Form 4: Workday Director Sells $14.25M Stock via Pre-Arranged Plan

Workday Director David A. Duffield converted Class B shares to Class A and sold 107,500 Class A common shares for approximately $14.25 million under a pre-arranged trading plan.

Summary

• David A. Duffield, a Director and 10% owner of Workday, Inc., executed transactions on March 18, 2026.
• He converted 107,500 shares of Class B Common Stock into 107,500 shares of Class A Common Stock.
• Immediately following the conversion, he sold a total of 107,500 Class A Common Stock shares through multiple transactions.
• The sales were conducted at weighted average prices ranging from $131.3491 to $134.8671 per share.
• The total value of Class A shares sold amounts to approximately $14,254,150.23.
• These sales were made pursuant to a Rule 10b5-1 trading plan adopted by the David A. Duffield Trust on December 2, 2025.
• Following these transactions, the David A. Duffield Trust beneficially owns 105,049 shares of Class A Common Stock and 38,066,334 shares of Class B Common Stock.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a slightly negative signal due to significant insider selling by a director and 10% owner, though mitigated by the pre-arranged 10b5-1 plan, suggesting the sale is for personal financial planning rather than based on new, non-public information.

Negatives

• Significant insider selling by a Director and 10% owner can be perceived as a negative signal by investors, potentially indicating a lack of confidence or a move for diversification.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

StockSavvy.ai notes that insider sales, even when executed under a Rule 10b5-1 plan, are a common occurrence for high-net-worth individuals like founders and directors. These plans are typically established for personal financial planning, diversification, or liquidity purposes and are not necessarily indicative of a change in the company's fundamental prospects or a reaction to new, non-public information. However, the market often interprets significant insider selling, especially by a 10% owner, with caution.

Related Party Transactions

• The reported shares are held by the David A. Duffield Trust dated July 14, 1988, a revocable living trust, of which the Reporting Person (David A. Duffield) is trustee and sole beneficiary. This constitutes a related party transaction.

Stakeholder Impact

• Shareholders may perceive the significant insider selling as a negative signal, potentially leading to increased scrutiny of the company's stock performance.

Key Dates

Recommendation

The sale by a significant insider, even under a 10b5-1 plan, warrants caution. While not indicative of immediate negative news, it suggests the insider is taking profits or diversifying, which typically leads to a 'hold' recommendation for existing investors to monitor future developments.

Keywords

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