Raymond James Lowers Workiva (NYSE:WK) Price Target to $105.00

Workiva (NYSE:WK) had its target price dropped by analysts at Raymond James from $125.00 to $105.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Raymond James’ price objective indicates a potential upside of 55.99% from the company’s current price.

Other analysts also recently issued reports about the stock. Stephens initiated coverage on shares of Workiva in a report on Wednesday, March 19th. They set an “overweight” rating and a $111.00 price objective for the company. Truist Financial dropped their price target on Workiva from $120.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Citigroup increased their price objective on Workiva from $128.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. BMO Capital Markets dropped their target price on Workiva from $120.00 to $108.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Finally, BNP Paribas began coverage on shares of Workiva in a research report on Tuesday, April 22nd. They set an “outperform” rating and a $100.00 price target on the stock. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $107.90.

Workiva Stock Performance

Shares of NYSE WK opened at $67.31 on Friday. The firm’s 50-day simple moving average is $77.42 and its 200 day simple moving average is $90.69. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of -73.16 and a beta of 0.98. Workiva has a fifty-two week low of $60.50 and a fifty-two week high of $116.83.

Workiva (NYSE:WK) last announced 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 business had revenue of $206.28 million for the quarter, compared to analysts’ expectations of $204.24 million. During the same period in the prior year, the business earned $0.22 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, sell-side analysts predict that Workiva will post -0.92 EPS for the current year.

Insider Activity

In other Workiva news, CFO Jill Klindt sold 5,593 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $85.04, for a total transaction of $475,628.72. Following the completion of the transaction, the chief financial officer now owns 119,054 shares of the company’s stock, valued at $10,124,352.16. This represents a 4.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael D. Hawkins sold 10,421 shares of Workiva stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $85.43, for a total value of $890,266.03. Following the completion of the sale, the executive vice president now owns 61,298 shares in the company, valued at approximately $5,236,688.14. This represents a 14.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,129 shares of company stock valued at $1,807,333. 3.86% of the stock is currently owned by company insiders.

Institutional Trading of Workiva

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

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.