Movement Alert｜Workday Falls 5.11% in Pre-Market Trading, BofA Neutral Rating with Target Below Market Price Amid Broad Software Sector Selloff

Market Focus06-02

On June 2, Workday fell 5.11% in pre-market trading, trading at approximately $149.69/share, with trading volume of $1.5626 million.

On the news front, BofA Securities reinstated coverage of Workday with a neutral rating and a $140 target price, notably below the current stock price. The brokerage highlighted value compression risks tied to seat-based monetization pressures, stemming from enterprise headcount rationalization, AI agent-based pricing models disrupting traditional per-seat fees, and potential issues with contract pricing and duration. BofA noted that while Workday remains highly resilient and embedded, it is increasingly defending market share rather than gaining it, with limited near-term catalysts.

The decline also coincided with broad weakness across the Application Software sector. Among sector peers, Salesforce fell 3.9%, Datadog declined 3.31%, Strategy dropped 3.43%, and Palantir Technologies lost 2.86%. The selloff partially reverses gains Workday had accumulated following its Q1 earnings beat, which showed revenue of $2.54 billion (up 13.5% YoY) and adjusted EPS of $2.66 versus expectations of $2.51.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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