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WDAY

Workday announces new CIO

Workday (WDAY +0.2%) announces in a blog post that CIO Diana McKenzie will depart next month to "pursue some long-time personal passions." Sheri Rhodes, most recently CTO at Western Union, will step into the CIO position on April 22.

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Cloud stocks fall after record day

Cloud-related tech stocks retreat after yesterday's record high for S&P 500 tech names. Movers include ServiceNow (NOW -4.7%), Zscaler (ZS -6.4%), Twilio (TWLO -4.5%), Workday (WDAY -5.4%), Zendesk (ZEN -4.2%), Atlassian (TEAM -4.2%), and HubSpot (HUBS -3.2%). The tech sector (NYSEARCA:XLK) is down 0.5% while the Nasdaq dips 0.2% and the S&P 500 gains 0.12%.

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Workday gains on potential Geico win

Workday (NASDAQ:WDAY) gains 0.8% after KeyBanc says the company appears to have won a new deal with Geico, a subsidiary of Berkshire Hathaway. The firm cites a recent job posting indicating that Geico plans to use Workday as its new enterprise resource planning or ERP provider.

WDAY

Workday, Inc. Q1 2020 Earnings Preview

Workday, Inc. (NASDAQ:WDAY) is scheduled to announce Q1 earnings results on Tuesday, May 28th, after market close. The consensus EPS Estimate is $0.41 (+24.2% Y/Y) and the consensus Revenue Estimate is $814.21M (+31.6% Y/Y). Over the last 2 years, wday has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 23 upward revisions and 9 downward. Revenue estimates have seen 25 upward revisions and 3 downward.

WDAY

Workday gets new Street-high price target after results

via Notable Calls Workday (NASDAQ:WDAY) is down 1.15% after last night's Q1 beat, but BAML says its long-term bullish thesis is only strengthened by what it saw. The reason for the soft price action, says the BAML team, is commentary around net new ACVs being more back-end loaded. It's a non-issue, contends BAML, as billings growth (estimated at 29% Y/Y) should be more or less inline with revenue growth (estimated at 28%). They raise their price target to a Street-high $260, suggesting about 20% upside from here.

WDAY

Workday +1.8% after beat-and-raise

Workday (NASDAQ:WDAY) shares gain 1.8% after Q1 beats with a 33% Y/Y revenue growth. Subscription revenue was up 34% Y/Y to $701M. Operating income was $107.7M or 13% of revenues versus last year's $80.8M and 13%. Operating cash flows were $209.2M. Cash and equivalents totaled $1.89B at the end of the quarter. Raised FY20 outlook has subscription revenue of $3.045-3.06B. The Q2 view has subscription revenue of $746-748M. Earnings call starts at 4:30 PM ET with a webcast here. Press release.

WDAY

Workday EPS beats by $0.02, beats on revenue

Workday (NASDAQ:WDAY): Q1 Non-GAAP EPS of $0.43 beats by $0.02; GAAP EPS of -$0.52 misses by $0.06. Revenue of $825.06M (+33.4% Y/Y) beats by $10.85M. Shares -2.8%. Press Release

WDAY

Workday +1.7% on new bull's growth estimate

Compass Point Research starts Workday (NASDAQ:WDAY) at Buy and a $238 target, seeing the company as a "cloud platform play" that makes way for TAM expansion through R&D and acquisitions. The firm thinks WDAY can sustain top-line growth in the mid-20% range for the next several years due to the enterprise cloud transition. Workday shares are up 1.7% to $192.96. The company has an Outperform average Sell Side rating.

WDAY

Workday gains bull on 'game-changer' products

Mizuho starts Workday (NASDAQ:WDAY) at Buy and a $225 price target. The firm says Workday "is well-positioned to become the leader in the cloud back-office suite and ultimately achieve a dominant position" in the sector. Mizuho calls the recent cloud platform and prism analytics products "game-changers" that can both become $1B businesses. Workday will report earnings on August 29. Consensus estimates expect $872.44M in revenue and $0.35 EPS. WDAY shares are up 0.6% pre-market to $192. Workday has an Outperform average Sell Side rating.

