Form 4: David Duffield Sells Workday Shares Under 10b5-1 Plan

David Duffield, a director at Workday, Inc., sold shares of Class A Common Stock through a pre-arranged Rule 10b5-1 trading plan.

Summary

• David Duffield, a director at Workday, sold shares of Workday's Class A Common Stock on January 13, 2025.
• The sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on December 4, 2023.
• A total of 55,997 shares were sold directly, and 11,738 shares were sold indirectly through the Dave and Cheryl Duffield Foundation.
• The sales prices ranged from $244.95 to $247.9599 per share.
• Following the transactions, Duffield directly owns 102,997 shares and indirectly owns 60,000 shares through the Dave and Cheryl Duffield Foundation.
• Duffield also holds 42,646,993 shares of Class B Common Stock, which can be converted into Class A Common Stock.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing insider transactions. It doesn't inherently convey positive or negative sentiment, as the sales are part of a pre-arranged plan.

Industry Context

Insider sales are a common occurrence, and the use of 10b5-1 plans allows insiders to sell shares over time while avoiding accusations of trading on material non-public information. The market typically analyzes the size and frequency of these sales to gauge insider sentiment.

Comparison to Industry Standards

• Comparing Duffield's transactions to other large shareholders or executives at comparable SaaS companies like Salesforce (CRM) or Oracle (ORCL) would provide context.
• Analyzing the percentage of Duffield's holdings sold relative to his total stake is important.
• Reviewing similar Form 4 filings from other Workday executives can reveal broader trends in insider activity.

Stakeholder Impact

• The stock sale could have a minor negative impact on shareholder sentiment if investors interpret it as a lack of confidence by a key insider, although the existence of a 10b5-1 plan mitigates this concern.
• The impact on employees, customers, suppliers, and creditors is likely to be negligible.

Key Dates