SEC Filing Analysis: Workday, Inc. (WDAY)

Executive Summary

• Trading Significance: Low
• Key Takeaway: Major shareholder executes routine scheduled sale representing a negligible fraction of company value.
• Market Impact: Neutral - Transaction is pre-planned and immaterial relative to market cap.

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
Transaction Date	2026/03/23 (Approx)
Transaction Code	S (Proposed Sale)
Security Type	Common
Shares Involved	107,500
Price Per Share	~$135.96 (Implied)
Total Value	$14,615,700.00

Financial Impact Assessment

Transaction Materiality

Metric	Value
Transaction Value	$14,615,700.00
% of Market Cap	0.043%
Shares Transacted	107,500
% of Shares Outstanding	0.042%
Materiality Assessment	Low

Impact Evaluation

• Market Cap Context: For a $34.20 billion company, a $14.6M transaction is routine volume.
• Transaction Significance: Both the value (0.043% of cap) and share count (0.042% of outstanding) fall well below the 0.1% threshold for significance.

Market Impact Analysis

Stock Impact Prediction

• Direction: Neutral
• Reasoning: The sale is conducted under a 10b5-1 plan and represents a tiny fraction of the float. The market typically absorbs this volume without price displacement.

Volume & Sentiment

• Expected Volume Impact: Negligible.
• Sentiment Indicator: Neutral - Consistent selling by a founder's trust is common for diversification and estate planning.

Additional Context

Transaction Notes

• Special Circumstances: This sale is pursuant to a 10b5-1 plan adopted on 12/02/2025.
• Pattern: The filing lists multiple identical sales of 107,500 shares on 03/18, 03/13, 03/10, 03/05, and 03/02, indicating a systematic liquidation schedule.