Summary of transaction
David A. Duffield, a roughly ten percent owner of Workday, Inc. (NASDAQ:WDAY), executed a series of sales on March 26, 2026, disposing of a total of 107,500 shares of Class A Common Stock. The aggregate proceeds from those trades amounted to $13.8 million, with execution prices spanning $127.8456 to $130.1836. At the time of reporting the stock traded at $128.77, corresponding to a market capitalization of $33.08 billion.
SEC filing details
The Securities and Exchange Commission filing lists multiple discrete transactions that comprised the total sale. The breakdown is as follows: 53,496 shares sold at a weighted average price of $127.8456; 32,727 shares at $128.3983; 19,077 shares at $129.4599; and 2,200 shares at $130.1836. The filing also notes that, on the same calendar day, Duffield converted 107,500 shares of Class B Common Stock into Class A Common Stock.
Price performance and valuation notes
Workday shares have declined 46.5% over the past six months. According to InvestingPro analysis referenced in the filing material, the stock appears undervalued at current levels and is included on the Most Undervalued list. The reporting material directs readers to Workday's Pro Research Report for additional analysis, noting it is one of more than 1,400 reports available through InvestingPro.
Recent corporate results and analyst revisions
Workday reported financial results for the fourth quarter of fiscal year 2026 that met revenue forecasts and surpassed earnings expectations. The company recorded improved operating margins during the quarter, which the filing attributes in part to a slower pace of hiring. In the wake of those results, several brokerages adjusted their price targets:
- DA Davidson revised its price target to $125 from $250, citing guidance that missed forecasts for both revenue and profitability.
- BMO Capital reduced its target to $182 from $204 and cited concerns about the company's growth amid evolving AI technologies.
- Freedom Capital Markets lowered its target to $210 from $280, while maintaining a Buy rating and highlighting risks from AI competition.
Customer win and governance action
On the commercial front, Fairview Health Services selected Workday for its human resources and finance systems, planning a transition encompassing 34,000 employees. In governance news, Workday's Board of Directors approved equity awards for CEO Aneel Bhusri that are tied to performance targets and vest over a four-year schedule.
Context and takeaway
The insider sale and simultaneous conversion of Class B shares to Class A shares were disclosed via SEC filing and occurred on March 26, 2026. Those moves come against a backdrop of declining share price over the last six months, mixed analyst adjustments to price targets, a sizable customer implementation, and recent quarterly results that met revenue expectations while delivering margin improvement driven by slower hiring.
Note: If readers wish to consult further proprietary analysis, the InvestingPro platform is cited as hosting Workday's Pro Research Report among a broader library of company research.