The 10b5-1 plan removes the insider's intent to sell is pre-scheduled and pre-announced, so this filing alone is not a new signal. However, the cumulative pace of Duffield's sales (~$18-19M/week) is steady and large. Monitor for any change in the plan's schedule or a Form 4 filing showing actual sales, which would confirm ongoing distribution. No immediate read-through.
Price Chart
Executive Summary
David A. Duffield, Workday's founder and a 10% stockholder, filed a Form 144 on October 9, 2026, indicating intent to sell 99,835 shares of common stock with an approximate market value of $18.75 million. This filing is part of a pre-existing 10b5-1 trading plan, under which the Duffield Trust has been systematically selling shares since at least September 2026, with prior sales totaling over 770,000 shares worth roughly $148 million. The plan-based nature of the sales reduces the signaling value of this particular filing, but the ongoing large-scale disposition by the founder warrants monitoring.
Key Facts
- David A. Duffield (founder, 10% stockholder) filed Form 144 to sell 99,835 shares of Workday common stock.
- Estimated market value of proposed sale: $18,750,011.35 (based on $187.50/share reference price).
- The sale is part of a 10b5-1 trading plan adopted on December 2, 2025.
- The Duffield Trust has already sold ~772,000 shares between September 1 and October 6, 2026, generating ~$148 million in proceeds.
- Broker: Morgan Stanley Smith Barney LLC.
Financial Impact
Proposed sale of ~$18.75M in shares; cumulative 10b5-1 plan sales since Sep 1, 2026 totals ~$148M; ~0.01% of WDAY's ~$196B market cap.
Risk Factors
- Founder's continued large-scale selling could signal reduced conviction or diversification needs.
- Plan-based sales are pre-scheduled, but any unexpected acceleration or plan amendment would be more bearish.
- No change in company fundamentals or guidance in this filing.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 144 Filing (Primary) | 0001950047-26-010150 |
| Document: 0001950047-26-010150-index.html | 0001950047-26-010150 |
| Document: 0001950047-26-010150.txt | 0001950047-26-010150 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 8-K | $208.50 $205.46 | ▼ −1.46% | ▼ −2.02% | $205.46 (−1.46%) |
Oct 22, 2026 5d ago | 424B5 | $209.99 $208.50 | ▼ −0.71% | ▼ −1.42% | $205.46 (−2.16%) |
Oct 21, 2026 6d ago | Press Release | $209.99 $209.99 | · 0.00% | ▲ +0.52% | $205.46 (−2.16%) |
Oct 21, 2026 6d ago | 424B5 | $202.96 $209.99 | ▲ +3.46% | ▲ +4.64% | $205.46 (+1.23%) |
Oct 20, 2026 7d ago | Institutional Cluster | $202.96 $209.99 | ▲ +3.46% | ▲ +4.64% | $205.46 (+1.23%) |
Oct 14, 2026 13d ago | Insider Cluster | $196.63 $190.81 | ▲ +2.96% | ▲ +1.85% | $205.46 (−4.49%) |
Oct 13, 2026 14d ago | 8-K | $186.02 $188.77 | ▲ +1.48% | ▲ +2.56% | $205.46 (+10.45%) |
Oct 13, 2026 14d ago | Press Release | $186.02 $188.77 | ▲ +1.48% | ▲ +2.56% | $205.46 (+10.45%) |
Oct 9, 2026 18d ago | 144 | $188.25 $186.02 | ▼ −1.18% | ▼ −1.17% | $205.46 (+9.14%) |
Oct 6, 2026 21d ago | 144 | $184.26 $187.81 | ▲ +1.93% | ▲ +2.35% | $205.46 (+11.51%) |
US Market Status
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