Slack (NYSE:WORK) Shares Gap Down Following Insider Selling

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Slack (NYSE:WORK) gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $23.48, but opened at $23.00. Slack shares last traded at $22.25, with a volume of 10,076,247 shares.

Specifically, CTO Cal Henderson sold 1,500 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $22.02, for a total value of $33,030.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas C. Leonard sold 4,000 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $85.22, for a total value of $340,880.00. In the last three months, insiders sold 265,429 shares of company stock valued at $5,669,816.

WORK has been the subject of a number of research analyst reports. Monness Crespi & Hardt initiated coverage on Slack in a research report on Thursday, December 5th. They issued a “buy” rating and a $41.00 price target for the company. Barclays restated a “buy” rating and issued a $31.00 price target on shares of Slack in a research report on Sunday, November 3rd. Stephens initiated coverage on Slack in a research report on Thursday, December 5th. They issued a “buy” rating and a $37.00 price target for the company. Robert W. Baird raised their price target on Slack to $31.00 and gave the company an “outperform” rating in a research report on Thursday, December 5th. Finally, Piper Jaffray Companies initiated coverage on Slack in a research report on Monday, October 28th. They issued an “overweight” rating and a $30.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. Slack has an average rating of “Buy” and a consensus price target of $31.05.

The business has a 50-day moving average price of $21.76.

Slack (NYSE:WORK) last posted its quarterly earnings data on Wednesday, December 4th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.07. The firm had revenue of $168.70 million during the quarter, compared to analysts’ expectations of $156.14 million. Slack had a negative return on equity of 554.57% and a negative net margin of 90.86%. The company’s quarterly revenue was up 59.8% on a year-over-year basis. On average, equities analysts anticipate that Slack will post -0.33 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC acquired a new stake in Slack in the 2nd quarter worth about $211,000. Advisor Group Inc. acquired a new stake in Slack in the 2nd quarter worth about $198,000. Sheaff Brock Investment Advisors LLC acquired a new stake in Slack in the 2nd quarter worth about $326,000. Wedbush Securities Inc. acquired a new stake in Slack in the 2nd quarter worth about $212,000. Finally, Westpac Banking Corp acquired a new stake in Slack in the 2nd quarter worth about $4,382,000. Hedge funds and other institutional investors own 33.78% 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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