- Analysts mostly raised their price targets on Workday Inc WDAY post Q4 results.
- Wells Fargo analyst Michael Turrin raised the PT to $340 from $325 (39.1% upside) and kept an Overweight.
- Turrin expects Workday shares will see a boost from Q4 results as the company delivered a clean set of Q4 metrics and a meaningful increase to the FY23 guidance.
- Mizuho analyst Siti Panigrahi raised the PT to $300 from $280 (22.8% upside) and kept a Buy.
- The company posted "overall stellar" Q4 results and "aired credible optimism" on its fiscal 2023 prospects, with guidance exceeding consensus expectations. The analyst would not be surprised to see further upside as fiscal 2023 progresses.
- Loop Capital analyst Yun Kim lowered the PT to $300 from $340 but kept a Buy.
- The analyst attributes the price change to lower cash flow estimates but notes that the quarter was otherwise strong, with subscription backlog growth accelerating to 22%.
- Kim adds that Workday management said it had strong bookings in the quarter yet again, with broad strength in both HCM and FINS+ and across all regions.
- Needham analyst Scott Berg lowered the PT to $300 from $360 to reflect the broad multiple compression within the enterprise software space but kept a Buy.
- The company's Q4 results were "strong," with cRPO growth accelerating sequentially from 19.9% to 22.2%.
- Bookings and subsequently revenue acceleration was led by returning demand for Workday's Financials platform from softer trends during the early phases of the pandemic.
- Price Action: WDAY shares traded higher by 6.76% at $244.46 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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