Needham’s $ 360 price target



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  • Shares of Workday Inc (NASDAQ: WDAY) received a price target of $ 360 from Needham. These are the details.

Shares of Workday Inc (NASDAQ: WDAY) received a price target of $ 360 from Needham. And Needham analyst Scott Berg raised the price target to $ 310 while maintaining a “Buy” rating on the stocks.

Workday noted that the company’s third quarter results were very good with an acceleration in 24-month subscription backlog growth, growth in subscription revenue and growth in 24-month RPO reservations. And Berg added that the highlight for the quarter was the initial forecast for FY23 subscription growth of 20%, which improves visibility for subscription revenue growth to accelerate from levels in the US. exercise 22.

Here are the third quarter of fiscal 2022 results for the quarter:

– Total revenue was $ 1.33 billion, an increase of 20.0% over the third quarter of fiscal 2021. Subscription revenue was $ 1.17 billion, a 21.0% increase over the same period last year.

– Operating profit was $ 23.9 million, or 1.8% of revenue, compared to an operating loss of $ 14.1 million, or -1.3% of revenue, at the same time last year. And non-GAAP operating income for the third quarter was $ 332.2 million, or 25.0% of revenue, compared to non-GAAP operating income of $ 268.1 million, or 24.2% of revenue, over the same period last year.

– Basic and diluted net income per share was $ 0.17, compared to a basic and diluted net loss per share of $ 0.10 in the third quarter of fiscal 2021. And basic and diluted net income per share non-GAAP share was $ 1.15 and $ 1.10, respectively, compared to basic and diluted net earnings per non-GAAP share of $ 0.92 and $ 0.86, respectively, over from the same period last year.

– Cash flow from operations was $ 384.7 million, compared to $ 293.8 million the previous year.

– Cash, cash equivalents and marketable securities amounted to $ 3.55 billion as of October 31, 2021.

Disclaimer: This content is intended for informational purposes. Before you make an investment, you need to do your own analysis.

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