Workday (WDAY) posted mixed guidance for fiscal Q3 and in-line results for fiscal Q2, Oppenheimer said in a note Friday.

The firm noted that the current remaining performance obligations growth guidance of 15% to 16% is "mostly above" the consensus of 15.2% and doesn't include the company's pending acquisition of Paradox.

The subscription revenue outlook of about $2.24 billion for fiscal Q3 is $2 million lower than the consensus, Oppenheimer said.

On the company's fiscal Q2 results, the firm said the subscription revenue of $2.17 billion, total revenue of $2.35 billion and earnings per share of $2.21 were above consensus estimates.

Oppenheimer cut its price target on the company to $270 from $300 and maintained its outperform rating.

Workday shares were down over 4% in recent trading.

Price: 213.23, Change: -14.36, Percent Change: -6.31