Slack (NYSE:WORK) shares reached a new 52-week low on Tuesday after an insider sold shares in the company. The stock traded as low as $21.22 and last traded at $21.59, with a volume of 106962 shares changing hands. The stock had previously closed at $22.58.
Specifically, SVP Robert Frati sold 33,300 shares of Slack stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $32.78, for a total value of $1,091,574.00. Following the transaction, the senior vice president now directly owns 199,827 shares in the company, valued at $6,550,329.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Allen Shim sold 31,795 shares of Slack stock in a transaction on Monday, August 12th. The shares were sold at an average price of $30.65, for a total transaction of $974,516.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 297,858 shares of company stock valued at $8,408,968.
A number of research firms have commented on WORK. Morgan Stanley dropped their price objective on shares of Slack from $38.00 to $28.00 and set a “weight” rating on the stock in a research note on Wednesday, October 16th. Canaccord Genuity began coverage on shares of Slack in a research note on Monday, July 15th. They issued a “buy” rating and a $40.00 price objective on the stock. Mizuho began coverage on shares of Slack in a research note on Thursday, September 12th. They issued a “neutral” rating and a $26.00 price objective on the stock. Monness Crespi & Hardt lifted their price objective on shares of Slack from $39.00 to $41.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Finally, William Blair began coverage on shares of Slack in a research note on Monday, July 15th. They issued an “outperform” rating on the stock. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $35.35.
Slack (NYSE:WORK) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.98) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.05. The firm had revenue of $144.97 million for the quarter, compared to analyst estimates of $140.60 million. As a group, sell-side analysts expect that Slack will post -0.41 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of WORK. Flagship Harbor Advisors LLC lifted its holdings in shares of Slack by 152.5% in the third quarter. Flagship Harbor Advisors LLC now owns 2,777 shares of the company’s stock valued at $65,000 after purchasing an additional 1,677 shares in the last quarter. Calamos Advisors LLC purchased a new position in shares of Slack during the third quarter valued at approximately $18,543,000. KAMES CAPITAL plc purchased a new position in shares of Slack during the third quarter valued at approximately $10,677,000. Kessler Investment Group LLC purchased a new position in shares of Slack during the third quarter valued at approximately $342,000. Finally, Wedbush Securities Inc. lifted its stake in shares of Slack by 49.6% during the third quarter. Wedbush Securities Inc. now owns 8,450 shares of the company’s stock valued at $201,000 after buying an additional 2,800 shares during the period. Institutional investors and hedge funds own 19.35% of the company’s stock.
About Slack (NYSE:WORK)
Slack Technologies, Inc operates Slack, a business technology software platform in the United States and internationally. Its platform brings together people, applications, and data, as well as sells its offering under a software-as-a-service model. The company was formerly known as Tiny Speck, Inc and changed its name to Slack Technologies, Inc in 2014.
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