SunTrust Banks, Inc. Reaffirms “Buy” Rating for Workiva Inc. (WK)
Workiva Inc. (NYSE:WK)‘s stock had its “buy” rating reaffirmed by equities research analysts at SunTrust Banks, Inc. in a report released on Friday. They currently have a $24.00 price target on the software maker’s stock. SunTrust Banks, Inc.’s target price indicates a potential upside of 4.80% from the stock’s current price.
Several other research analysts have also recently weighed in on WK. BidaskClub cut shares of Workiva from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Morgan Stanley reiterated an “equal weight” rating and issued a $18.00 target price (up from $16.00) on shares of Workiva in a research report on Tuesday, July 25th. Northland Securities reiterated a “buy” rating and issued a $18.00 target price on shares of Workiva in a research report on Friday, July 28th. Stifel Nicolaus reiterated a “buy” rating and issued a $21.00 target price on shares of Workiva in a research report on Friday, August 4th. Finally, Robert W. Baird upped their target price on shares of Workiva from $19.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, September 21st. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $21.71.
Shares of Workiva (NYSE:WK) opened at $22.90 on Friday. The company has a debt-to-equity ratio of -3.11, a quick ratio of 0.98 and a current ratio of 0.98.
Workiva (NYSE:WK) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.06. The firm had revenue of $49.40 million for the quarter, compared to analysts’ expectations of $48.37 million. Workiva had a negative net margin of 18.94% and a negative return on equity of 13,251.94%. The business’s quarterly revenue was up 14.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.20) earnings per share. analysts forecast that Workiva will post -1.05 earnings per share for the current year.
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In related news, major shareholder Jerome M. Behar sold 36,579 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $20.00, for a total value of $731,580.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Jerome M. Behar sold 1,839 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $36,780.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 360,898 shares of company stock valued at $7,342,819. Insiders own 33.29% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Highwater Wealth Management LLC purchased a new stake in shares of Workiva during the first quarter valued at approximately $11,738,000. Oberndorf William E grew its holdings in shares of Workiva by 38.8% during the first quarter. Oberndorf William E now owns 2,369,384 shares of the software maker’s stock valued at $37,081,000 after buying an additional 662,408 shares during the last quarter. Frontier Capital Management Co. LLC purchased a new stake in shares of Workiva during the first quarter valued at approximately $5,678,000. Spark Investment Management LLC grew its holdings in shares of Workiva by 234.8% during the second quarter. Spark Investment Management LLC now owns 235,700 shares of the software maker’s stock valued at $4,490,000 after buying an additional 165,300 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Workiva by 12.4% during the second quarter. Vanguard Group Inc. now owns 1,336,468 shares of the software maker’s stock valued at $25,459,000 after buying an additional 147,450 shares during the last quarter. 32.35% of the stock is owned by institutional investors and hedge funds.
Workiva Inc provides enterprises with cloud solutions for improving productivity, accountability and insight into business data. The Company created Wdesk, a collaborative work management platform for organizations to collect, link, report and analyze their business data. Wdesk’s 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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