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Workday Stock Is Likely to Rebound in 2020, Analysts Predict

Workday stock

Workday (NASDAQ: WDAY) stock price has been struggling to sustain the upside momentum in the past couple of months. Fortunately, market fundamentals and analyst’s price targets are indicating a significant upside in the coming days. They see the volatility in share price as a buying opportunity for new investors. This is because of the robust growth in demand for software products in the coming years.

Workday stock is currently trading around $180, down from an all-time high of $220 that it had hit a few months ago. The company is aggressively working on acquisitions and product innovation to expand its revenue growth. For instance, WDAY recently acquired Scout RFP for $540 million in cash.

WDAY Workday, Inc. daily Stock Chart

Financial Growth Is Likely to Support Workday Stock

The company had generated double-digit revenue growth in the latest quarter. Its Q3 revenue of $938 million jumped 26% from the year-ago period. The software application company is experiencing growth from both subscription and professional revenue. Moreover, its subscription backlog rose to $7.19 billion in the latest quarter.

Companies of all sizes and industries continue to select Workday, and we’re thrilled that as of the end of Q3, we have more than 3,000 customers and 42 million users,” said Aneel Bhusri, co-founder and CEO, Workday.

The company expects to accelerate the revenue growth trend in the following quarters. It has increased outlook for the full year after stronger than expected results for the latest quarter. It expects FY20 subscription revenue in the rage of $3.085B-3.087B, up from the previous guidance for $3.06B-3.07B. The subscription revenue growth is likely to stand in the range of 21% in 2021.

Analysts are Optimistic About Future Trends

The majority of analysts are suggesting playing with software stocks in 2020. Workday is among the emerging software application companies. William Blair believes the recent share price selloff has created a good entry point. Its analyst Matthew Pfau says WDAY is well-set to meet or exceed expectations over the next 12 months.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.