Workday 10% Owner David Duffield Files Form 144 to Sell $18.8M Stock
Workday, Inc.
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Filing Summary
Workday 10% Owner David Duffield Files Form 144 to Sell $18.8M Stock
Company: Workday, Inc. (WDAY)
Form: 144 | Filed: 2026/09/18
Significance: Low
Insider: DAVID A. DUFFIELD TRUST U/T/A 7/14/88 Relationship: 10% Stockholder
Transaction: • Type: Planned Sale (Form 144) • Shares: 94,089 • Price: ~$199.28 • Value: $18,750,055.92 • Plan: Rule 10b5-1 adopted 12/02/2025
Key Insight: This proposed sale represents approximately 0.048% of Workday's $39.05B market cap and is part of an ongoing pre-scheduled Rule 10b5-1 trading plan established in late 2025.
Market Context: The seller has maintained regular tranches of sales over the past three months under the same trading plan with minimal market impact.
Comprehensive Analysis
SEC Filing Analysis: Workday, Inc. (WDAY)
Executive Summary
- Trading Significance: Low
- Key Takeaway: Co-founder trust David A. Duffield Trust U/T/A 7/14/88 filed a Form 144 notice to sell 94,089 shares worth approximately $18.75 million pursuant to a Rule 10b5-1 trading plan.
- Market Impact: Neutral; the transaction represents a negligible fraction of shares outstanding and is executed under a pre-established plan.
Company Information
| Field | Value |
|---|---|
| Company | Workday, Inc. |
| Ticker Symbol | WDAY |
| CIK | 0001327811 |
| Industry | Services-Computer Processing & Data Preparation |
Insider Information
| Field | Value |
|---|---|
| Name | DUFFIELD DAVID A (DAVID A. DUFFIELD TRUST U/T/A 7/14/88) |
| CIK | 0000938071 |
| Title/Position | Co-Founder / 10% Stockholder |
| Relationship | 10% Owner |
Transaction Details
| Field | Value |
|---|---|
| Form Type | 144 |
| Transaction Date | 2026-09-18 |
| Transaction Code | S (Proposed Sale) |
| Security Type | Common Stock |
| Shares Involved | 94,089 |
| Price Per Share | ~$199.28 |
| Total Value | $18,750,055.92 |
| Shares Owned After | N/A (Form 144 Notice) |
| Ownership Type | Indirect (Trust) |
Financial Impact Assessment
Transaction Materiality
| Metric | Value |
|---|---|
| Transaction Value | $18,750,055.92 |
| % of Market Cap | 0.048% |
| Shares Transacted | 94,089 |
| % of Shares Outstanding | 0.038% |
| Materiality Assessment | Low |
Impact Evaluation
- Market Cap Context: For an enterprise large-cap company capitalized at $39.05 billion, an $18.75 million sale represents less than 0.05% of equity value, making its market liquidity absorption routine.
- Dilution & Ownership Concentration: Form 144 notices represent secondary market dispositions and cause no equity dilution to existing shareholders.
- Transaction Significance: The sale falls firmly below the 0.10% materiality threshold on both market capitalization and total share count metrics.
Market Impact Analysis
- Stock Impact Prediction: Neutral
- Reasoning: The disposition is executed under an established Rule 10b5-1 plan adopted on December 2, 2025, reflecting planned estate planning and diversification rather than real-time directional speculation.
- Expected Volume Impact: Negligible; sales are executed via Morgan Stanley Smith Barney LLC across standard market volume.
- Sentiment Indicator: Neutral
Additional Context
- Timing: Approximate sale date of September 18, 2026, following several regular tranches executed since June 2026.
- Special Circumstances: Pre-scheduled trading pursuant to a compliant Rule 10b5-1 plan established on 12/02/2025.
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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.