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Which Stocks Were the Top Movers in the Tech Sector Last Month?

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Part 3
Which Stocks Were the Top Movers in the Tech Sector Last Month? PART 3 OF 6

Why Did Workday Stock Rise in January 2017?

Workday stock rose 25% last month

Workday (WDAY) stock rose 25% in January 2017. Workday stock rose 9.5% in the week ended January 13, 2017. The company’s stock rose 9.9% on January 11, 2017, after it announced that Walmart (WMT) purchased a subscription of Workday’s Human Capital Management, Learning, Recruiting, and Planning application.

Shares of Workday also rose 10.2% during the week ended January 6, 2017. The firm is off to a positive start so far in 2017 after its shares fell more than 17% in 2016. Specifically, Workday fell 21% in December 2016. Adobe (ADBE), Splunk (SPLK), and Autodesk (ADSK) rose 9.6%, -13%, and 21.4%, respectively, in 2016.

Why Did Workday Stock Rise in January 2017?

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Workday expects revenues between $427 million–$430 million in the quarter ended December 2016, which is a YoY (year-over-year) growth of 32% but below analyst estimates of $433.6 million. In November 2016, Morgan Stanley (MS) had estimated the total addressable market for Workday to be $60 billion, driven by the company’s expansion into the growing analytics education market.

What are analysts recommending for Workday?

Of the 39 analysts covering Workday (WDAY), 15 issued “buy” recommendations, two issued “sell” recommendations, and 22 issued “hold” recommendations on the stock.

The analysts’ stock price target for Workday is $82.37 with a median target estimate of $82.00. This means that Workday is trading at a premium of 0.81% to its median analyst price target.

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