Shares of Workday surged nearly 9% after activist investor Elliott Management revealed a $2 billion stake and supported the leadership. Workday plans to buy back $5 billion in stock by 2027. Elliott praised Workday’s CEO and CFO, expressing confidence in the company’s long-term strategy. Workday recently acquired AI firm Sana for $1.1 billion, enhancing its AI capabilities. The acquisition is part of Workday’s strategy to evolve its platform and deliver sustainable growth in an AI-driven world. Workday’s customers benefit from its cloud-based platform offering various services like recruitment and payroll management. The purchase of Sana is part of a trend of increased M&A activity in the HR software sector. Workday’s stock has a 12-month forward P/E ratio of 22.38, lower than its competitor Dayforce’s 26.04. Workday’s stock has dropped 15% this year amidst market volatility.

Read more at Yahoo Finance: Workday rises after Elliott reveals $2 billion stake, endorses leadership