Workday's Options: A Look at What the Big Money is Thinking

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

And retail traders should know.

We noticed this today when the trades 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.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 13 uncommon options trades for Workday.

This isn't normal.

The overall sentiment of these big-money traders is split between 76% bullish and 7%, bearish.

Out of all of the special options we uncovered, 3 are puts, for a total amount of $112,330, and 10 are calls, for a total amount of $1,420,928.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $240.0 to $250.0 for Workday over the recent three months.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of Workday stands at 683.5, with a total volume reaching 5,349.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Workday, situated within the strike price corridor from $240.0 to $250.0, throughout the last 30 days.

Workday Option Activity Analysis: Last 30 Days

Largest Options Trades Observed:

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 18,000 employees.

Having examined the options trading patterns of Workday, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Current Position of Workday

• Currently trading with a volume of 3,612,779, the WDAY's price is up by 0.35%, now at $248.29.
• RSI readings suggest the stock is currently may be approaching oversold.
• Anticipated earnings release is in 67 days.

What The Experts Say On Workday

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $297.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Goldman Sachs has decided to maintain their Buy rating on Workday, which currently sits at a price target of $305. * Maintaining their stance, an analyst from Keybanc continues to hold a Overweight rating for Workday, targeting a price of $305. * Maintaining their stance, an analyst from Deutsche Bank continues to hold a Hold rating for Workday, targeting a price of $275. * An analyst from Wells Fargo has decided to maintain their Overweight rating on Workday, which currently sits at a price target of $300. * Maintaining their stance, an analyst from BMO Capital continues to hold a Outperform rating for Workday, targeting a price of $300.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Workday with Benzinga Pro for real-time alerts.