Workday Falls as Software Selloff and Insider Sales Weigh on Shares

Workday (WDAY) is down 3.1% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver appears to be a broader software-sector selloff rather than a new company-specific setback at Workday. IBM released preliminary second-quarter results on July 14, 2026 and said customers shifted spending toward servers, storage, and memory, which seems to have rattled investors across enterprise software names. Recent insider sales disclosed in SEC filings may have added to the cautious tone around the stock.

Details:

IBM disclosed preliminary quarterly revenue of $17.2 billion and described a late-June shift in client capital spending away from software and toward infrastructure tied to AI demand.

That read-through hit software shares broadly, and Workday appears to have traded lower as part of that group move rather than on a fresh earnings warning or major operational announcement from the company.

Workday’s most recent quarterly release in May showed double-digit revenue and subscription growth, reiterated its full-year subscription revenue outlook, and raised its non-GAAP operating margin guidance, so today’s decline does not appear to line up with a negative update from the company itself.

SEC Form 4 filings also showed recent stock sales by executives and major holders, including CFO Zane Rowe and co-founder David Duffield under prearranged Rule 10b5-1 plans, which could have reinforced weak sentiment.

Sources:

IBM, SEC, Workday

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$WDAY Insider Trading Activity

$WDAY insiders have traded $WDAY stock on the open market 135 times in the past 6 months. Of those trades, 0 have been purchases and 135 have been sales.

Here’s a breakdown of recent trading of $WDAY stock by insiders over the last 6 months:

DAVID A DUFFIELD has made 0 purchases and 114 sales selling 2,042,500 shares for an estimated $271,195,315.
ZANE ROWE (Chief Financial Officer) has made 0 purchases and 6 sales selling 12,000 shares for an estimated $1,631,517.
GERRIT S KAZMAIER (President, Prod. and Tech.) has made 0 purchases and 4 sales selling 12,084 shares for an estimated $1,593,002.
ROBERT ENSLIN (President, CCO) has made 0 purchases and 10 sales selling 10,747 shares for an estimated $1,420,310.
MARK S. GARFIELD (Chief Accounting Officer) sold 1,585 shares for an estimated $179,184

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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$WDAY Hedge Fund Activity

We have seen 439 institutional investors add shares of $WDAY stock to their portfolio, and 557 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

AUTO-OWNERS INSURANCE CO removed 10,183,016 shares (-99.5%) from their portfolio in Q1 2026, for an estimated $1,318,395,081
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC added 3,898,261 shares (+57.7%) to their portfolio in Q1 2026, for an estimated $504,707,851
FIRST EAGLE INVESTMENT MANAGEMENT, LLC added 3,269,940 shares (+75.4%) to their portfolio in Q1 2026, for an estimated $423,359,131
GOLDMAN SACHS GROUP INC added 2,614,558 shares (+196.6%) to their portfolio in Q1 2026, for an estimated $338,506,824
CITIGROUP INC added 2,005,609 shares (+336.9%) to their portfolio in Q1 2026, for an estimated $259,666,197
NEWLANDS MANAGEMENT OPERATIONS LLC removed 1,363,667 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $176,553,966
BARCLAYS PLC removed 1,224,208 shares (-51.6%) from their portfolio in Q1 2026, for an estimated $158,498,209

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$WDAY Congressional Stock Trading

Members of Congress have traded $WDAY stock 5 times in the past 6 months. Of those trades, 2 have been purchases and 3 have been sales.

Here’s a breakdown of recent trading of $WDAY stock by members of Congress over the last 6 months:

REPRESENTATIVE GILBERT RAY CISNEROS, JR. has traded it 5 times. They made 2 purchases worth up to $30,000 on 03/13, 01/28 and 3 sales worth up to $115,000 on 06/05, 05/29, 04/14.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard. You can access data on congressional stock trades through the Quiver Quantitative API Congress trades endpoint.

$WDAY Analyst Ratings

Wall Street analysts have issued reports on $WDAY in the last several months. We have seen 3 firms issue buy ratings on the stock, and 1 firms issue sell ratings.

Here are some recent analyst ratings:

Wells Fargo issued a "Overweight" rating on 05/22/2026
BWG Global issued a "Negative" rating on 05/15/2026
BTIG issued a "Buy" rating on 02/25/2026
Needham issued a "Buy" rating on 02/09/2026

To track analyst ratings and price targets for $WDAY, check out Quiver Quantitative's $WDAY forecast page.

$WDAY Price Targets

Multiple analysts have issued price targets for $WDAY recently. We have seen 25 analysts offer price targets for $WDAY in the last 6 months, with a median target of $180.0.

Here are some recent targets:

Kash Rangan from Goldman Sachs set a target price of $151.0 on 05/26/2026
Brent Thill from Jefferies set a target price of $140.0 on 05/22/2026
Karl Keirstead from UBS set a target price of $140.0 on 05/22/2026
Michael Turrin from Wells Fargo set a target price of $185.0 on 05/22/2026
Jason Celino from Keybanc set a target price of $158.0 on 05/22/2026
Steven Enders from Citigroup set a target price of $139.0 on 05/22/2026
Scott Berg from Needham set a target price of $180.0 on 05/22/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.