On August 20, Workday rose 5.01% in regular trading, trading at $200.15/share, with turnover of $299 million. The stock gained momentum as multiple investment banks raised their price targets in quick succession against the backdrop of ongoing acquisition negotiations.

Bank of America raised its price target on Workday to $205 from $140, following similar upgrades from Rothschild & Co Redburn (to $250 from $210), UBS (to $220), Jefferies (to $205 from $140, maintaining Hold), and Wells Fargo (to $215 from $185, maintaining Overweight). The consensus mean target has risen to $184.23. The wave of upgrades comes after Silver Lake was reported to be in acquisition talks with Workday, with discussions ongoing for several months. If completed, the deal would rank among the largest software acquisitions in history, with Workday's market capitalization near $490 billion. Silver Lake may also bring in co-investors to finance the transaction, though no deal is guaranteed.

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