Zacks Investment Research Lowers Workiva (WK) to Hold
Workiva (NYSE:WK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Workiva LLC offers a cloud-based and mobile-enabled platform for enterprises to collect, manage, report and analyze critical business data in real time. The company provides solutions for compliance, risk, sustainability and management reporting as well as enterprise risk management. It serves the manufacturing and materials, energy and utilities, financial services, healthcare, media and entertainment, real estate, retail, consumer goods, services, transportation and technology and telecom industries. Workiva LLC is headquartered in Ames, Iowa. “
WK has been the subject of several other research reports. Morgan Stanley lowered Workiva from an “equal weight” rating to an “underweight” rating and increased their price objective for the company from $20.00 to $28.00 in a report on Tuesday, September 18th. Northland Securities upped their target price on Workiva from $30.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, September 24th. SunTrust Banks upped their target price on Workiva to $46.00 and gave the company a “buy” rating in a research report on Wednesday, September 26th. Stifel Nicolaus upped their target price on Workiva from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, September 21st. Finally, Robert W. Baird raised Workiva from a “neutral” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Tuesday, September 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $39.00.
Workiva (NYSE:WK) last posted its earnings results on Wednesday, November 7th. The software maker reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.11. The company had revenue of $60.87 million for the quarter, compared to analysts’ expectations of $59.84 million. During the same quarter in the prior year, the company earned ($0.23) EPS. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. Research analysts anticipate that Workiva will post -1.03 earnings per share for the current year.
In other Workiva news, CAO Jill Klindt sold 3,500 shares of the stock in a transaction dated Wednesday, November 14th. The stock was sold at an average price of $35.11, for a total transaction of $122,885.00. Following the sale, the chief accounting officer now directly owns 34,354 shares of the company’s stock, valued at approximately $1,206,168.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Martin J. Vanderploeg sold 25,000 shares of the stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $35.82, for a total value of $895,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 33,700 shares of company stock worth $1,209,641 over the last ninety days. 29.94% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Morgan Stanley lifted its stake in Workiva by 6.4% in the 3rd quarter. Morgan Stanley now owns 711,783 shares of the software maker’s stock valued at $28,115,000 after buying an additional 42,766 shares in the last quarter. TIAA CREF Investment Management LLC lifted its stake in Workiva by 30.3% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 257,216 shares of the software maker’s stock valued at $10,160,000 after buying an additional 59,810 shares in the last quarter. Teachers Advisors LLC lifted its stake in Workiva by 19.3% in the 3rd quarter. Teachers Advisors LLC now owns 126,112 shares of the software maker’s stock valued at $4,981,000 after buying an additional 20,368 shares in the last quarter. AQR Capital Management LLC lifted its stake in Workiva by 150.6% in the 3rd quarter. AQR Capital Management LLC now owns 43,850 shares of the software maker’s stock valued at $1,732,000 after buying an additional 26,354 shares in the last quarter. Finally, MetLife Investment Advisors LLC lifted its stake in Workiva by 61.3% in the 3rd quarter. MetLife Investment Advisors LLC now owns 18,076 shares of the software maker’s stock valued at $714,000 after buying an additional 6,870 shares in the last quarter. 46.26% of the stock is currently owned by institutional investors and hedge funds.
Workiva Inc provides cloud solutions for the finance and accounting, audit and internal controls, risk and compliance, and performance and management reporting markets in the United States and internationally. The company provides Wdesk, a platform with proprietary word processing, spreadsheet, and presentation applications to collect, link, report, and analyze the business data, as well as to create, review, and publish data-linked documents and reports.
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