Millennium Management LLC increased its position in shares of Slack (NYSE:WORK) by 33.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 368,847 shares of the company’s stock after buying an additional 92,634 shares during the period. Millennium Management LLC owned about 0.07% of Slack worth $8,752,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in WORK. Tenzing Global Management LLC bought a new position in shares of Slack in the 3rd quarter worth $593,000. ICONIQ Capital LLC purchased a new stake in Slack during the 3rd quarter worth approximately $799,000. Barclays PLC grew its position in Slack by 978.7% during the 3rd quarter. Barclays PLC now owns 30,268 shares of the company’s stock worth $718,000 after purchasing an additional 27,462 shares during the last quarter. Global Retirement Partners LLC acquired a new position in Slack during the 3rd quarter valued at approximately $33,000. Finally, Stifel Financial Corp increased its stake in Slack by 17.1% during the 3rd quarter. Stifel Financial Corp now owns 10,024 shares of the company’s stock valued at $231,000 after purchasing an additional 1,465 shares in the last quarter. Hedge funds and other institutional investors own 33.78% of the company’s stock.

In related news, CAO Brandon Zell sold 2,610 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $22.98, for a total value of $59,977.80. Also, CFO Allen Shim sold 3,905 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $22.98, for a total transaction of $89,736.90. In the last three months, insiders sold 265,429 shares of company stock valued at $5,684,516.

NYSE WORK opened at $22.50 on Monday. The firm’s fifty day simple moving average is $21.74. Slack has a 1 year low of $19.53 and a 1 year high of $42.00.

Slack (NYSE:WORK) last posted its quarterly earnings results on Wednesday, December 4th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.07. The company had revenue of $168.70 million for the quarter, compared to analyst estimates of $156.14 million. Slack had a negative net margin of 90.86% and a negative return on equity of 554.57%. Slack’s revenue was up 59.8% on a year-over-year basis. Equities analysts anticipate that Slack will post -0.33 EPS for the current fiscal year.

Several equities research analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Slack from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research note on Saturday, October 5th. Sanford C. Bernstein started coverage on Slack in a research report on Wednesday, August 14th. They issued a “market perform” rating and a $31.00 target price on the stock. Piper Jaffray Companies began coverage on Slack in a research note on Monday, October 28th. They issued an “overweight” rating and a $30.00 target price for the company. Mizuho lifted their price target on Slack from $20.00 to $24.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Barclays reiterated a “buy” rating and set a $31.00 price target on shares of Slack in a research note on Sunday, November 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $31.21.

About Slack

Slack Technologies, Inc operates Slack, a business technology software platform in the United States and internationally. Its platform brings together people, applications, and data, as well as sells its offering under a software-as-a-service model. The company was formerly known as Tiny Speck, Inc and changed its name to Slack Technologies, Inc in 2014.

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Institutional Ownership by Quarter for Slack (NYSE:WORK)

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