WDAY

Bull calls Workday Best Idea

Guggenheim analyst Nandan Amladi sees "healthy trends " in Workday's (WDAY +1.2%) user growth, noting that financials customers continue to grow at 40%+ overall. The analyst names WDAY as a Best Idea and says it "should be a core holding in a growth portfolio." Guggenheim maintains a Buy rating and $235 price target on WDAY. Workday has an Outperform average Sell Side rating.

WDAY

Workday Q2 2020 Earnings Preview

Workday (NASDAQ:WDAY) is scheduled to announce Q2 earnings results on Thursday, August 29th, after market close. The consensus EPS Estimate is $0.35 (+12.9% Y/Y) and the consensus Revenue Estimate is $872.44M (+29.9% Y/Y). Over the last 2 years, WDAY has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 4 upward revisions and 26 downward. Revenue estimates have seen 25 upward revisions and 1 downward.

WDAY

Workday guides on call, gets Citi upgrade

Citi upgrades Workday (NASDAQ:WDAY) to Neutral with a $192 target, a 2% upside. Yesterday, WDAY reported Q2 beats and raised its FY subscription revenue outlook. On the earnings call, Workday guided Professional Services revenue of $135M in Q3 and $520M for FY20. Added to the subscription revenue guidance, WDAY expects revenue of about $918-920M in Q3 (consensus: $912.4M) and $3.58-3.59B in FY20 (consensus: $3.57B). Workday shares are up 1.8% pre-market to $191. WDAY has a Neutral Quant rating.

WDAY

Workday +2.6% after beats, raised FY view

Workday (NASDAQ:WDAY) gains 2.6% after Q2 beats with upside and raised subscription revenue guidance. Subscription revenue was up 34% Y/Y to $757.2M. Professional Services revenue grew 23% to $130.6M. Product development expenses were up 29% from last year's quarter to $378.1M. The operating margin rose from 10.1% last year to 13.2%. Q3 subscription revenue is guided at $783-785M (consensus: $783M). FY20 sub revenue is raised to $3.06-3.07B from $3.045-3.06B. Earnings call starts at 4:30 PM with a webcast here. Press release.

WDAY

Workday EPS beats by $0.09, beats on revenue

Workday (NASDAQ:WDAY): Q2 Non-GAAP EPS of $0.44 beats by $0.09; GAAP EPS of -$0.53 beats by $0.05. Revenue of $887.8M (+32.2% Y/Y) beats by $15.36M. Shares -0.7%. Press Release

WDAY

Workday bull says buy ahead of catalysts

Mizuho Securities says investors should buy Workday (WDAY +0.4%) ahead of the analyst day on October 15, which happens within the company's four-day user conference. The firm says both events could serve as a "major catalyst." Management will likely address growth concerns by "highlighting the different layers of growth opportunities." The company will also introduce product innovations and expansions. Mizuho maintains a Buy rating and $225 target. The company has an Outperform average Sell Side rating.

WDAY

Workday pops 3.5% after Goldman upgrade

Analyst Heather Bellini is buying the dip in Workday (NASDAQ:WDAY), upgrading to Buy from Neutral with $223 price target (almost 30% upside from last night's close). The roughly 20% decline in the stock over the last three months makes for a favorable risk-reward scenario, says Bellini. As for a catalyst, Bellini spies "building momentum" for software-as-a-service in the financial sector. In the past, says Bellini, investors were too optimistic about this, but no more ... "Market momentum is accelerating." Seeking Alpha authors have an average Neutral rating on WDAY, but the SA Quant Rating is Bullish. Shares are up 3.55% premarket to $180.51.

WDAY

Workday cut after Rising event; shares -5%

RBC maintains an Outperform rating on Workday (NASDAQ:WDAY) but cuts the target from $225 to $212, saying management "presented a durable growth story, even as penetration into large accounts means a slowdown to the mid-20s is happening." Macquarie Research (Neutral, $196 target) says that WDAY announced "several new products that we think may be difficult to monetize." Jefferies (Hold, $188) notes that the slowdown in HCM growth is offset by growth in Financials, but sees more attractive SaaS names that are growing at the same rate with better margin profiles and cheaper valuations. Workday shares are down 5% pre-market to $171.96. The company has an Outperform average Sell Side rating.

