NEW YORK (TheStreet) -- Workday (WDAY) - Get Report stock is declining 3.28% to $75.44 on heavy trading volume Friday afternoon, ahead of the company's fiscal 2017 first quarter financial report due out Tuesday after the closing bell.
Shares of the enterprise cloud application provider are being pressured today after Wedbush downgraded the stock to "underperform" from "neutral."
Analysts noted that first quarter channel checks "point to softer implementation pipelines due to pressure from macro-related and competitive factors," Barron's reports.
Even though Workday faces strong competition from Oracle (ORCL), other analysts believe the company will deliver better-than-expected results next week.
"We are expecting Workday to beat consensus estimates and we look for continued signs of traction for its financials offering, which we view as the next pillar of growth for the company," Barclays analysts said in a note released Thursday.
Overall, Wall Street is anticipating a loss of 2 cents per share for the fiscal first quarter, unchanged from the same period a year ago.
Revenue is expected to increase by 35% year over year to $338.68 million for the latest quarter, compared with $250.96 million.
So far today, 2.04 million shares of Workday have been traded, compared with its average daily volume of 1.94 million shares.
Separately, Workday has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's deteriorating net income, disappointing return on equity, generally disappointing stock performance and feeble earnings per share growth.
You can view the full analysis from the report here: WDAY
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.