Connor Clark & Lunn Investment Management Ltd. Acquires 23,757 Shares of Workiva Inc. (NYSE:WK)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Workiva Inc. by 22.1%, acquiring an additional 23,757 shares, bringing their total holdings to 131,092 shares valued at approximately $9.95 million.
• Workiva's recent quarterly earnings report showed an EPS of $0.19, which surpassed analysts' expectations of $0.05, while the company's revenue grew by 21.2% year-over-year, totaling $215.19 million.
• Despite a series of price target adjustments from various brokerages, Workiva maintains an average rating of "Buy" among analysts, with a consensus price target of $99.22.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Workiva Inc. (NYSE:WK - Free Report) by 22.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 131,092 shares of the software maker's stock after buying an additional 23,757 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.23% of Workiva worth $9,951,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in WK. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Workiva by 8.7% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 2,825 shares of the software maker's stock valued at $214,000 after purchasing an additional 225 shares during the last quarter. Xponance Inc. raised its holdings in shares of Workiva by 6.7% in the first quarter. Xponance Inc. now owns 3,850 shares of the software maker's stock valued at $292,000 after purchasing an additional 241 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Workiva by 5.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,284 shares of the software maker's stock valued at $579,000 after purchasing an additional 260 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Workiva by 109.2% in the first 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. Finally, Farther Finance Advisors LLC raised its holdings in shares of Workiva by 705.9% in the first 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. 92.21% of the stock is owned by institutional investors.

Workiva Trading Down 2.2%

WK stock opened at $71.96 on Tuesday. The firm has a 50 day moving average of $68.97 and a 200-day moving average of $75.73. Workiva Inc. has a 12 month low of $60.50 and a 12 month high of $116.83. The firm has a market capitalization of $4.03 billion, a P/E ratio of -59.96 and a beta of 0.86.

Workiva (NYSE:WK - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The software maker reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.14. The firm had revenue of $215.19 million during the quarter, compared to the consensus estimate of $208.92 million. During the same quarter last year, the business posted $0.16 earnings per share. Workiva's revenue was up 21.2% compared to the same quarter last year. Sell-side analysts predict that Workiva Inc. will post -0.92 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on WK. Robert W. Baird set a $105.00 target price on shares of Workiva in a report on Wednesday, June 25th. Raymond James Financial decreased their price objective on shares of Workiva from $105.00 to $95.00 and set an "outperform" rating for the company in a report on Friday, August 1st. Wall Street Zen upgraded shares of Workiva from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Stifel Nicolaus decreased their price objective on shares of Workiva from $100.00 to $85.00 and set a "buy" rating for the company in a report on Friday, August 1st. Finally, Citigroup restated a "buy" rating and set a $105.00 price objective (down previously from $108.00) on shares of Workiva in a report on Wednesday, July 16th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Workiva currently has an average rating of "Buy" and a consensus price target of $99.22.

Workiva Company 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.

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