Sanford C. Bernstein Initiates Coverage on Slack (NASDAQ:WORK)

Research analysts at Sanford C. Bernstein initiated coverage on shares of Slack (NASDAQ:WORK) in a research note issued on Wednesday, The Fly reports. The firm set a “market perform” rating on the stock.

Several other equities research analysts have also commented on WORK. Citigroup began coverage on shares of Slack in a report on Wednesday, July 17th. They issued a “neutral” rating and a $34.40 price target on the stock. Robert W. Baird began coverage on shares of Slack in a report on Tuesday, June 25th. They issued an “outperform” rating and a $44.00 price target on the stock. William Blair began coverage on shares of Slack in a report on Monday, July 15th. They issued an “outperform” rating on the stock. Oppenheimer began coverage on shares of Slack in a report on Tuesday, July 9th. They issued a “market perform” rating and a $35.00 price target on the stock. Finally, Stephens began coverage on shares of Slack in a report on Thursday, July 11th. They issued an “overweight” rating and a $43.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $38.78.

Shares of WORK traded down $0.50 during trading hours on Wednesday, reaching $30.75. 75,234 shares of the company traded hands, compared to its average volume of 6,983,472. Slack has a 12-month low of $29.10 and a 12-month high of $42.00. The stock has a fifty day simple moving average of $33.64.

In related news, CEO Stewart Butterfield sold 1,360,909 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $39.07, for a total transaction of $53,170,714.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Parallel Fund Iv-A L.P. Ah sold 3,000,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $38.66, for a total transaction of $115,980,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,936,311 shares of company stock valued at $268,197,602.

Institutional investors have recently added to or reduced their stakes in the business. Meadow Creek Investment Management LLC purchased a new position in Slack during the 2nd quarter worth $25,000. Sterling Investment Advisors Ltd. purchased a new stake in shares of Slack in the second quarter valued at about $28,000. Neuburgh Advisers LLC purchased a new stake in shares of Slack in the second quarter valued at about $35,000. Gables Capital Management Inc. acquired a new stake in shares of Slack in the second quarter valued at about $38,000. Finally, Winslow Evans & Crocker Inc. acquired a new stake in shares of Slack in the second quarter valued at about $38,000.

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