Workday, Splunk stocks fall after downgrades at Cowen [MarketWatch]
Workday, Inc. - Class A (WDAY)
Last workday, inc. - class a earnings: 2/27 04:01 pm
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Source: MarketWatch
Shares of Workday Inc. are off 1.8% in premarket trading Friday while shares of Splunk Inc. are down 2.1% after Cowen & Co. analyst analyst J. Derrick Wood downgraded the stocks to market perform from outperform. Workday's "heavy reliance on bookings from new customers creates outsized risk to growth," he wrote. "Conversely, companies like Salesforce and ServiceNow generate a much higher percentage of bookings from expansions," Wood said, and his "recent industry checks suggest that new customer generation is poised to be much more difficult in this environment." He lowered his price target to $160 from $220. On Splunk, Wood worries about the company's "heavy reliance on large deals and high-tough engagements." He sees heightened execution risk for the company and said his channel checks indicate that the company has seen "elevated sales turnover" in the past six months. Wood cut his price target to $140 from $165 on Splunk shares, which have fallen 16% so far this year as Workday's s
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WDAY
News
- Workday (WDAY) Cooled Down in Q1 [Yahoo! Finance]Yahoo! Finance
- Workday (WDAY), Randstad Team Up to Transform HR Operations [Yahoo! Finance]Yahoo! Finance
- EEOC says Workday covered by anti-bias laws in AI discrimination case [Reuters]Reuters
- Randstad Selects Workday for Global Finance, HR, and Talent Solutions [Yahoo! Finance]Yahoo! Finance
- Randstad Selects Workday for Global Finance, HR, and Talent SolutionsPR Newswire
WDAY
Earnings
- 2/26/24 - Beat
WDAY
Sec Filings
- 4/24/24 - Form 4
- 4/24/24 - Form 4
- 4/24/24 - Form 4
- WDAY's page on the SEC website