Spotlight on Workday: Analyzing the Surge in Options Activity

Investors with a lot of money to spend have taken a bearish stance on Workday WDAY.

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with WDAY, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 12 options trades for Workday.

This isn't normal.

The overall sentiment of these big-money traders is split between 33% bullish and 66%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $66,420, and 11, calls, for a total amount of $421,712.

Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $200.0 to $280.0 for Workday over the recent three months.

Volume & Open Interest Trends

In terms of liquidity and interest, the mean open interest for Workday options trades today is 340.56 with a total volume of 272.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Workday's big money trades within a strike price range of $200.0 to $280.0 over the last 30 days.

Workday Option Activity Analysis: Last 30 Days

Largest Options Trades Observed:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
WDAY CALL TRADE BULLISH 01/19/24 $280.00 $66.4K 935 5
WDAY PUT SWEEP BEARISH 03/15/24 $280.00 $66.4K 108 103
WDAY CALL TRADE BULLISH 01/26/24 $200.00 $46.8K 0 6
WDAY CALL SWEEP NEUTRAL 12/15/23 $200.00 $45.8K 103 6
WDAY CALL SWEEP BULLISH 12/29/23 $280.00 $42.0K 207 127

About Workday

Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California. Founded in 2005, Workday now employs over 12,000 employees.

In light of the recent options history for Workday, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Present Market Standing of Workday

  • Currently trading with a volume of 906,147, the WDAY's price is down by -0.04%, now at $276.01.
  • RSI readings suggest the stock is currently may be overbought.
  • Anticipated earnings release is in 76 days.

Professional Analyst Ratings for Workday

In the last month, 5 experts released ratings on this stock with an average target price of $277.0.

  • An analyst from Morgan Stanley persists with their Overweight rating on Workday, maintaining a target price of $295.
  • Consistent in their evaluation, an analyst from B of A Securities keeps a Buy rating on Workday with a target price of $270.
  • Maintaining their stance, an analyst from Mizuho continues to hold a Buy rating for Workday, targeting a price of $290.
  • An analyst from JP Morgan has decided to maintain their Overweight rating on Workday, which currently sits at a price target of $260.
  • An analyst from JMP Securities has decided to maintain their Market Outperform rating on Workday, which currently sits at a price target of $270.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Workday, Benzinga Pro gives you real-time options trades alerts.

Market News and Data brought to you by Benzinga APIs
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Posted In: OptionsMarketsBZI-UOA
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