Workiva Inc. (WK) Cut to “Neutral” at Credit Suisse Group AG
Credit Suisse Group AG lowered shares of Workiva Inc. (NYSE:WK) from an outperform rating to a neutral rating in a report released on Thursday. Credit Suisse Group AG currently has $16.00 price target on the stock, down from their prior price target of $18.00.
WK has been the topic of several other research reports. Zacks Investment Research raised shares of Workiva from a hold rating to a buy rating and set a $18.00 price objective on the stock in a research note on Thursday, August 11th. Robert W. Baird reaffirmed an outperform rating and issued a $18.00 target price on shares of Workiva in a report on Thursday, August 18th. Raymond James Financial Inc. lifted their target price on shares of Workiva from $16.00 to $21.00 and gave the stock an outperform rating in a report on Thursday, September 8th. Finally, Stifel Nicolaus lifted their target price on shares of Workiva from $20.00 to $22.00 and gave the stock a buy rating in a report on Thursday, September 8th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Workiva presently has a consensus rating of Buy and an average target price of $18.83.
Workiva (NYSE:WK) opened at 14.50 on Thursday. The company has a 50-day moving average of $16.85 and a 200 day moving average of $15.16. The company’s market capitalization is $597.53 million. Workiva has a 12-month low of $10.91 and a 12-month high of $19.04.
Workiva (NYSE:WK) last posted its quarterly earnings data on Wednesday, November 9th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.11. Workiva had a negative net margin of 27.16% and a negative return on equity of 363.07%. The business had revenue of $44.71 million for the quarter, compared to analyst estimates of $44.87 million. During the same quarter in the previous year, the firm posted ($0.29) earnings per share. Workiva’s quarterly revenue was up 23.3% on a year-over-year basis. Equities research analysts forecast that Workiva will post ($0.84) earnings per share for the current fiscal year.
In other news, VP Joseph H. Howell sold 24,000 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $17.61, for a total transaction of $422,640.00. Following the completion of the transaction, the vice president now directly owns 15,581 shares of the company’s stock, valued at $274,381.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Jerome M. Behar sold 62,783 shares of the business’s stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of $17.87, for a total transaction of $1,121,932.21. The disclosure for this sale can be found here. Insiders own 33.40% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Workiva during the first quarter worth approximately $369,000. Trutina Financial LLC acquired a new stake in shares of Workiva during the second quarter worth approximately $1,887,000. Strs Ohio boosted its stake in shares of Workiva by 8.3% in the second quarter. Strs Ohio now owns 35,100 shares of the company’s stock worth $479,000 after buying an additional 2,700 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Workiva by 66.0% in the second quarter. Bank of New York Mellon Corp now owns 70,128 shares of the company’s stock worth $958,000 after buying an additional 27,873 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in shares of Workiva by 194.5% in the second quarter. California State Teachers Retirement System now owns 46,068 shares of the company’s stock worth $629,000 after buying an additional 30,425 shares in the last quarter. Institutional investors own 32.82% of the company’s stock.
Workiva Inc develops Wdesk, a cloud-based productivity platform for enterprises to collect, link, report and analyze business data with control and accountability. The Wdesk 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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