Insider transaction details
David A. Duffield, who holds approximately a ten percent stake in Workday, Inc. (NASDAQ: WDAY), sold 107,500 shares of Class A Common Stock on March 10, 2026, according to a filing with the SEC. The disposals generated $15.3 million in proceeds and were carried out in a series of tranches at varied prices.
The transactions broke down as follows: 4,300 shares at a weighted average price of $140.0233; 14,176 shares at $141.1599; 52,631 shares at $142.0226; 31,693 shares at $142.783; 2,000 shares at $144.199; 2,100 shares at $145.1569; 590 shares at $146.3334; and 10 shares at $146.725.
On the same date as the sales, Duffield converted 107,500 shares of Class B Common Stock into Class A Common Stock, also disclosed in the SEC filing.
Market context and valuation notes
Workday shares have declined roughly 40% over the past six months and were trading near $134.14 at the time of the filing. InvestingPro analysis referenced in the filing suggests the stock is materially undervalued, and notes are available to subscribers who wish to review detailed metrics tied to Workday's approximately $34.5 billion market capitalization.
Recent operational and strategic developments
Workday reported fourth-quarter fiscal 2026 results that met management guidance, internal forecasts, and consensus revenue expectations while coming in ahead of earnings forecasts. Despite those reported results, several brokerages adjusted their price targets downward.
DA Davidson reduced its price target to $125 from $250, citing guidance that fell short of revenue and profitability expectations. BMO Capital lowered its target to $182 from $204, pointing to uncertainty about the company’s growth strategy amid evolving AI capabilities. Freedom Capital Markets trimmed its target to $210 from $280 but kept a Buy rating, attributing the change to competitive risks related to AI.
On the customer front, Fairview Health Services selected Workday to modernize its HR and finance systems, moving 34,000 employees onto Workday’s integrated platform. Separately, Workday’s board granted equity awards to CEO Aneel Bhusri with performance conditions tied to the company’s 2022 Equity Incentive Plan.
What this means
The filing documents a sizable insider sale executed across multiple price points on a single day and a concurrent conversion of Class B shares to Class A. Those transactions come amid mixed signals: quarterly results that met revenue expectations but guidance and market commentary that prompted several analysts to lower price targets. The company continues to pursue customer deployments and maintain incentive structures for its executive team as it navigates competitive dynamics, including considerations related to AI.