Workday Releases Details of its Dublin Expansion Plan

Workday (WDAY) is expanding its European team based in Dublin, Ireland. WDAY stock rose more than 2% on April 4.

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Workday provides software for handling finance and human resources tasks. The company established its European headquarters in Dublin in 2008 and currently has a team of 1,700 people there. It plans to add 1,000 more jobs in the city over the next two years, for roles ranging from product development to engineering to sales and customer services.

Workday to Build Dublin Campus Near University

As part of the expansion, Workday plans to construct a new headquarters campus at a site adjacent to Technological University Dublin. Workday joins American multinationals such as Facebook (FB), Google (GOOGL), Mastercard (MA), and Microsoft’s (MSFT) LinkedIn that have also set up campus-style bases in Dublin, according to a Reuters report.

Workday’s Dublin campus will sit on a site purchased from Ireland’s Health Service Executive. Ireland is a favorite base for many multinationals, partly because of its low corporate tax rate, according to Reuters.

“As importantly, we will be able to engage more deeply in our local educational and community programmes, including our Stem partnership with Technological University Dublin, which will help to upskill young people ranging from primary school age to third-level education,” the Irish Times quoted Workday’s Senior Vice President, Chris Byrne.

Wall Street’s Take

Consensus among analysts is a Strong Buy based on 20 Buys and one Hold. The average Workday price target stands at $306.67 and implies upside potential of 26.2% to current levels. Shares have declined about 8% year-to-date.

Hedge Funds

TipRanks’ Hedge Fund Trading Activity tool shows that confidence in WDAY is currently Very Positive, as 18 hedge funds increased their cumulative holdings of the stock by 1.1 million shares in the last quarter.

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