IVY Lane Capital Management LLC Takes $4.71 Million Position in Workiva Inc. (NYSE:WK)

Key Points

• IVY Lane Capital Management LLC has purchased a new stake in Workiva Inc., acquiring 62,000 shares valued at approximately $4.7 million, which represents about 2.8% of its portfolio and makes Workiva its 12th largest holding.
• Workiva recently reported quarterly earnings of $0.14 per share, exceeding analysts' expectations of $0.07, and achieved a revenue of $206.28 million, marking a 17.4% increase compared to the same quarter last year.
• The average price target for Workiva shares is $101.30, with one hold rating and ten buy ratings from various analysts, indicating a general confidence in the stock's future performance.

IVY Lane Capital Management LLC bought a new position in Workiva Inc. (NYSE:WK - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 62,000 shares of the software maker's stock, valued at approximately $4,706,000. Workiva accounts for 2.8% of IVY Lane Capital Management LLC's investment portfolio, making the stock its 12th biggest position. IVY Lane Capital Management LLC owned about 0.11% of Workiva at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Workiva by 4.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,269 shares of the software maker's stock valued at $1,007,000 after purchasing an additional 586 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Workiva by 8.7% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 2,825 shares of the software maker's stock worth $214,000 after buying an additional 225 shares during the period. Knights of Columbus Asset Advisors LLC grew its position in shares of Workiva by 39.7% during the 1st quarter. Knights of Columbus Asset Advisors LLC now owns 28,163 shares of the software maker's stock worth $2,138,000 after buying an additional 8,000 shares in the last quarter. Avantax Advisory Services Inc. increased its stake in shares of Workiva by 41.9% during the first quarter. Avantax Advisory Services Inc. now owns 2,867 shares of the software maker's stock valued at $218,000 after buying an additional 846 shares during the period. Finally, Madison Asset Management LLC raised its holdings in shares of Workiva by 39.4% in the first quarter. Madison Asset Management LLC now owns 58,261 shares of the software maker's stock valued at $4,423,000 after acquiring an additional 16,474 shares in the last quarter. Institutional investors own 92.21% of the company's stock.

Workiva Stock Performance

Shares of WK traded down $2.30 during mid-day trading on Thursday, hitting $64.20. 334,847 shares of the company's stock were exchanged, compared to its average volume of 650,996. The company has a market cap of $3.58 billion, a price-to-earnings ratio of -54.95 and a beta of 0.86. The stock's 50-day moving average is $67.54 and its 200-day moving average is $77.92. Workiva Inc. has a fifty-two week low of $60.50 and a fifty-two week high of $116.83.

Workiva (NYSE:WK - Get Free Report) last issued its earnings results on Thursday, May 1st. The software maker reported $0.14 earnings per share for the quarter, beating the consensus estimate 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. During the same period last year, the business earned $0.22 EPS. The firm's revenue was up 17.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Workiva Inc. will post -0.92 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on WK shares. Citigroup restated a "buy" rating and issued a $105.00 price target (down previously from $108.00) on shares of Workiva in a report on Wednesday, July 16th. Truist Financial dropped their target price on Workiva from $120.00 to $95.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Raymond James Financial reduced their price target on Workiva from $125.00 to $105.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Stifel Nicolaus decreased their price target on shares of Workiva from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Finally, BNP Paribas started coverage on shares of Workiva in a report on Tuesday, April 22nd. They issued an "outperform" rating and a $100.00 price target on the stock. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Workiva presently has a consensus rating of "Moderate Buy" and an average price target of $101.30.

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.