Workday injects AI into the office space and is, therefore, a stock of the 21st century.
Workday's stock has dropped because the general SaaS was down and then it fell further because of a consensus miss for the guidance for the next quarter.
Workday is at a P/S ratio of 11 now and historically a P/S of 10 was Workday's bottom.
The new product offerings that come out next year and the accretive acquisitions will only have a meaningful impact in FY 2022 (next year).
Therefore, the stock price of Workday may be hanging around this level for 12 to 16 months, giving long-term investors a window to scale into the stock.
Finally, growth stocks had a big jump at the end of last week. Despite the revival, a lot of growth stocks are still considerably below their 52-week highs. That, of course, doesn't automatically mean