Why Workday Stock Is Tumbling Thursday

Workday Inc WDAY shares are trading lower after the company lowered its longer-term annual subscription growth guidance late Wednesday. Several analysts cut price targets on Thursday.

What To Know: Workday held its financial analyst day on Wednesday. The company lowered its annual subscription revenue growth target from more than 20% to a range of 17% to 19%. 

In reaction to the news, several analysts adjusted price targets, which has added to the pressure on the stock.

• Barclays Maintained an Overweight rating on Workday and lowered the price target to $249
• Citigroup analyst Steven Enders maintained Workday with a Neutral and lowered the price target from $247 to $236.
• BofA Securities analyst Brad Sills maintained Workday with a Buy and lowered the price target from $275 to $260.
• Morgan Stanley analyst Keith Weiss maintained Workday with an Overweight and lowered the price target from $260 to $245.
• Piper Sandler analyst Brent Bracelin maintained Workday with an Overweight and lowered the price target from $288 to $275.
• Needham analyst Scott Berg reiterated Workday with a Buy and maintained a price target of $250.

See Also: Nike Set To Report Earnings Thursday — Options Market Implies 6% Move

WDAY Price Action: Workday shares were down 11.2% at $205 at the time of writing, per Benzinga Pro.

Photo: courtesy of Workday.