What happened Shares of Workday (NASDAQ: WDAY) slumped 10.3% in September, according to data from S&P Global Market Intelligence. Last month's sell-off followed a 32.5% gain for the stock in August. ^SPX data by YCharts There wasn't much in the way of business-specific news driving the pullback for Workday stock last month. The cloud-based enterprise software company got hit amid a sell-off for the broader market and a pullback for growth-dependent tech stocks, but its share price is still up roughly 38% in 2020. Image source: Getty Images. So what Workday stock hit a record high in August following better-than-expected second-quarter results and improved full-year guidance, but the stock retraced some gains in September amid a pullback for the broader market. A surge of new coronavirus cases in Europe and the absence of a new stimulus bill in the U.S. added new sources of uncertainty into the market, and many otherwise high-flying, growth-dependent technology stocks posted substantial stock declines in the month's trading. Now what Workday stock has seen positive momentum early in October's trading, gaining roughly 3% in the month so far. WDAY data by YCharts Workday is facing some near-term headwinds because economic uncertainty is making it more difficult to add new customers. However, the business's cloud-based human resources and financial services software still has plenty of room for growth over the long term, and the company is still posting solid sales momentum. In the third quarter, Workday expects subscription revenue to come in between $948 million and $950 million, representing 18.5% growth year over year at the midpoint. Management is guiding for full-year subscription revenue to be between $3.73 billion and $3.74 billion, representing roughly 20.5% year-over-year growth at the midpoint of the target. The business's adjusted operating margin for the year is expected to be 18%. Workday has a market capitalization of roughly $53.9 billion and trades at 90 times this year's expected earnings. 10 stocks we like better than WorkdayWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Workday wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 24, 2020 Keith Noonan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Workday. The Motley Fool has a disclosure policy.Source