Workday Gets Price Target Hikes By Analysts Following Upbeat Q1 Results, Shares Surge

Workday Inc WDAY reported better-than-expected first-quarter financial results.

Workday said first-quarter revenue increased 17.4% year-over-year to $1.68 billion, which beat consensus estimates of $1.67 billion. The company reported quarterly earnings of $1.31 per share, which beat estimates of $1.12 per share.

Workday guided for second-quarter subscription revenue of $1.611 billion to $1.613 billion. The company also appointed Zane Rowe as CFO, effective June 12.

Workday shares jumped 8.9% to $213.82 in today’s pre-market trading session.

These analysts made changes to their price targets on Workday following earnings announcement.

• Piper Sandler boosted the price target on Workday from $215 to $247. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
• Barclays raised the price target on Workday from $216 to $243. Barclays analyst Raimo Lenschow maintained an Overweight rating.
• Jefferies increased Workday price target from $235 to $250. Jefferies analyst Brent Thill maintained a Buy rating.
• JMP Securities raised Workday price target from $210 to $252. JMP Securities analyst Patrick Walravens maintained a Market Outperform rating.
• Citigroup increased Workday price target from $203 to $220. Citigroup analyst Steven Enders maintained the stock with a Neutral.
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