The cluster is dominated by a founder/10% owner's large open-market sale, which is often a bearish signal. The recent credit facility upsizing may indicate management's view on liquidity needs. Monitor for any subsequent 8-K or guidance changes, and compare Duffield's remaining stake in the next Form 4.
Price Chart
Executive Summary
Workday co-founder and 10% owner David Duffield executed a large open-market sale of ~$18.7M in shares on October 9, 2026, alongside a conversion of derivatives with no cash value. Chief Accounting Officer Mark Garfield also sold $174K in shares on October 12. The cluster is heavily weighted toward selling by a founder/10% owner, with total open-market sales of ~$18.9M. This follows the company's recent upsized $1.5B revolving credit facility (filed Oct 1), which may have been a liquidity signal. The cluster is notable but not alarming given the founder's ongoing diversification.
Key Financial Metrics
Key Facts
- David Duffield (10% owner) sold 46,607 + 14,294 + 14,228 + 12,732 + 10,472 + 1,502 = ~99,835 shares on October 9, 2026, at prices from $186.36 to $190.96, totaling ~$18.7M in open-market sales.
- Duffield also converted 99,835 derivative shares at $0 (non-cash) on the same day.
- Mark Garfield (Chief Accounting Officer) sold 918 shares at $189.45 on October 12, 2026, for ~$174K.
- Total open-market selling in the cluster: ~$18.9M.
- Workday recently entered a $1.5B revolving credit facility (filed Oct 1, 2026), replacing a $1.0B facility, undrawn at closing.
Financial Impact
~$18.9M in open-market insider selling, concentrated in a single day by the co-founder/10% owner.
Risk Factors
- Founder/10% owner selling large blocks may signal reduced confidence or diversification needs.
- The credit facility upsizing could precede a large acquisition or capital expenditure, which may pressure margins.
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-WDAY-1792009128536 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $210.03 | awaiting T+1 | — | $209.99 (−0.02%) |
Oct 22, 2026 4d ago | 424B5 | $209.99 $208.50 | ▼ −0.71% | ▼ −1.42% | $209.99 (+0.00%) |
Oct 21, 2026 4d ago | Press Release | $209.99 $209.99 | · 0.00% | ▲ +0.52% | $209.99 (+0.00%) |
Oct 21, 2026 5d ago | 424B5 | $202.96 $209.99 | ▲ +3.46% | ▲ +4.64% | $209.99 (+3.46%) |
Oct 20, 2026 6d ago | Institutional Cluster | $202.96 $209.99 | ▲ +3.46% | ▲ +4.64% | $209.99 (+3.46%) |
Oct 14, 2026 12d ago | Insider Cluster | $196.63 $190.81 | ▲ +2.96% | ▲ +1.85% | $209.99 (−6.79%) |
Oct 13, 2026 13d ago | 8-K | $186.02 $188.77 | ▲ +1.48% | ▲ +2.56% | $209.99 (+12.89%) |
Oct 13, 2026 13d ago | Press Release | $186.02 $188.77 | ▲ +1.48% | ▲ +2.56% | $209.99 (+12.89%) |
Oct 9, 2026 17d ago | 144 | $188.25 $186.02 | ▼ −1.18% | ▼ −1.17% | $209.99 (+11.55%) |
Oct 6, 2026 20d ago | 144 | $184.26 $187.81 | ▲ +1.93% | ▲ +2.35% | $209.99 (+13.96%) |
US Market Status
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