Workday Inc (NASDAQ:WDAY) stock was seen trending on Wednesday.

Shares of the enterprise software company dropped 6.54% to $119.17 during the regular session, as investors reacted to growing concerns that advances from Anthropic could disrupt traditional SaaS business models.

AI Threat Raises SaaS Concerns

Anthropic introduced Managed Agents on Wednesday, a new class of AI systems capable of autonomously executing multi-step, long-duration tasks.

Unlike traditional enterprise software that relies on user-driven workflows, these agents can operate with minimal human input, raising concerns about the long-term relevance of seat-based software platforms like Workday.

The development has added to broader market fears that AI-native systems could displace legacy enterprise applications.

CTO Exit Adds Pressure

Separately, Workday's Chief Technology Officer, Peter Bailis, has left the company and joined Anthropic, according to a report by The Information.

The move comes as Anthropic explores building HR-related software tools in areas that directly overlap with Workday's core offerings.

The executive departure adds to investor concerns about increasing competition and talent migration toward AI-focused firms.

OnePay Partnership Announced

On the corporate front, Workday also announced a partnership with OnePay to integrate financial wellness tools into its platform.

The collaboration will bring services such as banking, investing and credit-building into Workday's ecosystem through Workday Wellness and upcoming Enhanced Direct Deposit Switching features.

Trading Metrics, Technical Analysis

Workday has a market capitalization of approximately $30.6 billion, with a 52-week high of $276.00 and a 52-week low of $117.76.

The stock is trading near the lower end of its 52-week range and remains significantly down over the past year.

Price Action: WDAY closed at $119.17, down 6.54%, with a slight rebound in after-hours trading.

Benzinga's Edge Stock Rankings indicate Workday stock has a negative price trend across all time frames.

Disclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.

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