Workday's Options Frenzy: What You Need to Know

Author: Benzinga Insights | July 19, 2024 01:01pm

Financial giants have made a conspicuous bullish move on Workday. Our analysis of options history for Workday (NASDAQ:WDAY) revealed 8 unusual trades.

Delving into the details, we found 75% of traders were bullish, while 25% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $219,339, and 5 were calls, valued at $299,648.

What's The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $200.0 to $230.0 for Workday over the recent three months.

Volume & Open Interest Development

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Workday's options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Workday's whale activity within a strike price range from $200.0 to $230.0 in the last 30 days.

Workday Call and Put Volume: 30-Day Overview

Significant Options Trades Detected:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
WDAY	CALL	SWEEP	BULLISH	07/19/24	$3.3	$3.1	$3.3	$222.50	$119.7K	68	1.4K
WDAY	PUT	TRADE	BULLISH	03/21/25	$15.4	$13.8	$14.42	$210.00	$115.3K	21	0
WDAY	PUT	SWEEP	BULLISH	08/16/24	$0.9	$0.75	$0.75	$200.00	$78.4K	887	20
WDAY	CALL	TRADE	BULLISH	01/16/26	$60.1	$58.8	$60.0	$200.00	$60.0K	74	2
WDAY	CALL	TRADE	BULLISH	01/16/26	$60.0	$59.0	$59.62	$200.00	$53.6K	74	12

About Workday

Workday is a software company that offers human capital management, or HCM, financial management, and business planning solutions. Known for being a cloud-only software provider, Workday is headquartered in Pleasanton, California. Founded in 2005, Workday now employs over 18,000 employees.

Following our analysis of the options activities associated with Workday, we pivot to a closer look at the company's own performance.

Workday's Current Market Status

• Currently trading with a volume of 1,490,307, the WDAY's price is down by -1.99%, now at $225.99.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 34 days.

What The Experts Say On Workday

Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $242.33333333333334.

• An analyst from Wells Fargo has decided to maintain their Overweight rating on Workday, which currently sits at a price target of $275.
• An analyst from Piper Sandler has decided to maintain their Overweight rating on Workday, which currently sits at a price target of $262.
• An analyst from Guggenheim has revised its rating downward to Sell, adjusting the price target to $190.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Workday with Benzinga Pro for real-time alerts.

Posted In: WDAY