ADSK and WDAY are struggling on the charts
Two software stocks making noise after earnings this morning are Autodesk Inc (NASDAQ:ADSK) and Workday Inc (NASDAQ:WDAY). Both equities are fresh off a batch of quarterly reports, with several analysts chiming in with a response.
ADSK was last seen down 0.3% to trade at $294.03, pulling back from its early morning pop. The company posted a first-quarter earnings and revenue beat alongside a hiked full-year guidance. No fewer than 11 brokerage firms have hiked their price targets in response, including Morgan Stanley to $370 from $330. ADSK has slipped below its year-to-date breakeven level but is 37% higher year-over-year.
Options volume for Autodesk stock is running at 12 times the average daily pace, with 3,247 calls and 2,615 puts traded so far. Most popular is the weekly 5/30 300-strike call, with the 315-strike call in the same weekly series also seeing action.
Workday also posted a first-quarter earnings and revenue beat, but is being weighed down by a disappointing subscription revenue outlook, off 10.8% at $242.48 at last check. J.P. Morgan Securities reiterating its "overweight" rating, six analysts slashing price-targets, and two other brokerages handing over a modest 12-month price-target hike. WDAY is now eyeing its worst single-session drop since May 2024 and is off by 6.4% in 2025.
Options traders are flocking toward the equity this morning, with 10,000 calls and 13,000 puts across the tape. This runs 20 times the average daily volume for WDAY, with the most popular positions the July 18 put and expiring May 235 put.