On Wednesday after the market close,
Workday IncWDAY reported slightly weak earnings and forecasts, but displayed strong revenues relative to analyst estimates.
D.A. Davidson's Take
"While WDAY posted a positive operating margin, EPS was negatively impacted by a ~$15 million charge associated with a private company investment write-off," stated Jack Andrews, D.A. Davidson analyst. As a result of Andrews' positive assessment, D.A. Davidson maintained Workday's Buy rating and raised the price target from $99.00 to $107.00 price target.
According to Andrews, Workday's FY16Q2 was the second strongest quarter in company history, while its EMEA division added a record number of customers.
In addition, Workday Planning experienced "higher-than-expected" demand ahead of its release in late September, stated the analyst. The product has over 50 customers, beating expectations.
At time of writing, Workday traded at $84.92, up 6.62 percent on Thursday.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Posted In: Analyst ColorEarningsLong IdeasNewsPrice TargetReiterationAnalyst RatingsMoversTechTrading IdeasD.A. DavidsonJack Andrews
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
