Workday surges 6% after 'strong' Q4, Monness, Crespi raises estimates
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Workday (NASDAQ:WDAY) shares surged in early trading on Tuesday after the human resources software company posted fourth-quarter results and raised fiscal 2023 guidance that topped expectations, prompting Moness, Crespi, Hardt to raise earnings estimates.
Analyst Brian White, who rates shares buy and has a $320 price target, called the quarterly results "strong" and said the first-quarter outlook was "healthy." 
That prompted him to raise his revenue estimate for the first-quarter to $1.426 billion and boost his earnings per share estimate to 89 cents, up from a prior outlook of $1.406 billion and 79 cents, respectively. Wall Street analysts expect the company to earn 79 cents during the quarter.
For the full-year, White raised his revenue estimate to $6.211 billion from $6.109 billion and now expects the company to earn $3.71 per share, up from a prior outlook of $3.58 per share.
The tone of the call was upbeat with Workday benefitting from strong execution and favorable dynamics from the COVID-19 crisis that is driving organizations to accelerate the shift to the cloud," White added.
He also explained that Workdayâs strength was "broad based across HCM and Financials," and going into fiscal 2023, it is confident about its trends and the pipeline that growth rates for renewals can return to "more normalized" levels. 
Workday shares rose more than 7% to $245.20 in early trading on Tuesday.
Last month, investment firm BMO Capital Markets said Workday was part of the "next leg of growth" for human capital software.