Workday (WDAY): Reiterating Hold After Annual Conference - Needham
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Needham & Company analyst, Scott Berg, reiterated his Hold rating on shares of Workday (NYSE: WDAY) after speaking with roughly two dozen partners and customers at the company's annual conference, Rising. The analyst believes Financials lag expectations, limiting near-term billings upside relative to its high valuation.
Key takeaways include:
1) Slightly more favorable HCM demand trends in the large enterprise
2) Partners remain cautious on Financials traction as feedback was mixed on larger customers' current lack of willingness to adopt any Cloud financials platform
3)The show was light on new product roadmap announcements, but we really like the new analytics vision
4) We believe the formal release of the new Student platform can drive incremental bookings and the new Planning module could be the driver that accelerates Financials sales
5) Infrastructure changes should expand GMs.
The analyst does not have a published price target for the company.
Shares of Workday closed at $89.79 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Reiterates Buy on TTM Technologies (TTMI) Following 3Q
- Jefferies Raises Price Target on Exelon Corp. (EXC) Following 3Q EPS Beat
- Jefferies Raises Price Target on Northrop Grumman (NOC) Following 3Q Beat
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!