AE Wealth Management LLC Purchases Shares of 14,161 Slack (NYSE:WORK)
AE Wealth Management LLC purchased a new stake in Slack (NYSE:WORK) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 14,161 shares of the company’s stock, valued at approximately $380,000.
A number of other institutional investors have also added to or reduced their stakes in WORK. AH Equity Partners I L.L.C. purchased a new stake in Slack in the fourth quarter valued at about $220,628,000. FMR LLC raised its stake in Slack by 142.1% in the fourth quarter. FMR LLC now owns 10,336,759 shares of the company’s stock valued at $232,370,000 after buying an additional 6,067,761 shares during the last quarter. Alliancebernstein L.P. raised its stake in Slack by 376.7% in the fourth quarter. Alliancebernstein L.P. now owns 6,620,586 shares of the company’s stock valued at $148,831,000 after buying an additional 5,231,846 shares during the last quarter. Spark Growth Management Partners LLC purchased a new position in shares of Slack in the fourth quarter worth about $113,570,000. Finally, AH Equity Partners IV Parallel L.L.C. purchased a new position in shares of Slack in the fourth quarter worth about $85,793,000. Institutional investors own 47.81% of the company’s stock.
Several research analysts have recently issued reports on WORK shares. Credit Suisse Group raised their price objective on Slack from $21.00 to $26.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Cantor Fitzgerald started coverage on Slack in a research note on Sunday, April 19th. They issued an “overweight” rating for the company. MKM Partners reduced their price objective on Slack from $28.00 to $27.00 and set a “buy” rating for the company in a research note on Friday, March 13th. DA Davidson raised their price objective on Slack from $20.00 to $29.00 and gave the stock a “neutral” rating in a research note on Friday, March 27th. Finally, Barclays reduced their price objective on Slack from $31.00 to $23.00 and set an “overweight” rating for the company in a research note on Friday, March 13th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $29.35.
Slack (NYSE:WORK) last issued its quarterly earnings data on Thursday, March 12th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.02. Slack had a negative return on equity of 138.05% and a negative net margin of 90.58%. The company had revenue of $181.90 million for the quarter, compared to analyst estimates of $174.24 million. Slack’s revenue was up 49.1% on a year-over-year basis. On average, analysts anticipate that Slack will post -0.61 earnings per share for the current fiscal year.
In other news, Director John Ofarrell sold 42,990 shares of Slack stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $18.77, for a total value of $806,922.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Cal Henderson sold 1,500 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $27.79, for a total value of $41,685.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,771,999 shares of company stock worth $42,848,500. 26.82% of the stock is owned by corporate insiders.
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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