Workday's David Duffield Maintains Large Stake Despite $21M Stock Sale
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
David A. Duffield, a 10% owner of Workday (WDAY), reported significant insider trading activity through multiple transactions on June 16-17, 2025. The transactions were executed under a pre-established Rule 10b5-1 trading plan from December 3, 2024.
Key transaction details:
- Converted 71,240 shares of Class B Common Stock to Class A Common Stock on June 17
- Sold a total of 15,000 shares from the Dave and Cheryl Duffield Foundation at prices ranging from $244.39 to $247.83
- Disposed of 71,240 shares of Class A Common Stock in multiple transactions at prices between $242.39 and $247.40
Following these transactions, Duffield maintains beneficial ownership of 42,140,622 shares of Class B Common Stock through the David A. Duffield Trust, and 30,000 shares through the Dave and Cheryl Duffield Foundation. The filing notes automatic conversion provisions for Class B shares under specific conditions, including when Class B shares represent less than 9% of total outstanding shares or by October 11, 2032.
Positive
- None.
Negative
- 10% owner David Duffield sold approximately $18.5M worth of shares through planned 10b5-1 sales, including direct and foundation holdings, with transactions occurring at prices between $242-247 per share
Insider Trade Summary
Net Seller: 86,240 shares ($21,084,414)
Net Sell
11 txns
Insider
DUFFIELD DAVID A
Role
10% Owner
Sold
86,240 shs ($21.08M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Class B Common Stock | 71,240 | $0.00 | -- |
| Conversion | Class A Common Stock | 71,240 | $0.00 | -- |
| Sale | Class A Common Stock | 27,561 | $242.8213 | $6.69M |
| Sale | Class A Common Stock | 8,663 | $243.9175 | $2.11M |
| Sale | Class A Common Stock | 12,856 | $244.8447 | $3.15M |
| Sale | Class A Common Stock | 21,560 | $245.984 | $5.30M |
| Sale | Class A Common Stock | 600 | $246.48 | $148K |
| Sale | Class A Common Stock | 4,230 | $244.3869 | $1.03M |
| Sale | Class A Common Stock | 6,775 | $245.246 | $1.66M |
| Sale | Class A Common Stock | 3,330 | $246.3419 | $820K |
| Sale | Class A Common Stock | 665 | $247.0906 | $164K |
Holdings After Transaction:
Class B Common Stock — 42,140,622 shares (Direct);
Class A Common Stock — 174,237 shares (Direct);
Class A Common Stock — 40,770 shares (Indirect, Dave and Cheryl Duffield Foundation)
Footnotes (1)
- This sale was effected pursuant to a Rule 10b5-1 trading plan previously adopted by the David A. Duffield Trust, the Cheryl D. Duffield Trust, and the Dave & Cheryl Duffield Foundation dated December 3, 2024. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $243.79 to $244.7899, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any security holder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $244.80 to $245.7999, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any security holder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $245.83 to $246.8299, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any security holder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $246.83 to $247.8299, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any security holder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4. The reported shares are held by the David A. Duffield Trust dated July 14, 1988, a revocable living trust, of which the Reporting Person is trustee and sole beneficiary. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $242.39 to $243.3899, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any security holder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $243.39 to $244.3899, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any security holder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $244.39 to $245.3899, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any security holder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $245.39 to $246.3899, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any security holder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4. The price reported is a weighted average price. These shares were sold in multiple transactions at prices within the range of $246.40 to $247.3999, inclusive. The Reporting Person undertakes to provide to Workday, Inc., any security holder of Workday, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range(s) set forth in this footnote of this Form 4. All shares of Class A and Class B Common Stock will convert automatically into shares of a single class of Common Stock upon the earliest to occur of the following: (a) upon the election by the holders of a majority of the then outstanding shares of Class B Common Stock, (b) the date when the number of outstanding shares of Class B Common Stock represents less than 9% of all outstanding shares of Class A and Class B Common Stock, (c) October 11, 2032 or (d) nine months after the death of the later to die of David A. Duffield and Aneel Bhusri. The shares of Class A and Class B Common Stock have no expiration date. Each share of Class B Common Stock is convertible, at any time at the option of the holder, into one (1) share of Class A Common Stock. In addition, each share of Class B Common Stock will convert automatically into one (1) share of Class A Common Stock upon any transfer, whether or not for value, except for certain permitted transfers described in, and transfers to any "permitted transferee" as defined in, the Issuer's restated certificate of incorporation in effect as of the date hereof. The shares of Class B Common Stock have no expiration date.
FAQ
What was the average selling price of WDAY stock in Duffield's June 17, 2025 transactions?
On June 17, 2025, David Duffield sold shares at various price ranges: 27,561 shares at ~$242.82, 8,663 shares at ~$243.92, 12,856 shares at ~$244.84, 21,560 shares at ~$245.98, and 600 shares at ~$246.48, with prices ranging from approximately $242.39 to $247.39.
Was David Duffield's WDAY stock sale planned in advance?
Yes, the sales were executed pursuant to a Rule 10b5-1 trading plan that was previously adopted by the David A. Duffield Trust, the Cheryl D. Duffield Trust, and the Dave & Cheryl Duffield Foundation on December 3, 2024.