Workday Co-Founder David Duffield Sells $18.7M in Stock Under 10b5-1 Plan
Workday, Inc.
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Filing Summary
Workday Co-Founder David Duffield Sells $18.7M in Stock Under 10b5-1 Plan
Company: Workday, Inc. (WDAY)
Form: 4 | Filed: 2026-09-14
Significance: Low
Insider: DUFFIELD DAVID A Relationship: 10% Owner / Co-Founder
Transaction: • Type: Automatic Conversion & Sale • Shares Sold: 100,780 Class A shares • Average Price: ~$185.64 • Total Value: $18,708,925 • Direct Post-Transaction Holdings: 105,049 Class A shares & 36,167,478 Class B shares
Key Insight: Co-founder David Duffield converted 100,780 Class B shares to Class A and sold them pursuant to a pre-arranged Rule 10b5-1 trading plan adopted in December 2025. The transaction represents less than 0.3% of his total equity holdings and ~0.04% of total shares outstanding.
Comprehensive Analysis
SEC Filing Analysis: Workday, Inc. (WDAY)
Executive Summary
- Trading Significance: Low
- Key Takeaway: 10% owner and co-founder David Duffield executed a scheduled Rule 10b5-1 plan sale of 100,780 shares totaling ~$18.71M.
- Market Impact: Neutral; routine scheduled liquidity transaction representing a negligible fraction of the company's total shares.
Company Information
| Field | Value |
|---|---|
| Company | Workday, Inc. |
| Ticker Symbol | WDAY |
| CIK | 0001327811 |
| Industry | Computer Processing & Data Preparation |
Insider Information
| Field | Value |
|---|---|
| Name | DUFFIELD DAVID A |
| CIK | 0000938071 |
| Title/Position | Co-Founder / 10% Owner |
| Relationship | 10% Owner |
Transaction Details
| Field | Value |
|---|---|
| Form Type | 4 |
| Transaction Date | 2026-09-10 |
| Transaction Code | S (Open Market Sale) / C (Conversion) |
| Security Type | Class A Common Stock |
| Shares Involved | 100,780 |
| Price Per Share | ~$185.64 (Weighted Average) |
| Total Value | $18,708,924.90 |
| Shares Owned After | 105,049 (Class A) / 36,167,478 (Class B) |
| Ownership Type | Direct (Trust) |
Financial Impact Assessment
Transaction Materiality
| Metric | Value |
|---|---|
| Transaction Value | $18,708,924.90 |
| % of Market Cap | 0.048% |
| Shares Transacted | 100,780 |
| % of Shares Outstanding | 0.041% |
| Post-Transaction Ownership | ~36.27M combined shares (~14.69% of outstanding) |
| Materiality Assessment | Low |
Impact Evaluation
- Market Cap Context: Against Workday's $39.05B market capitalization, an $18.71M sale represents just ~0.048%, making it routine for large-cap enterprise software issuers.
- Ownership Concentration: Duffield maintains massive insider ownership with over 36.16 million Class B common shares (~14.6% of outstanding shares).
- Dilution Impact: None; shares sold were converted 1:1 from existing Class B common stock into Class A stock.
- Transaction Significance: Low impact given the small percentage of both market cap and the insider's aggregate position.
Market Impact Analysis
- Stock Impact Prediction: Neutral. Pre-scheduled selling under Rule 10b5-1 does not reflect opportunistic timing or fundamental shifts.
- Expected Volume Impact: Negligible; order flow was distributed across multiple pricing tranches ($183.63 to $188.64).
- Sentiment Indicator: Neutral.
Additional Context
- Special Circumstances: The sale was conducted pursuant to a Rule 10b5-1 trading plan adopted on December 2, 2025 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.