% from the IPO price so there's obviously a big difference in cost basis depending on where they purchased shares.

Due to portfolio activity on October 18th, Blue Ridge crossed the threshold that requires public disclosure of their stake.  Workday competes in the software as a service (SaaS) segment.

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."

We've also covered other recent portfolio activity from Blue Ridge as well.