Workday 10% Owner David Duffield Sells $18.0M Under 10b5-1 Plan
Workday, Inc.
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Filing Summary
Workday 10% Owner David Duffield Sells $18.0M Under 10b5-1 Plan
Company: Workday, Inc. (WDAY)
Form: 4 | Filed: September 9, 2026
Significance: Low
Insider: David A. Duffield Relationship: 10% Owner
Transaction Summary: • Type: Sale (Pre-scheduled 10b5-1 Plan) • Shares Sold: 90,615 • Average Price: ~$198.14 (Range: $195.81 - $204.05) • Total Value: $17,954,368 • Shares Remaining: 36,373,307 (Class A & B combined)
Key Insight: Co-founder David Duffield converted 90,615 Class B shares to Class A and sold them pursuant to a Rule 10b5-1 trading plan adopted in December 2025. The transaction represents less than 0.25% of his total holdings and 0.037% of WDAY shares outstanding.
Market Context: Routine liquidity program for a large-cap enterprise software provider ($39.05B market cap). Duffield retains substantial ownership of over 14.7% of total shares outstanding through his trust.
Comprehensive Analysis
SEC Filing Analysis: Workday, Inc. (WDAY)
Executive Summary
- Trading Significance: Low
- Key Takeaway: Co-founder and 10% owner David Duffield executed a scheduled sale of 90,615 shares totaling $17.95M via a Rule 10b5-1 trading plan.
- Market Impact: Neutral; routine pre-planned disposition representing a negligible portion of company market capitalization.
Company Information
| Field | Value |
|---|---|
| Company | Workday, Inc. |
| Ticker Symbol | WDAY |
| CIK | 0001327811 |
| Industry | Computer Processing & Data Preparation |
Insider Information
| Field | Value |
|---|---|
| Name | David A. Duffield |
| CIK | 0000938071 |
| Title/Position | 10% Owner / Co-founder |
| Relationship | 10% Owner |
Transaction Details
| Field | Value |
|---|---|
| Form Type | 4 |
| Transaction Date | 2026-09-04 |
| Transaction Code | S (Open market sale) / C (Conversion) |
| Security Type | Class A Common Stock |
| Shares Involved | 90,615 |
| Weighted Avg Price | $198.14 |
| Total Value | $17,954,367.64 |
| Shares Owned After | 105,049 (Class A) / 36,268,258 (Class B) |
| Ownership Type | Direct (via David A. Duffield Trust) |
Financial Impact Assessment
Transaction Materiality
| Metric | Value |
|---|---|
| Transaction Value | $17,954,367.64 |
| % of Market Cap | 0.046% |
| Shares Transacted | 90,615 |
| % of Shares Outstanding | 0.037% |
| Post-Transaction Ownership | 36,373,307 shares (~14.73% of outstanding) |
| Materiality Assessment | Low |
Impact Evaluation
- Market Cap Context: For a large-cap enterprise software firm valued at $39.05 billion, an $18M trade is minimal and represents less than 0.05% of the total capitalization.
- Ownership Concentration: Duffield maintains significant control and alignment, retaining over 36.2 million super-voting Class B shares and 105k Class A shares.
- Dilution Impact: None; the transaction involved converting existing Class B common shares to Class A common shares on a 1:1 basis before open-market sale.
Market Impact Analysis
- Direction: Neutral
- Reasoning: The sales were executed under a pre-established Rule 10b5-1 plan established on December 2, 2025, and represent a tiny fraction of the reporting owner's multi-billion dollar stake.
- Volume & Sentiment: Minimal volume impact expected; neutral sentiment.
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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.