Why Workday (WDAY) Stock Is Down Today

Workday (WDAY) is down 3.8% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver is a fresh wave of bearish analyst commentary centered on slowing growth and valuation concerns. A downgrade and a separate negative initiation appear to have reinforced worries that Workday's AI push may not translate into a near-term acceleration in its core business.

Details:

Morgan Stanley downgraded Workday to Underweight and cut its price target to $145 from $185, pointing to continued deceleration in the company’s core business.

That note highlighted slower growth in human capital management and argued that overall subscription growth through fiscal 2028 may imply only limited market-share gains.

CLSA also initiated coverage with an Underperform rating and a $92 price target, citing slowing growth, a greater appetite for acquisitions, and uncertainty around product differentiation.

Workday’s most recent quarterly report in May showed solid revenue growth and raised margin guidance, but full-year subscription revenue guidance still called for 12% to 13% growth, which may have left investors focused on moderation rather than reacceleration.

Sources:

Workday Investor Relations, Investing.com

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$WDAY Insider Trading Activity

$WDAY insiders have traded $WDAY stock on the open market 136 times in the past 6 months. Of those trades, 0 have been purchases and 136 have been sales.

Here’s a breakdown of recent trading of $WDAY stock by insiders over the last 6 months:

DAVID A DUFFIELD has made 0 purchases and 114 sales selling 2,042,500 shares for an estimated $271,195,315.
ZANE ROWE (Chief Financial Officer) has made 0 purchases and 6 sales selling 12,000 shares for an estimated $1,631,517.
GERRIT S KAZMAIER (President, Prod. and Tech.) has made 0 purchases and 4 sales selling 12,084 shares for an estimated $1,593,002.
ROBERT ENSLIN (President, CCO) has made 0 purchases and 10 sales selling 10,747 shares for an estimated $1,420,310.
MARK S. GARFIELD (Chief Accounting Officer) has made 0 purchases and 2 sales selling 2,503 shares for an estimated $309,714.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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$WDAY Hedge Fund Activity

We have seen 442 institutional investors add shares of $WDAY stock to their portfolio, and 567 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC added 3,898,261 shares (+57.7%) to their portfolio in Q1 2026, for an estimated $504,707,851
FIRST EAGLE INVESTMENT MANAGEMENT, LLC added 3,269,940 shares (+75.4%) to their portfolio in Q1 2026, for an estimated $423,359,131
GOLDMAN SACHS GROUP INC added 2,614,558 shares (+196.6%) to their portfolio in Q1 2026, for an estimated $338,506,824
CITIGROUP INC added 2,005,609 shares (+336.9%) to their portfolio in Q1 2026, for an estimated $259,666,197
NEWLANDS MANAGEMENT OPERATIONS LLC removed 1,363,667 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $176,553,966
BARCLAYS PLC removed 1,224,208 shares (-51.6%) from their portfolio in Q1 2026, for an estimated $158,498,209
EAGLE CAPITAL MANAGEMENT LLC added 1,131,638 shares (+14.9%) to their portfolio in Q1 2026, for an estimated $146,513,171

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$WDAY Congressional Stock Trading

Members of Congress have traded $WDAY stock 5 times in the past 6 months. Of those trades, 2 have been purchases and 3 have been sales.

Here’s a breakdown of recent trading of $WDAY stock by members of Congress over the last 6 months:

REPRESENTATIVE GILBERT RAY CISNEROS, JR. has traded it 5 times. They made 2 purchases worth up to $30,000 on 03/13, 01/28 and 3 sales worth up to $115,000 on 06/05, 05/29, 04/14.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard. You can access data on congressional stock trades through the Quiver Quantitative API Congress trades endpoint.

$WDAY Analyst Ratings

Wall Street analysts have issued reports on $WDAY in the last several months. We have seen 3 firms issue buy ratings on the stock, and 1 firms issue sell ratings.

Here are some recent analyst ratings:

Wells Fargo issued a "Overweight" rating on 05/22/2026
BWG Global issued a "Negative" rating on 05/15/2026
BTIG issued a "Buy" rating on 02/25/2026
Needham issued a "Buy" rating on 02/09/2026

To track analyst ratings and price targets for $WDAY, check out Quiver Quantitative's $WDAY forecast page.

$WDAY Price Targets

Multiple analysts have issued price targets for $WDAY recently. We have seen 25 analysts offer price targets for $WDAY in the last 6 months, with a median target of $180.0.

Here are some recent targets:

Kash Rangan from Goldman Sachs set a target price of $151.0 on 05/26/2026
Brent Thill from Jefferies set a target price of $140.0 on 05/22/2026
Karl Keirstead from UBS set a target price of $140.0 on 05/22/2026
Michael Turrin from Wells Fargo set a target price of $185.0 on 05/22/2026
Jason Celino from Keybanc set a target price of $158.0 on 05/22/2026
Steven Enders from Citigroup set a target price of $139.0 on 05/22/2026
Scott Berg from Needham set a target price of $180.0 on 05/22/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.