Nissay Asset Management Corp Japan ADV Makes New Investment in Slack (NYSE:WORK)
Nissay Asset Management Corp Japan ADV bought a new position in Slack (NYSE:WORK) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 31,703 shares of the company’s stock, valued at approximately $986,000.
Several other institutional investors also recently bought and sold shares of WORK. Quadrant Capital Group LLC purchased a new stake in shares of Slack in the 4th quarter valued at approximately $27,000. Duncker Streett & Co. Inc. purchased a new stake in shares of Slack in the 1st quarter valued at approximately $27,000. Trustcore Financial Services LLC lifted its position in shares of Slack by 86.2% in the 1st quarter. Trustcore Financial Services LLC now owns 1,037 shares of the company’s stock valued at $28,000 after acquiring an additional 480 shares in the last quarter. WASHINGTON TRUST Co purchased a new stake in shares of Slack in the 1st quarter valued at approximately $45,000. Finally, Manchester Financial Inc. purchased a new stake in shares of Slack in the 2nd quarter valued at approximately $48,000. Institutional investors and hedge funds own 51.75% of the company’s stock.
WORK has been the subject of several research analyst reports. Wells Fargo & Co reduced their price target on shares of Slack from $41.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, June 5th. FBN Securities began coverage on shares of Slack in a research report on Friday, July 17th. They issued an “outperform” rating and a $45.00 price target for the company. DA Davidson increased their target price on shares of Slack from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, June 5th. Barclays upgraded shares of Slack to a “buy” rating in a research report on Friday, June 19th. Finally, Morgan Stanley increased their target price on shares of Slack from $25.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company. Slack currently has a consensus rating of “Buy” and a consensus price target of $34.08.
Shares of NYSE WORK opened at $29.55 on Friday. The stock has a market cap of $16.45 billion and a P/E ratio of -20.66. The firm has a 50 day moving average price of $31.77 and a 200 day moving average price of $27.89. The company has a debt-to-equity ratio of 0.74, a quick ratio of 3.32 and a current ratio of 3.32. Slack has a 52-week low of $15.10 and a 52-week high of $40.07.
Slack (NYSE:WORK) last announced its quarterly earnings results on Thursday, June 4th. The company reported ($0.02) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.12. Slack had a negative net margin of 87.91% and a negative return on equity of 79.21%. The firm had revenue of $201.65 million for the quarter, compared to analyst estimates of $188.12 million. The company’s revenue was up 49.6% on a year-over-year basis. Analysts predict that Slack will post -0.58 earnings per share for the current fiscal year.
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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