On June 11, Workday fell 5.05% in regular trading, trading at $130.73/share, with turnover of $154 million. The decline was driven by continued weakness across the application software sector and mounting concerns over the company's business model outlook.

On the news front, the application software sector extended its recent selloff, with Adobe down 5.51%, Salesforce down 3.88%, and Palantir down 1.46%, creating broad sector linkage pressure on Workday. Notably, Bank of America Securities recently restarted coverage on Workday with a neutral rating and a $140 target price. The current share price has now fallen well below that level to around $130. BofA highlighted that Workday's seat-based monetization model faces value compression risk, pressured by corporate workforce reductions and the emerging threat of AI agent-based pricing models disrupting traditional per-seat billing structures.

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