Workiva (NYSE:WK) Shares Gap Down After Analyst Downgrade

Workiva Inc. (NYSE:WK)’s stock price gapped down before the market opened on Friday after Raymond James lowered their price target on the stock from $125.00 to $105.00. The stock had previously closed at $74.39, but opened at $71.00. Raymond James currently has an outperform rating on the stock. Workiva shares last traded at $65.08, with a volume of 209,807 shares traded.

Several other brokerages also recently weighed in on WK. Truist Financial cut their price target on shares of Workiva from $120.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, April 7th. BNP Paribas began coverage on shares of Workiva in a report on Tuesday, April 22nd. They set an “outperform” rating and a $100.00 target price for the company. Citigroup increased their price target on Workiva from $128.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Stifel Nicolaus reduced their price objective on Workiva from $120.00 to $100.00 and set a “buy” rating for the company in a research note on Friday. Finally, The Goldman Sachs Group dropped their target price on Workiva from $118.00 to $105.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.90.

Insider Activity

In related news, EVP Michael D. Hawkins sold 10,421 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $85.43, for a total transaction of $890,266.03. Following the completion of the transaction, the executive vice president now owns 61,298 shares in the company, valued at $5,236,688.14. This represents a 14.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert H. Herz sold 1,000 shares of Workiva stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $88.70, for a total value of $88,700.00. Following the completion of the sale, the director now owns 34,084 shares in the company, valued at approximately $3,023,250.80. The trade was a 2.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,129 shares of company stock worth $1,807,333 over the last three months. 3.86% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC grew its holdings in shares of Workiva by 27.4% during the first quarter. CWM LLC now owns 8,166 shares of the software maker’s stock worth $620,000 after buying an additional 1,754 shares in the last quarter. Mutual of America Capital Management LLC grew its stake in Workiva by 8.9% during the 1st quarter. Mutual of America Capital Management LLC now owns 77,284 shares of the software maker’s stock valued at $5,867,000 after acquiring an additional 6,344 shares in the last quarter. Xponance Inc. raised its holdings in Workiva by 6.7% in the 1st quarter. Xponance Inc. now owns 3,850 shares of the software maker’s stock valued at $292,000 after acquiring an additional 241 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Workiva by 13.9% in the 1st quarter. Teacher Retirement System of Texas now owns 8,734 shares of the software maker’s stock worth $663,000 after purchasing an additional 1,066 shares in the last quarter. Finally, Goodman Advisory Group LLC acquired a new position in shares of Workiva during the 1st quarter worth approximately $2,618,000. 92.21% of the stock is owned by institutional investors and hedge funds.

Workiva Stock Down 9.5 %

The firm has a market capitalization of $3.78 billion, a PE ratio of -73.16 and a beta of 1.02. The business has a 50-day moving average price of $77.42 and a 200-day moving average price of $90.63.

Workiva (NYSE:WK) last issued its earnings results on Thursday, May 1st. The software maker reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.07. The company had revenue of $206.28 million during the quarter, compared to analysts’ expectations of $204.24 million. During the same quarter in the previous year, the company earned $0.22 earnings per share. The firm’s quarterly revenue was up 17.4% compared to the same quarter last year. On average, equities research analysts anticipate that Workiva Inc. will post -0.92 earnings per share for the current year.

About Workiva

Workiva Inc, together with its subsidiaries, provides cloud-based reporting solutions in the United States and internationally. The company offers Workiva platform, a multi-tenant cloud software that provides data linking capabilities; audit trail services; administrators access management; and allows customers to connect data from multiple enterprise resource planning, human capital management, and customer relationship management systems, as well as other third-party cloud and on-premise applications.