Workday Given New $85.00 Price Target at Oppenheimer (WDAY)
Stock analysts at Oppenheimer boosted their price target on shares of Workday (NASDAQ:WDAY) from $80.00 to $85.00 in a report issued on Wednesday, StockRatingsNetwork.com reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s target price points to a potential upside of 11.83% from the stock’s previous close.
The analysts wrote, “Workday reported another excellent quarter, highlighted by reaccelerating subscription revenue, total revenue and billings growth. Subscription revenue grew 92% y/y, or 4x faster than its SaaS peer group average with a similar run rate. Management also indicated the Financials product ‘is ready for primetime in the midmarket,’ which aligns with our field work. Bottom Line: We remain bullish on WDAY and view the following company-specific trends as catalysts to fuel growth over the next 12-24 months: 1) the upcoming Workday Rising conference (with a record number of attendees/prospects); 2) release of Workday 20 with the big data product; 3) recruiting product release in 1H:FY15; 4) increasing Financials upmarket traction; and 5) International expansion. Reiterate Outperform; raise PT to $85 from $80.”
Workday (NASDAQ:WDAY) traded down 0.54% on Wednesday, hitting $75.596. 801,602 shares of the company’s stock traded hands. Workday has a 52 week low of $45.05 and a 52 week 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 $13.078 billion.
Workday (NASDAQ:WDAY) last issued its quarterly earnings data on Tuesday, August 27th. The company reported ($0.13) earnings per share for the quarter, beating the analysts’ 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 previous year, the company posted ($0.71) earnings per share. The company’s revenue for the quarter 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 firms have also recently commented on WDAY. Analysts at Zacks downgraded shares of Workday from an “outperform” rating to a “neutral” rating in a research note to investors on Monday. They now have a $77.10 price target on the stock. Separately, analysts at BMO Capital Markets reiterated a “market perform” rating on shares of Workday in a research note to investors on Wednesday, August 21st. They now have a $70.00 price target on the stock, up previously from $60.00. Finally, 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.
Fifteen research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Workday has a consensus rating of “Hold” and a consensus price target of $71.21.
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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