Why Workday Inc Stock Is Grinding Higher

Workday, Inc. WDAY shares are trading higher Wednesday after the company reported better-than-expected third-quarter financial results.

The Details:

Workday reported adjusted earnings of $1.56 per share, beating the analyst consensus estimate of $1.41 per share, and quarterly revenue of $1.87 billion, beating the consensus estimate of $1.848 billion.

Several analysts updated their coverage on Workday after the earnings report:

• Piper Sandler analyst Brent Bracelin maintained Workday with an Overweight and raised the price target from $275 to $300.
• Needham analyst Scott Berg maintained Workday with a Buy and raised the price target from $250 to $300.
• Barclays analyst Raimo Lenschow maintained Workday with an Overweight and raised the price target from $249 to $274.
• JP Morgan analyst Mark Murphy maintained Workday with an Overweight and raised the price target from $245 to $260.
• Wells Fargo analyst Michael Turrin maintained Workday with an Overweight and raised the price target from $280 to $300.
• Oppenheimer analyst Brian Schwartz maintained Workday with an Outperform and raised the price target from $255 to $275.

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WDAY Price Action: According to Benzinga Pro, Workday shares are up 12.4% at $266.77 at the time of publication.

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