WDAY

Ignore the Workday pullback, says bull

Guggenheim calls the recent Workday (WDAY -0.8%) selloff following the Rising event "an overreaction" and still sees WDAY as a "core holding in a growth portfolio". Analyst Nandan Amladi says the news that some deals might take longer to close spooked some investors, but notes that Workday's tone on the pipeline and macro environment were still positive. The firm maintains a Buy rating and $235 target. Workday has an Outperform average Sell Side rating.

WDAY

Cloud stocks slip on Workday worries

Cloud software stocks are dropping after Workday's (NASDAQ:WDAY) analyst day event showed slowing growth for the company's Human Capital Management software. Movers include Okta (OKTA -8.1%), Splunk (SPLK -5.6%), and Atlassian (TEAM -4.1%). The iShares Expanded Tech-Software ETF (BATS:IGV) is down 2.4% and the First Trust Cloud Computing ETF (NASDAQ:SKYY) is down 1.9% compared to the 0.8% decline for the tech sector (NYSEARCA:XLK).

WDAY

Workday +1.9% after bullish upgrade

Evercore upgrades Workday (NASDAQ:WDAY) from In-Line to Outperform as part of a broader note on SaaS stocks. The firm says WDAY, Anaplan, and Zendesk (NYSE:ZEN) "offer the most potential upside over the next 6-12 months for those that can take a longer-term view and embrace some near-term volatility." WDAY price target set at $215. Workday shares are up 1.9% to $157.06. The company has an Outperform average Sell Side rating.

WDAY

Workday acquiring Scout RFP for $540M

Workday (NASDAQ:WDAY) announces a definitive agreement to acquire the cloud-based platform for strategic sourcing and supplier engagement. Workday will pay a total consideration of about $540M in cash. Scout RFP raised $60.3M in private funding. The deal is expected to close in WDAY's Q4, which ends on January 31.

WDAY

Workday -1.3% on downgrade for HCM concerns

Morgan Stanley downgrades Workday (NASDAQ:WDAY) from Overweight to Equal-Weight and cuts the target from $219 to $180. The firm cites "slowing momentum" in the HCM business and the more difficult spending environment. Morgan notes that recent management comments, including on HCM growth, "have caused concern over the growth trajectory." WDAY share are down 1.3% to $163.90. The company has a Neutral Quant rating.

WDAY

Workday analysts cautious on outlook

Morgan Stanley (Equal-Weight, $180 price target) is "enamored" by Workday's (NASDAQ:WDAY) large market opportunity, but sees yesterday's earnings results validating the firm's valuation concerns. The firm notes maturing HCM business "weighed heavily on initial FY21 targets." Canaccord Genuity (Buy, $200 PT) says WDAY has been "both exhilarating and frustrating" with "clearly superior software" that has taken longer than expected to scale up. Canaccord notes the "anxiety-inducing" outlook but suspects and hopes that the FY21 view was at least mildly conservative. Workday shares are down 4.2% pre-market to $166.28. WDAY has a Bullish average Sell Side rating.

WDAY

Workday slides during call, guides upside Q4

During the earnings call, Workday (NASDAQ:WDAY) guides Q4 subscription revenue of $828M-830M versus the $826.8M consensus. The company raises its FY20 subscription revenue outlook to $3.085B-3.087B from $3.06B-3.07B. For FY21, WDAY sees subscription revenue growth of 21%, below the 23.6% estimate. WDAY shares are down 2.5%, erasing the gains that followed the upside Q3 report. Post updated with more information.

WDAY

Workday +1% after upside Q3 report

Workday (NASDAQ:WDAY) +1% reports Q3 beats with subscription revenue up 28% Y/Y to $798.5M and professional services revenue up 18% to $139.6M. Subscription revenue backlog rose 22% to $7.19B. The adjusted operating margin was 15.2%, up from last year's 6.7%. Operating cash flows rose from $114.3M in 2018 to $258M. Earnings call starts at 4:30 PM with a webcast here. Press release.

WDAY

Workday EPS beats by $0.16, beats on revenue

Workday (NASDAQ:WDAY): Q3 Non-GAAP EPS of $0.53 beats by $0.16; GAAP EPS of -$0.51 beats by $0.14. Revenue of $938.1M (+26.2% Y/Y) beats by $17.45M. Shares +1.4%. Press Release

WDAY

New bull sees long runway for Workday

William Blair starts Workday (NASDAQ:WDAY) at Outperform, saying the recent pullback created "a good entry point." Analyst Matthew Pfau says WDAY well-positioned to meet or exceed expectations over the next 12 months. The analyst expects a subscription revenue acceleration over the next five years. For the HCM business, the firm still sees a long runway outside the United States. WDAY shares are up 0.2% to $164. Workday has a Bullish average Sell Side rating.

