Workday Falls as Software Selloff Adds Pressure to Recent Company-Specific Overhangs

Workday (WDAY) is down 5.4% today. Here is some analysis on what might have caused this price movement.

Analysis: The drop appears tied mainly to a broader software-sector selloff, with cloud and enterprise software names under pressure after disappointing reactions to other companies’ results revived concerns about growth, valuations, and AI spending. Workday also entered the session with existing overhangs from a recent analyst downgrade, a September restructuring, and a new debt offering, which likely made the shares more vulnerable to a risk-off move.

Details:

Software stocks were broadly weak on October 29, with investors pulling back from the group as growth expectations and AI-related spending returns came under fresh scrutiny.

Earlier in October, an analyst downgrade argued Workday could stay range-bound until investors see stronger evidence that AI products will translate into more meaningful revenue contribution.

On September 29, Workday disclosed reorganizations that included a workforce reduction of about 2.5%, mainly in Product and Technology, while keeping its fiscal 2027 revenue guidance intact aside from lower GAAP margin due to restructuring charges.

Workday also completed a $2.5 billion senior notes offering on October 23, with proceeds slated in part to retire 2027 notes and for general corporate purposes, adding another recent event for investors to digest.

Sources:

SEC, Workday, AP News, Yahoo Finance

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 149 times in the past 6 months. Of those trades, 0 have been purchases and 149 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 118 sales selling 1,744,842 shares for an estimated $277,030,516.
ZANE ROWE (Chief Financial Officer) has made 0 purchases and 8 sales selling 12,000 shares for an estimated $1,985,588.
ROBERT ENSLIN (President, CCO) has made 0 purchases and 13 sales selling 10,748 shares for an estimated $1,729,892.
GERRIT S KAZMAIER (President, Prod. and Tech.) has made 0 purchases and 8 sales selling 5,457 shares for an estimated $902,865.
MARK S. GARFIELD (Chief Accounting Officer) has made 0 purchases and 2 sales selling 1,836 shares for an estimated $304,445.

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 499 institutional investors add shares of $WDAY stock to their portfolio, and 487 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

INVESCO LTD. added 4,867,045 shares (+148.5%) to their portfolio in Q2 2026, for an estimated $595,823,648
EAGLE CAPITAL MANAGEMENT LLC added 2,616,675 shares (+30.1%) to their portfolio in Q2 2026, for an estimated $320,333,353
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC added 2,023,396 shares (+19.0%) to their portfolio in Q2 2026, for an estimated $247,704,138
T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 2,008,372 shares (-99.3%) from their portfolio in Q2 2026, for an estimated $245,864,900
PZENA INVESTMENT MANAGEMENT LLC added 1,971,270 shares (+inf%) to their portfolio in Q2 2026, for an estimated $241,322,873
BROWN ADVISORY INC removed 1,912,324 shares (-98.6%) from their portfolio in Q2 2026, for an estimated $234,106,704
GENERATION INVESTMENT MANAGEMENT LLP removed 1,870,802 shares (-44.7%) from their portfolio in Q2 2026, for an estimated $229,023,580

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 3 times in the past 6 months. Of those trades, 1 have been purchases and 2 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 3 times. They made 1 purchase worth up to $15,000 on 08/18 and 2 sales worth up to $100,000 on 06/05, 05/29.

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 1 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

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 10 analysts offer price targets for $WDAY in the last 6 months, with a median target of $154.5.

Here are some recent targets:

Kash Rangan from Goldman Sachs set a target price of $151.0 on 05/26/2026
Billy Fitzsimmons from Piper Sandler set a target price of $145.0 on 05/22/2026
Allan Verkhovski from BTIG set a target price of $175.0 on 05/22/2026
Scott Berg from Needham set a target price of $180.0 on 05/22/2026
Steven Enders from Citigroup set a target price of $139.0 on 05/22/2026
Jason Celino from Keybanc set a target price of $158.0 on 05/22/2026
Michael Turrin from Wells Fargo set a target price of $185.0 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.