Workiva Inc. (WK) Issues Earnings Results
Workiva Inc. (NYSE:WK) posted its quarterly earnings data on Thursday. The software maker reported ($0.25) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.06, Morningstar.com reports. The company had revenue of $49.40 million during the quarter, compared to analysts’ expectations of $48.37 million. Workiva had a negative net margin of 20.31% and a negative return on equity of 13,251.94%. The firm’s revenue for the quarter was up 14.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.20) earnings per share. Workiva updated its Q3 guidance to ($0.30)-($0.29) EPS and its FY17 guidance to ($0.64)-($0.62) EPS.
Workiva (NYSE:WK) traded up 4.71% during midday trading on Friday, hitting $20.00. 175,786 shares of the company traded hands. The stock has a 50 day moving average of $19.51 and a 200 day moving average of $16.63. The stock’s market cap is $827.54 million. Workiva has a 12-month low of $12.15 and a 12-month high of $20.95.
In related news, major shareholder Jerome M. Behar sold 76,520 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $18.27, for a total value of $1,398,020.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Jerome M. Behar sold 16,500 shares of the stock in a transaction on Monday, May 8th. The shares were sold at an average price of $18.12, for a total value of $298,980.00. The disclosure for this sale can be found here. Insiders have sold 415,445 shares of company stock valued at $8,008,143 in the last ninety days. Company insiders own 33.40% of the company’s stock.
A number of large investors have recently made changes to their positions in WK. State Street Corp raised its stake in shares of Workiva by 4.4% in the fourth quarter. State Street Corp now owns 331,358 shares of the software maker’s stock worth $4,524,000 after buying an additional 13,881 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Workiva by 64.0% in the fourth quarter. Renaissance Technologies LLC now owns 61,000 shares of the software maker’s stock worth $833,000 after buying an additional 23,800 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Workiva by 27.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 40,703 shares of the software maker’s stock worth $556,000 after buying an additional 8,810 shares during the last quarter. Teachers Advisors LLC increased its position in shares of Workiva by 88.1% in the fourth quarter. Teachers Advisors LLC now owns 71,214 shares of the software maker’s stock worth $972,000 after buying an additional 33,349 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. increased its position in shares of Workiva by 1,085.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 123,679 shares of the software maker’s stock worth $1,936,000 after buying an additional 113,250 shares during the last quarter. Hedge funds and other institutional investors own 40.77% of the company’s stock.
A number of brokerages have recently commented on WK. Morgan Stanley reiterated an “equal weight” rating and issued a $18.00 target price (up from $16.00) on shares of Workiva in a research report on Tuesday, July 25th. BidaskClub lowered shares of Workiva from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Northland Securities reaffirmed a “buy” rating and set a $18.00 target price on shares of Workiva in a research note on Friday, July 28th. SunTrust Banks, Inc. assumed coverage on shares of Workiva in a research note on Monday, June 26th. They set a “buy” rating and a $22.00 target price for the company. Finally, Credit Suisse Group raised their price objective on shares of Workiva from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, May 5th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Workiva presently has a consensus rating of “Buy” and a consensus price target of $19.00.
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Workiva Company Profile
Workiva Inc provides enterprises with cloud solutions for improving productivity, accountability and insight into business data. The Company created Wdesk, a collaborative work management platform for organizations to collect, link, report and analyze their business data. Wdesk’s 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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