Workday falls 7.5% as investors refocus on slower growth outlook, insider selling, and AI-related legal overhang

Workday, Inc. (WDAY) is down 7.5% today. Here is some analysis on what might have caused this price movement.

Analysis: The catalyst for today’s drop is not perfectly clear, but the move looks consistent with renewed concern about Workday’s slower subscription growth outlook and increased investment needs around its agentic AI roadmap. Ongoing headlines around insider selling and AI-related hiring litigation may also be adding to risk-off sentiment in the name.

Details:

Workday’s latest outlook called for fiscal 2027 subscription revenue of about $9.925B to $9.950B (roughly 12% to 13% growth), alongside an emphasis on prioritizing investment in its agentic AI roadmap.

The company also disclosed a leadership change with co-founder Aneel Bhusri returning as chief executive officer, which can raise near-term execution and strategy questions for some investors.

A Form 4 disclosed that David A. Duffield, via a trust, converted Class B shares to Class A and sold 107,500 Class A shares on March 31, 2026 under a Rule 10b5-1 plan.

Separately, a federal court-authorized notice process has been publicized for a collective action tied to allegations that AI-driven hiring tools may have disadvantaged applicants age 40 and older.

Sources:

Workday Investor Relations, U.S. SEC (Form 4/EDGAR), PR Newswire

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 106 times in the past 6 months. Of those trades, 0 have been purchases and 106 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 80 sales selling 1,483,101 shares for an estimated $228,897,318.
ROBERT ENSLIN (President, CCO) has made 0 purchases and 6 sales selling 27,558 shares for an estimated $5,358,052.
GERRIT S KAZMAIER (President, Prod. and Tech.) has made 0 purchases and 8 sales selling 19,662 shares for an estimated $3,418,100.
ZANE ROWE (Chief Financial Officer) has made 0 purchases and 8 sales selling 12,000 shares for an estimated $2,021,806.
CARL M. ESCHENBACH (CEO) sold 3,125 shares for an estimated $656,250
MARK S. GARFIELD (Chief Accounting Officer) has made 0 purchases and 2 sales selling 2,538 shares for an estimated $378,894.
RICHARD HARRY SAUER (Chief Legal Officer & Secty) sold 1,130 shares for an estimated $237,300

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

EARLY ACCESS

Receive WDAY Data Alerts

Real-time alerts on filings, insider trades, and market signals — before everyone else.

Get Alerts →

$WDAY Hedge Fund Activity

We have seen 434 institutional investors add shares of $WDAY stock to their portfolio, and 621 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 12,923,642 shares (-85.9%) from their portfolio in Q4 2025, for an estimated $2,775,739,828
AUTO-OWNERS INSURANCE CO removed 10,183,016 shares (-99.5%) from their portfolio in Q1 2026, for an estimated $1,318,395,081
VANGUARD GROUP INC added 3,210,232 shares (+14.7%) to their portfolio in Q4 2025, for an estimated $689,493,628
JANUS HENDERSON GROUP PLC added 2,525,821 shares (+101.4%) to their portfolio in Q4 2025, for an estimated $542,495,834
FIRST EAGLE INVESTMENT MANAGEMENT, LLC added 2,028,085 shares (+87.8%) to their portfolio in Q4 2025, for an estimated $435,592,096
T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 2,024,956 shares (-50.0%) from their portfolio in Q4 2025, for an estimated $434,920,049
POLEN CAPITAL MANAGEMENT LLC removed 1,851,489 shares (-99.4%) from their portfolio in Q4 2025, for an estimated $397,662,807

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$WDAY Congressional Stock Trading

Members of Congress have traded $WDAY stock 3 times in the past 6 months. Of those trades, 3 have been purchases and 0 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 3 times. They made 3 purchases worth up to $45,000 on 03/13, 01/28, 12/10 and 0 sales.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$WDAY Analyst Ratings

Wall Street analysts have issued reports on $WDAY in the last several months. We have seen 8 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

BTIG issued a "Buy" rating on 02/25/2026
Needham issued a "Buy" rating on 02/09/2026
RBC Capital issued a "Outperform" rating on 01/05/2026
TD Cowen issued a "Buy" rating on 11/26/2025
JP Morgan issued a "Overweight" rating on 11/26/2025
Bernstein issued a "Outperform" rating on 11/26/2025
Keybanc issued a "Overweight" rating on 11/26/2025

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 28 analysts offer price targets for $WDAY in the last 6 months, with a median target of $195.0.

Here are some recent targets:

Steven Enders from Citigroup set a target price of $148.0 on 02/26/2026
Keith Weiss from Morgan Stanley set a target price of $185.0 on 02/25/2026
Allan Verkhovski from BTIG set a target price of $175.0 on 02/25/2026
Kirk Materne from Evercore ISI Group set a target price of $160.0 on 02/25/2026
Billy Fitzsimmons from Piper Sandler set a target price of $135.0 on 02/25/2026
Scott Berg from Needham set a target price of $300.0 on 02/25/2026
John Difucci from Guggenheim set a target price of $275.0 on 02/25/2026

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.