Workday
stock has soared this year, and co-CEO Carl M. Eschenbach recently picked up a large block of shares of the cloud-software company.
Workday stock (ticker: WDAY) has tacked on about 50% year to date, trouncing the
S&P 500,
as big tech continues to have a boffo 2023. Workday has been reportingstrong earnings, and shares look on track to erase last year’s 39% plunge.
Eschenbach paid $2.1 million on Aug. 29 for a total of 8,676 Workday shares, an average price of $240.44 each. According to a form he filed with the Securities and Exchange Commission, Eschenbach made the purchases through a family trust that now holds 20,222 shares. He also owns 666,852 Workday shares in a personal account.
Eschenbach purchased shares on the open market using a so-called Rule 10b5-1(c) plan, which executes trades automatically when preset parameters are met. The automated transactions are intended to remove any potential bias a company insider may have from knowing nonpublic information.
Eschenbach didn’t respond to a request for comment. He has been a Workday director since February 2018, and co-CEO since December 2022. A former general partner at venture capital firm Sequoia Capital Operations, Eschenbach remains a venture partner at that firm.
Eschenbach is serving as co-CEO alongside Aneel Bhusri, Workday’s co-founder, and chair, through January 2024, when Eschenbach will become the sole CEO.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
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