Workday (WDAY) Gets a Buy Rating from Needham

By Carrie Williams

In a report released today, Scott Berg from Needham maintained a Buy rating on Workday (WDAYResearch Report), with a price target of $175.00. The company’s shares closed last Thursday at $145.41.

According to TipRanks.com, Berg is a 5-star analyst with an average return of 10.4% and a 58.8% success rate. Berg covers the Technology sector, focusing on stocks such as Cornerstone Ondemand, Ceridian HCM Holding, and Tyler Technologies.

Currently, the analyst consensus on Workday is a Moderate Buy with an average price target of $191.10, which is a 31.4% upside from current levels. In a report issued on March 31, Monness also maintained a Buy rating on the stock with a $195.00 price target.

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Based on Workday’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $976 million and GAAP net loss of $128 million. In comparison, last year the company earned revenue of $789 million and had a GAAP net loss of $104 million.

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Workday, Inc. engages in the development of enterprise cloud applications for finance and human resources. It delivers financial management, human capital management, and analytics applications designed for companies, educational institutions, and government agencies. The company was founded by David A. Duffield and Aneel Bhusri in March 2005 and is headquartered in Pleasanton, CA.