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Workday (WDAY) Stock Slides as Needham Downgrades Ahead of Earnings

NEW YORK (TheStreet) -- Shares of Workday (WDAY) were falling in early-afternoon trading on Monday after Needham downgraded the stock to "hold" from "buy," citing competition concerns.

The firm's channel checks indicated that the amount of high-end enterprise customers signing on to Workday has been slowing, Barron's reports.

Additionally, certain large enterprise customers have stopped using Workday's payroll engine due to "functionality limitations," Needham stated.

"While we do not believe this trend is a complete surprise given the company's payroll attach rates historically hover around 50%, we believe the payroll part of the [human capital management]...