Envestnet Asset Management Inc. Lowers Stock Holdings in Workiva Inc. (NYSE:WK)

Envestnet Asset Management Inc. lowered its holdings in Workiva Inc. (NYSE:WK) by 4.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 188,567 shares of the software maker’s stock after selling 8,870 shares during the period. Envestnet Asset Management Inc. owned 0.36% of Workiva worth $19,311,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. increased its stake in Workiva by 2.1% during the first quarter. Federated Hermes Inc. now owns 112,961 shares of the software maker’s stock worth $11,568,000 after acquiring an additional 2,278 shares during the last quarter. Commerce Bank acquired a new stake in Workiva during the 4th quarter worth approximately $426,000. Mount Yale Investment Advisors LLC purchased a new position in Workiva in the first quarter valued at approximately $345,000. Prime Capital Investment Advisors LLC acquired a new position in Workiva during the first quarter valued at approximately $717,000. Finally, Conestoga Capital Advisors LLC lifted its position in Workiva by 0.8% during the first quarter. Conestoga Capital Advisors LLC now owns 927,275 shares of the software maker’s stock valued at $94,962,000 after buying an additional 7,384 shares in the last quarter. 83.69% of the stock is owned by institutional investors and hedge funds.

Workiva Stock Performance

Shares of WK opened at $110.38 on Friday. The firm has a market cap of $5.92 billion, a price-to-earnings ratio of -53.32 and a beta of 1.14. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 2,262.59. The business’s 50 day moving average is $102.02 and its two-hundred day moving average is $97.12. Workiva Inc. has a 52-week low of $60.28 and a 52-week high of $113.32.

Workiva (NYSE:WK) last posted its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.18. The firm had revenue of $155.02 million for the quarter, compared to analysts’ expectations of $153.40 million. Workiva had a negative net margin of 19.02% and a negative return on equity of 26,521.01%. Analysts forecast that Workiva Inc. will post -1.74 EPS for the current fiscal year.

Insider Transactions at Workiva

In other Workiva news, Director Michael M. Crow sold 3,500 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $100.46, for a total transaction of $351,610.00. Following the transaction, the director now owns 11,443 shares of the company’s stock, valued at approximately $1,149,563.78. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 5.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on WK. The Goldman Sachs Group raised their target price on shares of Workiva from $108.00 to $121.00 and gave the company a “buy” rating in a research note on Friday, August 4th. Robert W. Baird raised their price objective on Workiva from $106.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, August 4th. Wolfe Research assumed coverage on Workiva in a research report on Monday, August 28th. They issued an “outperform” rating and a $120.00 target price for the company. StockNews.com initiated coverage on Workiva in a report on Thursday, August 17th. They set a “hold” rating on the stock. Finally, Northland Securities boosted their price target on Workiva from $90.00 to $115.00 in a research report on Friday, August 4th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Workiva currently has a consensus rating of “Moderate Buy” and a consensus target price of $109.75.

Workiva Profile

Workiva Inc, together with its subsidiaries, provides cloud-based compliance and regulatory reporting solutions worldwide. The company offers Workiva platform that offers controlled collaboration, data linking, data integrations, granular permissions, process management, and full audit trail services; and provides tools that enables customers to connect data from enterprise resource planning, human capital management, and customer relationship management systems, as well as from other third-party cloud and on-premise applications.