Insider Trading July 13, 2026 04:33 PM

Workday Co-Founder David Duffield Executes $14.7 Million Share Sale Under Pre-Arranged Plan

Insider transaction underscores liquidity events amid broader stock volatility and ongoing legal scrutiny for the enterprise software provider

By Priya Menon
Share
Twitter Reddit Facebook LinkedIn
WDAY

David A. Duffield, a principal 10% shareholder of Workday Inc., offloaded 107,500 Class A Common Stock shares on July 9, 2026, generating approximately $14.7 million in proceeds. The transaction, facilitated through a Rule 10b5-1 trading plan linked to a 2025 trust arrangement, involved converting an equal number of Class B shares prior to sale. This move occurs as Workday’s equity has experienced a roughly 30% decline over the preceding six months, though current valuations sit at $144.87 per share. The sale reduces Mr. Duffield’s direct Class A holdings to 105,049 shares while his indirect Class B position remains robust at 36,453,834 shares. The transaction highlights ongoing liquidity management by major stakeholders in the enterprise software sector, set against a backdrop of analyst upgrades and pending legal challenges regarding AI-driven hiring tools.

Workday Co-Founder David Duffield Executes $14.7 Million Share Sale Under Pre-Arranged Plan
WDAY
Summarize with
ChatGPT Perplexity Claude Grok Gemini

Key Points

  • Insider liquidity events by major shareholders in the enterprise software sector often signal portfolio rebalancing rather than operational concerns, particularly when executed under Rule 10b5-1 plans.
  • The ongoing conversion of Class B to Class A shares by principal owners impacts the floating supply of tradeable equity, influencing market depth and liquidity dynamics for Workday.
  • Analyst upgrades and sustained positive outlooks from firms like Monness, Crespi, Hardt and Cantor Fitzgerald contrast with recent stock volatility, highlighting divergent views on valuation in the technology sector.

David A. Duffield, recognized as a 10% owner of Workday Inc. (NASDAQ:WDAY), conducted a significant divestment of 107,500 shares of Class A Common Stock on July 9, 2026. The transaction yielded a total value of approximately $14.7 million. These shares were sold at varying prices, ranging from $130.6314 to $138.98 per share during the execution period.

The sales were structured under a Rule 10b5-1 trading plan, a pre-arranged framework designed to facilitate stock transactions in compliance with insider trading regulations. This specific plan was established pursuant to the David A. Duffield Trust, which was originally adopted on December 2, 2025. All shares involved in this reported transaction are held within the David A. Duffield Trust, a revocable living trust established on July 14, 1988. Mr. Duffield serves as both the trustee and the sole beneficiary of this entity, maintaining direct control over the trust’s assets.

Following the completion of these sales, Mr. Duffield’s direct holdings in Class A Common Stock decreased to 105,049 shares. However, his indirect holdings of Class B Common Stock remain substantial, totaling 36,453,834 shares. Prior to executing the sale, Mr. Duffield converted 107,500 shares of Class B Common Stock into an equal number of Class A Common Stock shares. Each Class B share is convertible into one Class A share at the holder’s option, or automatically upon certain conditions, with no expiration date attached to this conversion right.

The timing of this insider activity occurs as Workday shares have declined roughly 30% over the past six months. Despite this recent downturn, the stock currently trades at $144.87. According to InvestingPro analysis, the stock appears undervalued, with shares trading well below Fair Value estimates. The company maintains impressive gross profit margins of 76% and holds a market cap of $35.7 billion. Investors can access the comprehensive Pro Research Report for deeper analysis on Workday and 1,400+ other US equities.

Workday Inc has been in the spotlight with several notable developments. Monness, Crespi, Hardt upgraded Workday’s stock rating to Buy from Neutral, setting a price target of $150. Meanwhile, Cantor Fitzgerald and Oppenheimer reiterated their positive outlooks on Workday, with price targets of $160 and $165, respectively. Workday stockholders approved all company proposals at the recent annual meeting, including the election of four Class II directors to serve until 2029. In legal matters, Workday must face claims regarding its AI-powered HR software, which allegedly screened out job applicants in violation of California and federal disability discrimination laws. These recent developments highlight the ongoing interest and scrutiny surrounding Workday’s business operations and stock performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Is your WDAY trade worth the risk? Before you click

Risks

  • Pending legal claims regarding AI-powered HR software and alleged violations of disability discrimination laws pose regulatory and reputational risks for the enterprise software and HR technology sectors.
  • Significant insider selling activity, even when pre-arranged, can influence market sentiment and short-term price action, affecting investor confidence in the broader cloud computing and SaaS markets.

More from Insider Trading

Kodiak Gas Services Executive Offloads Shares Under Pre-Arranged Plan Jul 13, 2026 Butler National Director Michael Loh Increases Stake with $15,875 Share Purchase Jul 13, 2026 Block, Inc. Director Eisen Executes Pre-Arranged Sales of $1.4 Million in Common Stock Jul 13, 2026 Concrete Pumping Director Brent Stevens Disposes of $1.08 Million in Shares Jul 13, 2026 Silver Lake Affiliate Reduces Dell Holdings Following Six-Month Rally Jul 13, 2026