Fred Alger Management LLC Takes $8.49 Million Position in Workiva Inc. $WK

Key Points

• Fred Alger Management LLC acquired 111,870 shares of Workiva Inc., representing a new investment valued at approximately $8.5 million.
• Workiva reported a 21.2% year-over-year increase in revenue for the last quarter, totaling $215.19 million, with earnings per share of $0.19, exceeding estimates.
• Institutional investors hold a substantial 92.21% of Workiva's stock, indicating strong interest and confidence in the company's future prospects.

Fred Alger Management LLC acquired a new position in shares of Workiva Inc. (NYSE:WK - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 111,870 shares of the software maker's stock, valued at approximately $8,492,000. Fred Alger Management LLC owned 0.20% of Workiva as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WK. SVB Wealth LLC bought a new position in Workiva during the 1st quarter valued at about $26,000. Farther Finance Advisors LLC lifted its holdings in Workiva by 705.9% during the 1st quarter. Farther Finance Advisors LLC now owns 411 shares of the software maker's stock valued at $31,000 after purchasing an additional 360 shares during the last quarter. Bayforest Capital Ltd bought a new position in Workiva during the 1st quarter valued at about $39,000. Harbour Investments Inc. bought a new position in Workiva during the 1st quarter valued at about $39,000. Finally, Bessemer Group Inc. lifted its holdings in Workiva by 109.2% during the 1st quarter. Bessemer Group Inc. now owns 567 shares of the software maker's stock valued at $43,000 after purchasing an additional 296 shares during the last quarter. 92.21% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WK. Stifel Nicolaus boosted their target price on shares of Workiva from $85.00 to $92.00 and gave the stock a "buy" rating in a research note on Wednesday. Citigroup boosted their price objective on shares of Workiva from $105.00 to $110.00 and gave the company a "buy" rating in a report on Thursday. Stephens restated an "overweight" rating and set a $95.00 price objective on shares of Workiva in a report on Thursday, May 22nd. Wall Street Zen upgraded shares of Workiva from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Finally, Wolfe Research upped their price target on shares of Workiva from $85.00 to $95.00 and gave the company an "outperform" rating in a report on Wednesday. Ten research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $100.00.

Workiva Price Performance

NYSE WK traded down $0.89 on Friday, hitting $77.55. 644,989 shares of the stock were exchanged, compared to its average volume of 702,319. The business's fifty day moving average is $73.76 and its 200 day moving average is $73.35. Workiva Inc. has a 52 week low of $60.50 and a 52 week high of $116.83. The company has a market capitalization of $4.34 billion, a PE ratio of -64.62 and a beta of 0.88.

Workiva (NYSE:WK - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.14. The firm had revenue of $215.19 million for the quarter, compared to the consensus estimate of $208.92 million. The business's revenue was up 21.2% compared to the same quarter last year. During the same period last year, the company posted $0.16 earnings per share. Workiva has set its FY 2025 guidance at 1.310-1.380 EPS. Q3 2025 guidance at 0.370-0.410 EPS. Analysts predict that Workiva Inc. will post -0.92 EPS for the current fiscal year.

Workiva 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.