Workday (WDAY) saw its IBD SmartSelect Composite Rating rise to 96 Tuesday, up from 93 the day before. The rise came after the company’s recent purchase of a European company, and amid continued powerful sales and profit gains. Workday stock shot up 9% on Friday after it announced Q2 earnings results. And it’s continued rising this week.
The new rating is a sign Workday 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 Stock Up On Earnings, Expansion Move
Pleasanton, Calif.-based Workday provides cloud-based finance and human resources software to companies. In March it bought Peakon ApS, a Denmark-based employee success platform that converts feedback into insights for companies.
Workday has a 95 EPS Rating, meaning its recent quarterly and longer-term annual earnings growth is outpacing 95% of all stocks.
Its Accumulation/Distribution Rating of B, on an A+ to E scale with A+ tops, shows moderate buying by institutional investors over the last 13 weeks.
The company posted a 46% earnings-per-share gain for Q2, to $1.23. Top line grew 19% for the quarter, to $1.26 billion. That was up from 15% in the prior report. That marks one quarter of rising revenue gains.
Workday stock holds the No. 10 rank among its peers in the Computer Software-Enterprise industry group. Concentrix Corp (CNXC), DocuSign (DOCU) and Dynatrace (DT) are among the top 5 highly rated stocks within the group.
Workday stock is currently forming a consolidation, with a 282.87 entry. Look for the stock to break out in volume at least 40% higher than normal.
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