Workday saw its IBD SmartSelect Composite Rating rise to 96 Thursday, up from 94 the day before. In addition, the Relative Strength is above 80, another positive sign in a tough market.
The new rating shows the stock is outpacing 96% of all stocks when it comes to the most important stock-picking criteria. History shows the top market performers tend to have a 95 or higher score as they launch their major climbs.
Workday broke out earlier, and is now trading around 2% below the prior 184.60 entry from a cup without handle. If a stock you're tracking breaks past a buy point then retreats 7% or more below the original entry price, it can be considered a failed base. Current market action related to the banking industry might be the cause of the drop in this case. Watch to see if it can clear the recent high of 193.64.
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The stock sports a 93 EPS Rating, which means its recent quarterly and annual earnings growth is outpacing 93% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
Earnings Report
The company reported 27% EPS growth for Q4. It has now posted accelerating EPS gains for two consecutive quarters. Top line growth was flat, matching the prior quarter's 20%.
Workday earns the No. 4 rank among its peers in the Computer Software-Enterprise industry group. Salesforce is the No. 1-ranked stock within the group.
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