Workiva Inc. (NYSE:WK) Sees Large Decrease in Short Interest

Workiva Inc. (NYSE:WK) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 2,510,000 shares, a drop of 15.8% from the March 15th total of 2,980,000 shares. Currently, 4.7% of the shares of the stock are sold short. Based on an average trading volume of 779,100 shares, the days-to-cover ratio is currently 3.2 days.

Wall Street Analysts Forecast Growth

WK has been the topic of several analyst reports. Raymond James raised shares of Workiva from a “market perform” rating to an “outperform” rating and set a $135.00 price target on the stock in a research report on Friday, January 3rd. The Goldman Sachs Group decreased their target price on Workiva from $118.00 to $105.00 and set a “buy” rating on the stock in a report on Thursday. BMO Capital Markets reduced their price objective on shares of Workiva from $120.00 to $108.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Stephens began coverage on shares of Workiva in a research report on Wednesday, March 19th. They issued an “overweight” rating and a $111.00 price objective on the stock. Finally, Truist Financial decreased their price target on shares of Workiva from $120.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Workiva currently has a consensus rating of “Moderate Buy” and an average price target of $114.33.

Insider Buying and Selling at Workiva

In other news, CAO Brandon Ziegler sold 4,115 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $85.72, for a total transaction of $352,737.80. Following the sale, the chief accounting officer now directly owns 103,509 shares of the company’s stock, valued at $8,872,791.48. This represents a 3.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert H. Herz sold 1,000 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $88.70, for a total transaction of $88,700.00. Following the transaction, 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. Over the last three months, 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

Several hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in Workiva in the 4th quarter valued at about $59,676,000. Nordea Investment Management AB purchased a new position in shares of Workiva in the fourth quarter worth about $59,894,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Workiva in the fourth quarter valued at approximately $51,353,000. Point72 Asset Management L.P. purchased a new stake in shares of Workiva during the 4th quarter valued at approximately $32,863,000. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Workiva by 10.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,148,021 shares of the software maker’s stock worth $235,209,000 after buying an additional 200,220 shares during the period. 92.21% of the stock is currently owned by institutional investors.

Workiva Trading Down 2.7 %

Shares of NYSE:WK traded down $1.83 during midday trading on Monday, reaching $65.80. The company had a trading volume of 11,374 shares, compared to its average volume of 490,377. The stock has a market cap of $3.69 billion, a P/E ratio of -71.78 and a beta of 1.02. Workiva has a 52-week low of $60.50 and a 52-week high of $116.83. The company’s 50 day moving average price is $80.63 and its 200 day moving average price is $91.30.

Workiva Company Profile

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.