Workday Stock Rises on Revenue Beat

No fewer than 11 analysts raised their price targets

Deputy Editor
May 28, 2020 at 10:51 AM
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The shares of Workday Inc (NASDAQ:WDAY) are up 5.2% at $179.19 at last check, after reporting a first-quarter revenue beat and earnings that came in slightly lower than expected. The earnings beat inspired no fewer than 11 analysts to raise their price targets, including Mizuho to $220, with one price-target cut coming from Wedbush to $196. 

Analysts covering WDAY are split in half, with fifteen sporting a "buy" or better and fifteen at a "hold" or worse. There could be room for even more bull notes, though. The consensus 12-month price target of $183.76 is still just a 0.2% premium to current levels.  

Today, WDAY is set to topple its 320-day moving average for the first time since late-February. It's also set to close well atop the $170 region -- a level that's kept a lid on the shares since their broad-market landslide back in March. What's more, the stock is up 23.6% in the last one-month period. 

In the past 10 days, calls have doubled puts at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits in the 67th percentile of its annual range, meaning a slightly higher call volume relative to the last year.

Today's options trading leans bullish as well. Already, 21,000 calls and 7,698 puts have exchanged hands -- 12 times the intraday average, with call volume running in the 100th percentile of its 12-month range. There is plenty of activity at the weekly 5/29 190-strike call, where positions are being opened, while contracts are also being opened at the 185-strike call from the same series. 

 

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