Abacus Planning Group Inc. Has $4.02 Million Stake in Workiva Inc. (NYSE:WK)

Abacus Planning Group Inc. raised its stake in Workiva Inc. (NYSE:WK - Free Report) by 2,508.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 52,954 shares of the software maker's stock after purchasing an additional 50,924 shares during the quarter. Workiva accounts for about 0.7% of Abacus Planning Group Inc.'s portfolio, making the stock its 24th biggest position. Abacus Planning Group Inc. owned approximately 0.09% of Workiva worth $4,020,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Truist Financial Corp bought a new position in Workiva in the 4th quarter worth approximately $211,000. Atria Wealth Solutions Inc. purchased a new position in shares of Workiva in the fourth quarter valued at $237,000. Teacher Retirement System of Texas raised its stake in shares of Workiva by 29.8% during the 4th quarter. Teacher Retirement System of Texas now owns 7,668 shares of the software maker's stock valued at $840,000 after purchasing an additional 1,761 shares during the period. King Luther Capital Management Corp lifted its holdings in Workiva by 5.7% during the 4th quarter. King Luther Capital Management Corp now owns 70,360 shares of the software maker's stock worth $7,704,000 after purchasing an additional 3,780 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its holdings in Workiva by 1.4% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 27,170 shares of the software maker's stock worth $2,975,000 after purchasing an additional 383 shares in the last quarter. Hedge funds and other institutional investors own 92.21% of the company's stock.

Wall Street Analyst Weigh In

WK has been the topic of a number of research analyst reports. Raymond James decreased their price target on shares of Workiva from $125.00 to $105.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. The Goldman Sachs Group cut their price target on shares of Workiva from $118.00 to $105.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Citigroup lifted their price target on Workiva from $128.00 to $130.00 and gave the company a "buy" rating in a research report on Wednesday, February 26th. Truist Financial dropped their price target on Workiva from $120.00 to $95.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Finally, Stifel Nicolaus cut their price target on shares of Workiva from $120.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $106.30.

Insider Buying and Selling

In other news, Director Robert H. Herz sold 1,000 shares of the firm's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $88.70, for a total transaction of $88,700.00. Following the completion of the transaction, the director now directly owns 34,084 shares in the company, valued at $3,023,250.80. This trade represents a 2.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.05% of the stock is currently owned by company insiders.

Workiva Stock Performance

Shares of Workiva stock opened at $69.24 on Friday. The company has a market capitalization of $3.86 billion, a PE ratio of -75.27 and a beta of 0.88. Workiva Inc. has a one year low of $60.50 and a one year high of $116.83. The company has a 50-day simple moving average of $68.95 and a two-hundred day simple moving average of $87.80.

Workiva (NYSE:WK - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The software maker reported $0.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.07. The firm had revenue of $206.28 million during the quarter, compared to analyst estimates of $204.24 million. The firm's revenue for the quarter was up 17.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 earnings per share. On average, equities analysts predict that Workiva Inc. will post -0.92 earnings per share for the current fiscal year.

About Workiva

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.

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