Workday Co-Founder David Duffield Files Form 144 to Sell $18.8M in Stock Under 10b5-1 Plan
Workday, Inc.
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Filing Summary
### Form 144 Filing: Workday, Inc. (NASDAQ: WDAY)
**Filer:** David A. Duffield (David A. Duffield Trust U/T/A 7/14/88)
**Role:** 10% Stockholder
- **Proposed Sale:** 98,971 Common Shares
- **Aggregate Market Value:** $18,750,055.95 (~$189.45/share)
- **Approx. Sale Date:** 09/28/2026
- **Trading Plan:** Rule 10b5-1 adopted on 12/02/2025
- **Broker:** Morgan Stanley Smith Barney LLC
- **Significance:** Medium (Routine pre-scheduled programmatic sale)
Comprehensive Analysis
Executive Summary
On September 28, 2026, a Form 144 notice was filed on behalf of David A. Duffield (via the David A. Duffield Trust U/T/A 7/14/88), a 10% stockholder and co-founder of Workday, Inc. (NASDAQ: WDAY). The filing indicates an intent to sell 98,971 shares of Class A Common Stock with an estimated aggregate market value of $18,750,055.95 (approximately $189.45 per share).
Transaction Details & Plan Adoption
- Shares to be Sold: 98,971 Common Shares
- Gross Proceeds / Market Value: $18,750,055.95
- Approximate Sale Date: September 28, 2026
- Broker: Morgan Stanley Smith Barney LLC Executive Financial Services
- Rule 10b5-1 Plan: The transaction is executed pursuant to a pre-established Rule 10b5-1 trading plan adopted on December 2, 2025.
- Origin of Securities: Acquired via Private Placement directly from the issuer on December 27, 2007 for cash consideration.
Recent Selling Activity
The trust has maintained an active, structured disposition schedule over the preceding three months pursuant to the same Rule 10b5-1 plan:
- 09/23/2026: 99,613 shares for $19,139,641.82
- 09/18/2026: 94,089 shares for $18,318,300.32
- 09/15/2026: 96,545 shares for $18,563,624.33
- 09/10/2026: 100,780 shares for $18,708,920.14
- 09/04/2026: 90,615 shares for $17,954,365.49
- 09/01/2026: 94,961 shares for $18,924,540.29
- 07/09/2026: 107,500 shares for $14,699,055.50
- 07/06/2026: 107,500 shares for $14,538,267.75
- 06/30/2026: 107,500 shares for $13,119,171.00
Market Impact & Significance
- Market Impact: Medium
- While the headline value of ~$18.75M is substantial, the proposed sale represents approximately 0.05% of Workday's 196,000,000 shares outstanding. Because these sales follow an orderly cadence dictated by a 10b5-1 plan established in late 2025, they represent planned liquidity and diversification rather than an opportunistic reaction to near-term fundamental developments.
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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.