Workday Major Shareholder Sells $14.4M in Stock via 10b5-1 Plan
Workday, Inc.
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Filing Summary
Workday Major Shareholder Sells $14.4M in Stock via 10b5-1 Plan
Company: Workday, Inc. (WDAY) Form: 4 | Filed: 2026-03-04 Significance: Low (Routine/Planned)
Insider: David A. Duffield Title: N/A | Relationship: 10% Owner
Transaction: • Type: Sale (Rule 10b5-1) • Shares: 107,500 • Price: ~$134.40 (Weighted Avg) • Value: $14,447,900 • Owned After: 105,049 (Class A)
Key Insight: Major shareholder converted Class B shares to sell $14.4M in Class A stock. The sale represents <0.05% of the company's market cap and was executed under a pre-planned 10b5-1 trading schedule.
Market Context: Transaction is routine in nature and represents a tiny fraction of the insider's total economic interest (holding ~38.5M Class B shares).
Comprehensive Analysis
SEC Filing Analysis: Workday, Inc. (WDAY)
Executive Summary
- Trading Significance: Low
- Key Takeaway: Major shareholder David Duffield executed a planned sale of $14.4M, representing a negligible percentage of market cap and his total holdings.
- Market Impact: Neutral; the transaction was conducted via a Rule 10b5-1 plan adopted in December 2025.
Company Information
| Field | Value |
|---|---|
| Company | Workday, Inc. |
| Ticker Symbol | WDAY |
| CIK | 0001327811 |
| Industry | Services-Computer Processing & Data Preparation |
Insider Information
| Field | Value |
|---|---|
| Name | David A. Duffield |
| CIK | 0000938071 |
| Title/Position | N/A |
| Relationship | 10% Owner |
Transaction Details
| Field | Value |
|---|---|
| Form Type | 4 |
| Transaction Date | 2026-03-02 |
| Transaction Code | S (Sale) |
| Security Type | Class A Common Stock |
| Shares Involved | 107,500 |
| Price Per Share | ~$134.40 (Weighted Avg) |
| Total Value | $14,447,900 |
| Shares Owned After | 105,049 (Class A) |
| Ownership Type | Direct (Trust) |
Financial Impact Assessment
Transaction Materiality
| Metric | Value |
|---|---|
| Transaction Value | $14,447,900 |
| % of Market Cap | 0.035% |
| Shares Transacted | 107,500 |
| % of Shares Outstanding | 0.041% |
| Post-Transaction Ownership | ~38.6M Total Economic Interest |
| Materiality Assessment | Low |
Impact Evaluation
- Market Cap Context: For a $40.65 billion company, a $14.4M transaction is routine volume and does not signal a liquidity event.
- Ownership Concentration: While the Class A holding listed is 105,049 shares, the filing reveals the insider holds 38,496,334 shares of Class B stock (convertible 1:1), meaning this sale represents ~0.28% of his total equity stake.
- Dilution Impact: N/A (Open market sale/conversion).
- Transaction Significance: The transaction falls well below the 0.1% threshold for market cap significance.
Market Impact Analysis
Stock Impact Prediction
- Direction: Neutral
- Reasoning: The sale was executed under a Rule 10b5-1 trading plan, indicating it was scheduled months in advance (Dec 2025) and is not a reaction to current market conditions.
Volume & Sentiment
- Expected Volume Impact: Negligible; shares transacted represent ~0.04% of total shares outstanding.
- Sentiment Indicator: Neutral
Additional Context
Transaction Notes
- Structure: The reporting person converted 107,500 shares of Class B stock (which has super-voting rights) into Class A stock immediately prior to selling.
- 10b5-1 Plan: Footnote 2 confirms this sale was effected pursuant to a trading plan adopted on December 2, 2025, removing discretionary timing risk.
- Trust Holding: Shares are held by the David A. Duffield Trust.
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Important Disclaimer
This content is drawn from public SEC filings and may contain errors. It is for informational purposes only and is not investment, legal, or tax advice.
Nothing here is a recommendation to buy, sell, or hold any security. Do your own due diligence.