David A. Duffield, a director and 10% owner of Workday, Inc. (NASDAQ:WDAY), sold Class A common stock valued at approximately $18.6 million on September 15, 2026, according to a regulatory filing. The transaction involved 96,545 shares, with prices spanning $190.15 to $195.1499 per share.
The sales were executed through multiple transactions, with weighted average prices between $190.707 and $194.3923. These disposals were carried out pursuant to a Rule 10b5-1 trading plan, which was previously adopted by the David A. Duffield Trust on December 2, 2025. The shares are held by the David A. Duffield Trust, of which Mr. Duffield is trustee and sole beneficiary.
On the same date, Mr. Duffield also acquired 96,545 shares of Class A common stock at a price of $0, resulting from the conversion of an equivalent number of Class B common stock. Each share of Class B common stock is convertible into one share of Class A common stock.
Following these reported transactions, Mr. Duffield’s trust beneficially owns 105,049 shares of Class A common stock and 36,070,933 shares of Class B common stock. The stock closed at $191.16 on the transaction date, reflecting a strong 61% gain over the past six months. Despite the insider sale, an analysis cited in the filing suggests Workday remains undervalued, with a PEG ratio of just 0.29 indicating attractive growth potential relative to its earnings multiple.
In other recent news, Workday reported that approximately 300 customers have signed Flex Credit agreements, and over 5,500 customers are utilizing organic agents. The company disclosed an annual recurring revenue of about $600 million from agentic AI. KeyBanc downgraded Workday’s stock rating to Sector Weight from Overweight, citing concerns about AI budget allocations, although they noted an optimistic morale among stakeholders. BTIG and D.A. Davidson both reiterated a Neutral rating on Workday, emphasizing the company’s focus on AI and its potential benefits. Stifel raised its price target for Workday to $175 from $160, maintaining a Hold rating, and highlighted the company’s fiscal 2028 targets, including 11% subscription growth and a 33%-plus non-GAAP operating margin. BMO Capital maintained an Outperform rating with a $230 price target, pointing to improved product innovation. These developments reflect Workday’s strategic focus on AI growth and product innovation.
Workday shares closed at $191.16 on the transaction date, up $2.27 or 1.20%.