Workday plans to host an analyst day Wednesday to tout strategic and financial goals for WDAY stock. The software maker is expected to highlight new initiatives in artificial intelligence.
The analyst day coincides with this week's "Workday Rising" customer conference, as shares have climbed 37% in 2023. During Tuesday's session at the conference, co-chief executives Aneel Bhusri and Carl Eschenbach are expected to deliver keynote addresses.
"We expect WDAY to highlight the resiliency of back office apps spend, AI product updates and improving traction in financials at Rising in San Francisco," Jefferies analyst Brent Thill said in a note to clients.
He added that Workday management will likely reiterate its goal of hitting $10 billion in revenue by fiscal 2026. Another fiscal 2026 goal is for 25% operating margins. For WDAY stock, fiscal 2024 ends with the December quarter.
At BMO Capital Markets, analyst Daniel Jester said in his note to clients: "We expect a confirmation of the strategic and go-to-market trajectory next week at the company's analyst day."
"Management, mostly co-CEO Carl Eschenbach, has vocalized many key areas of focus recently. We anticipate a deeper dive into those known themes," Jester went on to say. "Those include accelerating international opportunities, expanding on WDAY's strong position in AI, and strengthening financials across targeted industry verticals."
WDAY Stock: Technical Ratings
Pleasanton, Calif.-based Workday sells software for human capital management, such as payroll tools. Also, it has expanded into financial software.
Meanwhile, WDAY stock holds a Relative Strength Rating of 91 out of a best-possible 99, according to IBD Stock Checkup. Further, Workday stock has dipped to its 50-day moving average. Investors should monitor whether it can bounce off that key technical level.
At Deutsche Bank, analyst Brad Zelnick said in a note: "We expect the company to showcase its sizable and expanding market opportunities, customer momentum, power of its unified platform, and AI innovations."
He added: "We also look forward to updates on Workday's management priorities and focal initiatives including international expansion, medium enterprise penetration, go-to-market changes, and revamped partner program."
WDAY stock edged up marginally to close at 231.59 on the stock market today.
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