David A. Duffield, a significant shareholder of Workday, Inc. (NASDAQ:WDAY), a prominent software company with a market capitalization of approximately $71 billion, recently sold shares of the company's Class A Common Stock. The transaction comes as Workday's stock has shown strong momentum, gaining over 27% in the past six months according to InvestingPro data. According to a Form 4 filing with the Securities and Exchange Commission, Duffield executed a series of transactions on December 2, 2024, selling a total of 71,003 shares. The sales were carried out at prices ranging from approximately $246.63 to $253.29 per share, amounting to a total value of approximately $17.6 million. InvestingPro analysis shows Workday maintains strong financial health with a current ratio of 2.05, indicating robust liquidity. Subscribers can access 12 additional ProTips and comprehensive insider trading analysis in the Pro Research Report.
The sales were part of a Rule 10b5-1 trading plan, a prearranged trading strategy that allows insiders to sell stock at predetermined times to avoid accusations of insider trading. After these transactions, Duffield's direct ownership of Workday's Class A Common Stock stands at 102,997 shares.
The filing also noted some transactions involving Class B Common Stock, which were converted into Class A Common Stock on the same dates. However, these transactions did not involve any monetary exchange.
In other recent news, Workday Inc (NASDAQ:WDAY). reported a 16% increase in third-quarter subscription revenue, reaching $1,559 million. However, the company adjusted its fiscal year 2026 subscription growth forecast to a slightly lower 14%. TD (TSX:TD) Cowen maintained a Buy rating for Workday, while Oppenheimer and BMO (TSX:BMO) Capital reaffirmed their Outperform rating. Goldman Sachs (NYSE:GS), despite cutting its target for Workday to $300, maintained its buy rating, citing potential benefits from a more favorable macroeconomic environment and traction in Workday's AI products. Citi increased its price target for Workday to $287, maintaining a neutral rating and highlighting the company's AI expansion, while also flagging near-term risks. Notably, the company announced leadership changes, with Doug Robinson set to retire at the end of the fiscal year, and Rob Enslin joining as President and Chief Commercial Officer. These recent developments reflect the ongoing strategic adjustments within the company as it navigates its growth objectives.
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