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DA Davidson started coverage on shares of Workday (NASDAQ:WDAY) in a research note issued on Tuesday, reports. The firm set a “neutral” rating and a $89.00 price target on the stock. DA Davidson’s target price would indicate a potential downside of 1.96% from the company’s current price.

The analysts wrote, “Next generation enterprise application cloud computing leader. Workday is a software-as-a-service (SaaS) based enterprise application vendor. The company’s value proposition of better functionality at lower costs, built on a flexible, scalable architecture has led to both industry-leading growth and valuation metrics.”

Shares of Workday (NASDAQ:WDAY) opened at 90.78 on Tuesday. Workday has a 52-week low of $64.21 and a 52-week high of $116.47. The stock has a 50-day moving average of $83.53 and a 200-day moving average of $85.62. The company’s market cap is $16.794 billion. Workday also was the target of unusually large options trading on Monday. Stock investors bought 3,199 put options on the stock. This represents an increase of approximately 262% compared to the average daily volume of 884 put options.

Several other analysts have also recently commented on the stock. Analysts at Cantor Fitzgerald initiated coverage on shares of Workday in a research note on Tuesday, August 12th. They set a “buy” rating on the stock. Analysts at Burke & Quick initiated coverage on shares of Workday in a research note on Friday, July 25th. They set an “outperform” rating and a $93.00 price target on the stock. Twelve equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $96.13.

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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