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PLEASANTON, Calif.—David A. Duffield, a significant shareholder of Workday, Inc. (NASDAQ:WDAY), a $66.35 billion market cap company with strong financial health according to InvestingPro, sold a substantial portion of his holdings in the company, according to a recent filing with the Securities and Exchange Commission. On January 6, Duffield disposed of 56,000 shares of Class A Common Stock through multiple transactions, generating a total of approximately $14.2 million.
The shares were sold at prices ranging from $252.65 to $257.38, as per the filing details. Following these transactions, Duffield holds 116,000 shares indirectly through the Dave and Cheryl Duffield Foundation. The company maintains robust financials with a 75.6% gross profit margin and 16.8% revenue growth over the last twelve months.
This sale was conducted under a pre-established Rule 10b5-1 trading plan, which allows insiders to set up a predetermined trading schedule for selling stocks, helping to avoid any allegations of insider trading. The transactions reflect ongoing portfolio adjustments by Duffield, a co-founder of Workday, as he continues to manage his significant investment in the company. Access detailed valuation metrics and 11 additional exclusive ProTips for Workday through InvestingPro's comprehensive research platform.
In other recent news, Workday Inc (NASDAQ:WDAY). has been the focus of several significant developments. Following a period of adjustment, Guggenheim upgraded the company's stock from Sell to Neutral, citing realistic guidance and a "GOOD" financial health score. Workday's subscription revenue growth saw a deceleration, with an 18.6% increase in FY24 and a 16.7% rise in FY25, falling below the company's previous medium-term target of over 20%. The target has since been adjusted down to 15% through FY27.
RBC Capital Markets upgraded Workday's share target due to promising prospects, bolstered by a 16.8% revenue growth. The firm's confidence in Workday's potential was further supported by strategic moves under the leadership of CEO Carl Eschenbach, targeting small to medium-sized businesses (SMBs). Workday's recent developments also include a 16% increase in Q3 subscription revenue, although the fiscal year 2026 subscription growth forecast was adjusted to a slightly lower 14%.
Workday has also been announced to join the S&P 500 Index, a significant event reflecting the company's strong market capitalization and liquidity. This news coincides with a bullish outlook on tech stocks post-2025 CIO Survey by Piper Sandler analysts, indicating a strong outlook for IT spending which could benefit companies like Workday. Despite these developments and the current economic challenges, TD Cowen sustained a Buy rating and a price target of $290.00, reflecting confidence in Workday's long-term prospects.
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