Workday Founder Trust Files to Sell $15.4M in Stock via 10b5-1 Plan
Workday, Inc.
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Filing Summary
Workday Founder Trust Files to Sell $15.4M in Stock via 10b5-1 Plan
Company: Workday, Inc. (WDAY) Form: 144 | Filed: 2026-03-05 Significance: Low (Routine Liquidity)
Insider: DAVID A DUFFIELD TRUST U/T/A 7/14/88 Relationship: 10% Stockholder
Transaction (Proposed Sale): • Type: Sell (Form 144) • Shares: 107,500 • Est. Price: ~$143.04 • Value: $15,376,800.00
Key Insight: This is a planned sale under a 10b5-1 plan adopted in Dec 2025. While the dollar value is high ($15.4M), it represents only ~0.04% of the company's market cap and follows a consistent pattern of weekly sales over the last 3 months.
Market Context: Transaction represents <0.1% of shares outstanding. The trust has sold over $83M in stock since December 2025.
Comprehensive Analysis
SEC Filing Analysis: Workday, Inc. (WDAY)
Executive Summary
- Trading Significance: Low
- Key Takeaway: Founder's trust continues systematic liquidity sales via 10b5-1 plan; volume is immaterial relative to market cap.
- Market Impact: Neutral. The transaction is pre-planned and represents a negligible percentage of float.
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 TRUST U/T/A 7/14/88 |
| CIK | 0000938071 |
| Relationship | 10% Stockholder |
Transaction Details
| Field | Value |
|---|---|
| Form Type | 144 (Notice of Proposed Sale) |
| Approx. Sale Date | 2026-03-05 |
| Transaction Code | S (Sale) |
| Security Type | Common Stock |
| Shares Involved | 107,500 |
| Est. Price Per Share | ~$143.04 |
| Total Value | $15,376,800.00 |
Financial Impact Assessment
Transaction Materiality
| Metric | Value |
|---|---|
| Transaction Value | $15,376,800 |
| % of Market Cap | 0.038% |
| Shares Transacted | 107,500 |
| % of Shares Outstanding | 0.041% |
| Materiality Assessment | Low |
Impact Evaluation
- Market Cap Context: With a market cap of $40.65 billion, a $15.4M transaction is routine volume.
- Transaction Significance: The transaction represents less than 0.1% of both market cap and shares outstanding, falling well below the threshold for market significance.
- Pattern: The filing discloses five previous sales in the last 3 months totaling approximately $83.4M, indicating a structured liquidation strategy rather than a reaction to current market events.
Market Impact Analysis
Stock Impact Prediction
- Direction: Neutral
- Reasoning: The sale is conducted under a 10b5-1 plan adopted on 12/02/2025. The market typically discounts pre-planned sales by major holders as non-predictive of future price performance.
Volume & Sentiment
- Expected Volume Impact: Negligible.
- Sentiment Indicator: Neutral.
Additional Context
Transaction Notes
- 10b5-1 Plan: The sales are pursuant to a plan adopted on December 2, 2025.
- History: The trust has been selling blocks of ~80k-107k shares roughly every week since mid-December 2025.
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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.