Zacks Investment Research Downgrades Workiva Inc. (WK) to Hold
Workiva Inc. (NYSE:WK) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.
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. “
Other analysts also recently issued reports about the company. Stifel Nicolaus upped their price objective on Workiva from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, September 8th. Raymond James Financial Inc. upped their price objective on Workiva from $16.00 to $21.00 and gave the company an “outperform” rating in a research note on Thursday, September 8th. Robert W. Baird reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Workiva in a research note on Thursday, August 18th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Workiva in a research note on Wednesday, June 29th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $19.40.
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Workiva (NYSE:WK) traded up 0.6958% during trading on Tuesday, hitting $16.8162. The stock had a trading volume of 953 shares. The firm has a 50 day moving average of $17.90 and a 200-day moving average of $14.67. Workiva has a one year low of $10.92 and a one year high of $19.04. The company’s market cap is $690.44 million.
Workiva (NYSE:WK) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.14. The firm earned $43 million during the quarter, compared to analysts’ expectations of $42.07 million. Workiva had a negative return on equity of 233.03% and a negative net margin of 29.62%. The business’s revenue was up 26.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.21) EPS. Equities analysts anticipate that Workiva will post ($0.98) earnings per share for the current fiscal year.
In other news, major shareholder Jerome M. Behar sold 90,000 shares of the stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $18.03, for a total transaction of $1,622,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Joseph H. Howell sold 24,000 shares of the stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $17.61, for a total value of $422,640.00. Following the transaction, the vice president now directly owns 15,581 shares of the company’s stock, valued at $274,381.41. The disclosure for this sale can be found here. Insiders own 33.40% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. BlackRock Advisors LLC increased its position in shares of Workiva by 87.8% in the second quarter. BlackRock Advisors LLC now owns 9,828 shares of the company’s stock worth $134,000 after buying an additional 4,595 shares during the period. Royal Bank of Canada increased its position in Workiva by 98.4% in the second quarter. Royal Bank of Canada now owns 12,372 shares of the company’s stock valued at $169,000 after buying an additional 6,135 shares during the last quarter. American International Group Inc. increased its position in Workiva by 101.2% in the second quarter. American International Group Inc. now owns 12,647 shares of the company’s stock valued at $173,000 after buying an additional 6,360 shares during the last quarter. Renaissance Technologies LLC increased its position in Workiva by 33.3% in the first quarter. Renaissance Technologies LLC now owns 15,600 shares of the company’s stock valued at $182,000 after buying an additional 3,900 shares during the last quarter. Finally, Nationwide Fund Advisors increased its position in Workiva by 205.1% in the second quarter. Nationwide Fund Advisors now owns 14,188 shares of the company’s stock valued at $194,000 after buying an additional 9,537 shares during the last quarter. 32.57% of the stock is owned by institutional investors and hedge funds.
Workiva Company Profile
Workiva Inc develops Wdesk, a cloud-based productivity platform for enterprises to collect, link, report and analyze business data with control and accountability. The Wdesk word processing, spreadsheet and presentation applications are integrated and built upon a data management engine, offering synchronized data, controlled collaboration, granular permissions and a full audit trail.
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