Workday’s Market Perform Rating Reaffirmed at BMO Capital Markets (WDAY)
Workday (NASDAQ:WDAY)‘s stock had its “market perform” rating reiterated by investment analysts at BMO Capital Markets in a note issued to investors on Wednesday, American Banking and Market News reports. They currently have a $75.00 target price on the stock. BMO Capital Markets’ price target would suggest a potential upside of 0.32% from the stock’s previous close.
The analysts wrote, “We didn’t pick up anything from our checks to support a view that Workday’s momentum is slowing or that demand for HCM SaaS solutions has been affected by the sluggish overall IT spending backdrop. That said, we also didn’t hear of any recent high-profile wins from Workday, Oracle, or SAP, although the summer months are typically slow in terms of big deal signings. One source argued that Workday’s success is coming mostly from its middle-market sweet spot although it is still securing some new large enterprise ‘early adopters.’ While we didn’t hear of any big Oracle Fusion wins, several PeopleSoft partners claimed that Oracle is working hard to protect its base, including ramping the size of its HCM (especially Fusion) salesforce and investing in PeopleSoft v9.2 and Fusion v7.”
Shares of Workday (NASDAQ:WDAY) traded down 1.64% during mid-day trading on Wednesday, hitting $74.76. 1,681,696 shares of the company’s stock traded hands. Workday has a one year low of $45.05 and a one year high of $76.76. The stock’s 50-day moving average is $70.78 and its 200-day moving average is $63.93. The company’s market cap is $12.933 billion.
Workday (NASDAQ:WDAY) last posted its quarterly earnings results on Tuesday, August 27th. The company reported ($0.13) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.18) by $0.05. The company had revenue of $107.60 million for the quarter, compared to the consensus estimate of $100.50 million. During the same quarter in the prior year, the company posted ($0.71) earnings per share. The company’s quarterly revenue was up 71.6% on a year-over-year basis. On average, analysts predict that Workday will post $-0.71 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on WDAY. Analysts at Jefferies Group reiterated a “buy” rating on shares of Workday in a research note to investors on Tuesday, August 20th. They now have a $86.00 price target on the stock, up previously from $76.00. Separately, analysts at Robert W. Baird raised their price target on shares of Workday from $70.00 to $75.00 in a research note to investors on Monday, August 19th. They now have a “neutral” rating on the stock. Finally, analysts at Zacks upgraded shares of Workday from a “neutral” rating to an “outperform” rating in a research note to investors on Friday, July 26th. They now have a $71.70 price target on the stock.
Sixteen investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $72.91.
Workday, Inc is a provider of enterprise cloud-based applications for human capital management (NASDAQ:WDAY), payroll, financial management, time tracking, procurement and employee expense management.
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