KeyBanc Believes Workday Inc (WDAY) Still Has Room to Grow

KeyBanc analyst Brent Bracelin maintained a Buy rating on Workday Inc (WDAY) today and set a price target of $216. The company’s shares closed on Friday at $189.41, close to its 52-week high of $190.35.

Bracelin commented:

“We are raising our estimates and PT to $216 from $179 on improving cloud growth prospects.”

According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 25.4% and a 75.6% success rate. Bracelin covers the Technology sector, focusing on stocks such as Salesforce.com, Everbridge Inc, and Veeva Systems.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Workday Inc with a $165.47 average price target, which is a -12.6% downside from current levels. In a report issued on January 31, William Blair also maintained a Buy rating on the stock.

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Based on Workday Inc’s latest earnings release for the quarter ending October 31, the company reported a quarterly GAAP net loss of $153 million. In comparison, last year the company had a GAAP net loss of $89.1 million.

Based on the recent corporate insider activity of 89 insiders, corporate insider sentiment is negative on the stock.

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Workday, Inc. engages in the development of enterprise cloud applications for finance and human resources. It delivers financial management, human capital management, and analytics applications designed for companies, educational institutions, and government agencies.