Bull Notes, Earnings Beat Pushes Workday Stock to Record High

No fewer than 15 analysts chimed in with price-target hikes

Assistant Editor
Aug 28, 2020 at 10:13 AM
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The shares of Workday Inc (NASDAQ:WDAY) are up 12.7% at $244.05 at last check, earlier hitting a record high $247.89, after reporting second-quarter earnings and revenue that bested analyst forecasts. Additionally, the company increased its revenue forecast, and named co-president Chano Fernandez as a new co-CEO, alongside current CEO Aneel Bhursi.

All of this news led no fewer than 15 analysts to raise their price targets, including Cowen and Company and RBC, who raised their targets to $250 and $280, respectively. Still, analysts covering the maker of cloud-based human resources and finance software are divided, with 16 sporting a "buy" or better and 17 at a "hold" or worse.

WDAY has notched new annual highs each session after an August 26 bull gap pushed the equity above the resistant $200 level. Over the last two sessions, Workday stock hadbeen bumped even closer to its July 12 all-time high of $226.83, making today's topple of the milestone no surprise. What's more, the stock has solid support in place from its 10-day moving average, and is up 26.5% in the last six months. 

In the past 10 days, calls have nearly doubled puts at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Specifically, in the last two weeks, 13,027 calls have crossed the tape, versus 7,207 puts. In other words, there's a lot of options-related optimism circling in the options pits.

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