WDAY

Workday closes Scout RFP acquisition

Workday (NASDAQ:WDAY) has closed on its acquisition of Scout RFP. The strategic sourcing and supplier engagement platform will operate as Scout RFP, a Workday company. Workday had come to a definitive deal in early November to acquire the company for about $540M in cash.

WDAY

Workday reveals Products exec shuffle

In a filing, Workday (NASDAQ:WDAY) reveals that Chief Products Officer Petros Dermetzis will assume the new role of EVP, Emerging Technology. Sayan Chakraborty will be promoted to EVP of Technology and Peter Schlampp to EVP of Product Development. The duo will lead the Products and Technology organization, taking on many of Dermetzis' roles. The changes are effective on December 22.

WDAY

Cloud stocks could move after Atlassian beats

Slack (NYSE:WORK) is up 0.7% after hours following Atlassian's Q2 beats and upside FY20 outlook. Cloud peers could gain tomorrow on the news and companies to watch include Workday (NASDAQ:WDAY), ServiceNow (NYSE:NOW), and Salesforce (NYSE:CRM).

WDAY

Goldman adds Workday to conviction list; shares +1%

Goldman Sachs adds Workday (NASDAQ:WDAY) to its conviction list, citing the attractive entry point after the recent underperformance compared to its peers. Analyst Heather Bellini sees "a path towards outperformance over the course of the year" as subscription revenue accelerates. Goldman maintains a Buy rating and $211 target on Workday. The company has a Bullish average Sell Side rating. WDAY shares are up 1.1% pre-market to $189.50.

WDAY

Workday +1.2% as Mizuho predicts Q4 beats

Mizuho expects Workday (NASDAQ:WDAY) to beat Q4 billings and subscription revenue estimates when the company reports on February 27. Analyst Siti Panigrahi says that enterprise demand for HCM and financial tools is still robust, and sees Workday "poised to exceed current FY 2021 subscription revenue expectations." Mizuho maintains a Buy rating and $225 target on Workday. The company has a Bullish average Sell Side rating. Workday shares are up 1.2% to $196.98.

WDAY

Workday gains after Cooperman stake disclosure

Omega Advisors founder Leon Cooperman tells CNBC his company bought a Workday (NASDAQ:WDAY) stake when it was $140/share. Cooperman has a $260 price target for the company, saying Workday has a "very well regarded" product and that recent checks have been "very favorable." Workday shares are up 0.8% to $198.54. Post updated with additional information.

WDAY

Workday -1.4% on new bear

Societe Generale cuts Workday (NASDAQ:WDAY) from Hold to Sell and raises the target from $172 to $180, a 9% upside. The firm cites valuation with WDAY shares up over 19% this quarter. Workday will report earnings on February 27. Street estimates expect $964.86M in revenue and $0.40 EPS. WDAY shares are down 1.4% to $194.78.

WDAY

Workday Q4 2020 Earnings Preview

Workday (NASDAQ:WDAY) is scheduled to announce Q4 earnings results on Thursday, February 27th, after market close. The consensus EPS Estimate is $0.40 (-2.4% Y/Y) and the consensus Revenue Estimate is $965.06M (+22.4% Y/Y). Over the last 2 years, WDAY has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 2 upward revisions and 28 downward. Revenue estimates have seen 25 upward revisions and 2 downward.

WDAY

Workday reports beats, raises subscription outlook

Workday (NASDAQ:WDAY) -0.1% reports Q4 beats with 24% Y/Y revenue growth. Subscription revenue grew 25% Y/Y to $839.7M. Professional services sales totaled $136.6M. The subscription revenue backlog increased 23% Y/Y to $8.3B. Workday raises its FY21 subscription revenue outlook to $3.755-3.77B from the prior $3.73B. For Q1, the company sees subscription revenue of $873-875M. Earnings call starts at 4:30 PM with a webcast here. Press release.