Workiva (WK) Cut to “Hold” at Zacks Investment Research

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Zacks Investment Research downgraded shares of Workiva (NYSE:WK) from a buy rating to a hold rating in a report released on Friday morning.

According to Zacks, “Workiva LLC offers a cloud-based and mobile-enabled platform for enterprises to collect, manage, report and analyze critical business data in real time. The company provides solutions for compliance, risk, sustainability and management reporting as well as enterprise risk management. It serves the manufacturing and materials, energy and utilities, financial services, healthcare, media and entertainment, real estate, retail, consumer goods, services, transportation and technology and telecom industries. Workiva LLC is headquartered in Ames, Iowa. “

A number of other research firms have also recently weighed in on WK. SunTrust Banks boosted their price objective on shares of Workiva to $46.00 and gave the company a buy rating in a research report on Wednesday, September 26th. Morgan Stanley cut shares of Workiva from an equal weight rating to an underweight rating and boosted their price objective for the company from $20.00 to $28.00 in a research report on Tuesday, September 18th. Robert W. Baird upgraded shares of Workiva from a neutral rating to an outperform rating and set a $42.00 price objective on the stock in a research report on Tuesday, September 25th. Northland Securities boosted their price objective on shares of Workiva from $30.00 to $40.00 and gave the company an outperform rating in a research report on Monday, September 24th. Finally, Stifel Nicolaus boosted their price objective on shares of Workiva from $35.00 to $42.00 and gave the company a buy rating in a research report on Friday, September 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $39.17.

WK stock opened at $34.26 on Friday. Workiva has a twelve month low of $20.50 and a twelve month high of $40.84. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of -32.02 and a beta of 1.06.

Workiva (NYSE:WK) last posted its quarterly earnings data on Wednesday, November 7th. The software maker reported ($0.25) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.36) by $0.11. The firm had revenue of $60.87 million for the quarter, compared to the consensus estimate of $59.84 million. During the same quarter last year, the firm earned ($0.23) EPS. The company’s revenue was up 16.8% on a year-over-year basis. On average, equities research analysts expect that Workiva will post -1.03 EPS for the current fiscal year.

In other news, Director Michael M. Crow sold 5,000 shares of the business’s stock in a transaction on Thursday, November 15th. The shares were sold at an average price of $36.77, for a total transaction of $183,850.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Martin J. Vanderploeg sold 25,000 shares of the business’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $35.82, for a total transaction of $895,500.00. The disclosure for this sale can be found here. Insiders have sold 88,500 shares of company stock valued at $3,144,165 over the last three months. Insiders own 29.94% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of WK. Highwater Wealth Management LLC lifted its stake in Workiva by 6,570.3% in the third quarter. Highwater Wealth Management LLC now owns 761,415 shares of the software maker’s stock worth $30,076,000 after acquiring an additional 750,000 shares during the period. BlackRock Inc. lifted its stake in Workiva by 33.3% in the third quarter. BlackRock Inc. now owns 2,376,571 shares of the software maker’s stock worth $93,874,000 after acquiring an additional 593,606 shares during the period. Brown Advisory Inc. purchased a new stake in Workiva in the third quarter worth about $22,150,000. Millennium Management LLC purchased a new stake in Workiva in the second quarter worth about $5,289,000. Finally, American Century Companies Inc. purchased a new stake in Workiva in the third quarter worth about $6,865,000. 46.05% of the stock is owned by hedge funds and other institutional investors.

About Workiva

Workiva Inc provides cloud solutions for the finance and accounting, audit and internal controls, risk and compliance, and performance and management reporting markets in the United States and internationally. The company provides Wdesk, a platform with proprietary word processing, spreadsheet, and presentation applications to collect, link, report, and analyze the business data, as well as to create, review, and publish data-linked documents and reports.

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