Workday (NASDAQ: WDAY) shares slid by 12.5% on Wednesday after RBC slashed its price target on the stock.

RBC analysts maintained an “outperform” rating on the stock, however, slashed its price target from USD 225 per share to USD 212 per share.

Earlier in the year, RBC remained hopeful on the company’s performance, citing on-demand financial and human capital management software vendor customer base.

However, the firm said on Wednesday that Workday has "presented a durable growth story, even as penetration into large accounts means a slowdown to the mid-20s is happening."

Similarly, Macquarie Research expects a possible slowdown for Workday as well. The firm mentioned that Workday has announced several new products they think “may be difficult to monetize.”

Macquarie Research is maintaining a “neutral” rating on the stock with a price target of USD 196 per share.

Jefferies mentions the slowdown in HCM growth is offset by Workday’s growth in its financials. However, the firm sees more attractive SaaS names that are growing at the same rate with better margin profiles and cheaper valuation, according to SeekingAlpha.

Analysts covering Workday have an average price target of USD 216 per share, representing a 35% upside to its trading price of USD 160 on Wednesday.

Workday shares have now fallen by 0.74% this year.