Form 4: Workday Director David Duffield Sells Shares

Workday, Inc. Director and 10% owner David A. Duffield reported the sale of Class A Common Stock totaling 72,118 shares under a pre-arranged 10b5-1 trading plan.

Summary

• David A. Duffield, a Director and 10% owner of Workday, Inc., reported transactions on September 23, 2025.
• He converted 72,118 shares of Class B Common Stock into Class A Common Stock at a price of $0.
• Following the conversion, he disposed of a total of 72,118 shares of Class A Common Stock through multiple sales.
• The sales were executed at weighted average prices ranging from $240.2727 to $244.66 per share.
• These transactions were conducted pursuant to a Rule 10b5-1 trading plan adopted on December 3, 2024.
• After these transactions, David A. Duffield directly holds 102,997 shares of Class A Common Stock and indirectly holds 15,000 shares of Class A Common Stock through the Dave and Cheryl Duffield Foundation.
• He also directly holds 41,694,684 shares of Class B Common Stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the reported transactions are routine insider sales executed under a pre-arranged 10b5-1 trading plan, not indicative of new positive or negative company developments.

Positives

• The sale of shares was executed pursuant to a Rule 10b5-1 trading plan, indicating a pre-scheduled and non-discretionary transaction, which can reduce concerns about opportunistic insider selling.

Future Outlook

NA

Industry Context

This filing is a routine insider transaction report and does not contain information directly related to broader industry trends or competitive landscape.

Related Party Transactions

• Shares are held by the David A. Duffield Trust dated July 14, 1988, of which the Reporting Person is trustee and sole beneficiary.
• An indirect holding of 15,000 Class A Common Stock is reported through the Dave and Cheryl Duffield Foundation.
• The Rule 10b5-1 trading plan was adopted by the David A. Duffield Trust, the Cheryl D. Duffield Trust, and the Dave & Cheryl Duffield Foundation.

Stakeholder Impact

• Shareholders: The sale represents a routine, pre-planned diversification or liquidity event by a significant insider, which typically has minimal direct impact on other shareholders beyond the volume traded.

Key Dates

Recommendation

This Form 4 filing details a pre-planned insider stock sale by a director and 10% owner under a Rule 10b5-1 trading plan. Such transactions are generally not indicative of a change in the company's fundamental outlook or performance. Therefore, it does not warrant a change in investment recommendation based solely on this filing.

Keywords

Workday, WDAY, David Duffield, Insider Trading, Form 4, Stock Sale, 10b5-1 Plan, Class A Common Stock, Class B Common Stock