Summit Global Investments Acquires New Stake in Workiva Inc. (NYSE:WK)

Summit Global Investments bought a new position in Workiva Inc. (NYSE:WK - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,343 shares of the software maker's stock, valued at approximately $481,000.

Other institutional investors have also made changes to their positions in the company. Truist Financial Corp purchased a new stake in shares of Workiva during the fourth quarter worth $211,000. Atria Wealth Solutions Inc. purchased a new stake in shares of Workiva during the 4th quarter worth about $237,000. Teacher Retirement System of Texas lifted its holdings 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 buying an additional 1,761 shares during the last quarter. King Luther Capital Management Corp grew its stake in shares of Workiva by 5.7% in the 4th quarter. King Luther Capital Management Corp now owns 70,360 shares of the software maker's stock valued at $7,704,000 after buying an additional 3,780 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its holdings in Workiva by 1.4% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 27,170 shares of the software maker's stock worth $2,975,000 after buying an additional 383 shares during the last quarter. 92.21% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group cut their price objective on shares of Workiva from $118.00 to $105.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Truist Financial cut their price target on shares of Workiva from $120.00 to $95.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Stephens restated an "overweight" rating and set a $95.00 target price on shares of Workiva in a report on Thursday, May 22nd. Stifel Nicolaus decreased their price target on Workiva from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Finally, BNP Paribas initiated coverage on shares of Workiva in a report on Tuesday, April 22nd. They issued an "outperform" rating and a $100.00 target price on the stock. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $106.30.

Insider Activity

In other Workiva news, CFO Jill Klindt sold 5,593 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $85.04, for a total transaction of $475,628.72. Following the transaction, the chief financial officer now owns 119,054 shares in the company, valued at approximately $10,124,352.16. This trade represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brandon Ziegler sold 4,115 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $85.72, for a total transaction of $352,737.80. Following the completion of the sale, the chief accounting officer now owns 103,509 shares in the company, valued at $8,872,791.48. This represents a 3.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,129 shares of company stock valued at $1,807,333. 4.05% of the stock is currently owned by insiders.

Workiva Trading Up 0.2%

Shares of Workiva stock traded up $0.16 during midday trading on Thursday, reaching $68.07. The company had a trading volume of 388,161 shares, compared to its average volume of 532,165. The stock has a fifty day simple moving average of $69.08 and a 200 day simple moving average of $87.97. Workiva Inc. has a 1-year low of $60.50 and a 1-year high of $116.83. The company has a market capitalization of $3.79 billion, a price-to-earnings ratio of -73.99 and a beta of 0.98.

Workiva (NYSE:WK - Get Free Report) last released its earnings results on Thursday, May 1st. The software maker reported $0.14 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.07. The firm had revenue of $206.28 million for the quarter, compared to the consensus estimate of $204.24 million. The company's revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.22 EPS. Sell-side analysts expect that Workiva Inc. will post -0.92 earnings per share for the current 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.