SEC Filing Analysis: Workday, Inc. (WDAY)

Executive Summary

• Trading Significance: Medium
• Key Takeaway: Co-Founder and 10% owner David Duffield converted and liquidated 96,545 shares for ~$18.56 million under a pre-established Rule 10b5-1 plan.
• Market Impact: Neutral; routine disposition representing a tiny fraction of total holdings and outstanding shares.

Company Information

Field	Value
Company	Workday, Inc.
Ticker Symbol	WDAY
CIK	0001327811
Industry	Computer Processing & Data Preparation (Cloud/SaaS)

Insider Information

Field	Value
Name	David A. Duffield
CIK	0000938071
Title/Position	Co-Founder
Relationship	10% Owner

Transaction Details

Field	Value
Form Type	4
Transaction Date	2026-09-15
Transaction Code	C (Conversion) / S (Open Market Sale)
Security Type	Class A Common Stock
Shares Involved	96,545
Price Per Share	$192.28 (Weighted Average)
Total Value	$18,563,612.75
Shares Owned After	105,049 Class A (and 36,070,933 Class B)
Ownership Type	Direct (via David A. Duffield Trust)

Financial Impact Assessment

Transaction Materiality

Metric	Value
Transaction Value	$18,563,612.75
% of Market Cap	0.048%
Shares Transacted	96,545
% of Shares Outstanding	0.039%
Post-Transaction Ownership	36,175,982 shares (~14.65% of outstanding)
Materiality Assessment	Moderate to Low (High in absolute dollars, low relative to float)

Impact Evaluation

• Market Cap Context: Against Workday's $39.05 billion market valuation, an $18.56 million sale is minimal (under 0.05% of equity value).
• Ownership Concentration: Duffield retains over 36 million Class B super-voting shares (plus 105k Class A shares), preserving significant governance influence and ~14.65% economic ownership.
• Dilution Impact: None; transactions involved a 1:1 conversion of existing Class B shares into Class A shares followed by immediate market sales.
• Transaction Significance: The sale represented less than 0.27% of Duffield's total equity position in Workday.

Market Impact Analysis

Stock Impact Prediction

• Direction: Neutral
• Reasoning: The sales were executed pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on December 2, 2025, neutralizing discretionary signaling.

Volume & Sentiment

• Expected Volume Impact: Negligible; the 96,545 shares were executed across multiple tranches ranging from $190.15 to $195.15.
• Sentiment Indicator: Neutral

Additional Context

• Timing & Structure: Executed on September 15, 2026, across five separate price blocks under a 10b5-1 plan established roughly nine months prior.
• Beneficial Owner Structure: The shares are held directly by the David A. Duffield Trust dated July 14, 1988, of which Duffield is the trustee and sole beneficiary.