JUMP REPORT

In this article we list the top 10 cloud computing stocks to buy according to hedge funds. Click to skip ahead and see the top 5 cloud computing stocks. What are the best cloud stocks to buy today? In this time of uncertainty characterized by volatile market movements, economic contraction, and spiraling unemployment, finding stocks […]

Splunk will tell investors today that the company expects to grow annual recurring revenue by 40% on a compounded basis through the January 2023 fiscal year, to reach $4.5 billion at the end of that period.

(WDAY) shares were getting a push on Tuesday from Piper Sandler analyst Brent Bracelin, who lifted his rating on the cloud-based enterprise software company’s stock to Overweight from Neutral, with a new price target of $275, up from $248. The core debate around the shares of Workday (ticker: WDAY) has been around the rate of adoption for the company’s cloud-based financial software suite as growth in the company’s core HR software segment slows. Among other things, he points out that Gartner sees the cloud-based enterprise resource planning (ERP) segment accelerating to 17% growth in 2022, from 3% in 2020, opening the door to more aggressive competition with SAP and other traditional players.

Is Workday Inc (NASDAQ:WDAY) a good place to invest some of your money right now? We can gain invaluable insight to help us answer that question by studying the investment trends of top investors, who employ world-class Ivy League graduates, who are given immense resources and industry contacts to put their financial expertise to work. […]

Workday Inc’s (NASDAQ: WDAY) subscription growth is likely to bottom in the second half of 2020 and reaccelerate in 2021, according to Piper Sandler.The Workday Analyst: Brent Bracelin upgraded Workday from Neutral to Overweight and raised the price target from $248 to $275.The Workday Takeaways: Workday has several catalysts to trigger the company’s subscription growth, Bracelin said in a Tuesday upgrade note.”Upside levers include remote work tailwinds within the core HCM segment and a handful of potential FINS catalysts as it crosses over $1B+ revenue run-rate next year coupled with back-office automation that could open up an entirely new B2B payment revenue opportunity similar to Coupa Pay,” the analyst said.He recommends buying the stock “ahead of a promising 2021 recovery,” while adding that Workday’s performance in 2022 could be even stronger if Gartner’s forecasted spike in cloud ERP contracts materializes.Gartner projected the spend to reach “$33B by 2024 on accelerating growth starting in 2022 from $18B in 2020,” Bracelin said.WDAY Price Action: Shares of Workday were down 0.2% at $227.18.Photo courtesy of Workday.Latest Ratings for WDAY DateFirmActionFromTo Oct 2020Piper SandlerUpgradesNeutralOverweight Oct 2020UBSUpgradesSellNeutral Oct 2020JefferiesUpgradesHoldBuy View More Analyst Ratings for WDAY View the Latest Analyst Ratings See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Jefferies Upgrades Workday On Signs Of Pipelines Building(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.