NEW YORK (TheStreet) -- Shares of Workday Inc (WDAY) were taking a hit, down 9.61% to $83.60 on heavy volume in early market trading Wednesday, following the sell off in yesterday's after-hours session despite the company reporting better than expected first quarter earnings.

This morning, analysts at Jefferies lowered their price target to $92 from $99, citing moderating growth.

The firm kept its "hold" rating, and said the company's total billings growth moderated to 31% in the quarter.

"Guidance was largely in line, though F2Q billings were light and annual guidance was left largely intact," Jefferies wrote in a note this morning.

For the first quarter, the company posted a loss of 2 cents per share, while sales rose 57% from a year ago to $251 million.

Wall Street projected a loss of 8 cents a share on revenue of $245 million for the quarter, according to analysts surveyed by Thomson Reuters.

In the same quarter a year ago, Workday posted a loss of 13 cents per share on revenue of $160 million.

About 1.59 million shares have exchanged hands as of 9:58 a.m. ET today, compared to its average trading volume of about 1.44 million shares a day.

Pleasanton, Calif.-based Workday is a provider of enterprise cloud applications for global human resources and finance. The company delivers human capital management, financial management, and analytics applications designed for organizations.

The company provides its customers the applications to manage critical business functions for their financial and human capital resources.

Separately, TheStreet Ratings team rates WORKDAY INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

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