Summit Global Investments Buys New Position in Workiva Inc. (NYSE:WK)

Summit Global Investments purchased a new stake in Workiva Inc. (NYSE:WK - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 6,343 shares of the software maker's stock, valued at approximately $481,000.

A number of other large investors also recently bought and sold shares of the business. Twin Tree Management LP acquired a new position in shares of Workiva during the 4th quarter worth approximately $25,000. Global Wealth Strategies & Associates purchased a new position in Workiva during the first quarter valued at $53,000. Johnson Financial Group Inc. acquired a new stake in shares of Workiva in the fourth quarter valued at about $66,000. GeoWealth Management LLC grew its position in shares of Workiva by 3,010.0% in the fourth quarter. GeoWealth Management LLC now owns 622 shares of the software maker's stock valued at $68,000 after purchasing an additional 602 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Workiva by 14,650.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 885 shares of the software maker's stock worth $97,000 after purchasing an additional 879 shares in the last quarter. Institutional investors and hedge funds own 92.21% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on WK. Citigroup lifted their price objective on Workiva from $128.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, February 26th. Stephens reaffirmed an "overweight" rating and issued a $95.00 price target on shares of Workiva in a research note on Thursday, May 22nd. The Goldman Sachs Group reduced their price objective on Workiva from $118.00 to $105.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Truist Financial lowered their target price on shares of Workiva from $120.00 to $95.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Finally, Stifel Nicolaus dropped their target price on shares of Workiva from $120.00 to $100.00 and set a "buy" rating for the company in a report on Friday, May 2nd. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Workiva has an average rating of "Moderate Buy" and a consensus target price of $106.30.

Workiva Stock Performance

Shares of NYSE WK traded up $0.42 during midday trading on Tuesday, reaching $68.80. 245,213 shares of the stock were exchanged, compared to its average volume of 529,933. The stock has a market capitalization of $3.83 billion, a P/E ratio of -74.78 and a beta of 0.98. The company has a 50 day simple moving average of $69.70 and a 200 day simple moving average of $88.40. Workiva Inc. has a twelve month low of $60.50 and a twelve month high of $116.83.

Workiva (NYSE:WK - Get Free Report) last released its quarterly 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 business had revenue of $206.28 million for the quarter, compared to analysts' expectations of $204.24 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The business's revenue for the quarter was up 17.4% compared to the same quarter last year. On average, research analysts expect that Workiva Inc. will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Brandon Ziegler sold 4,115 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $85.72, for a total value of $352,737.80. Following the sale, the chief accounting officer now owns 103,509 shares of the company's stock, valued at $8,872,791.48. This trade represents a 3.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert H. Herz sold 1,000 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $88.70, for a total transaction of $88,700.00. Following the completion of the sale, the director now directly owns 34,084 shares in the company, valued at approximately $3,023,250.80. This represents a 2.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,129 shares of company stock worth $1,807,333 over the last three months. Company insiders own 4.05% of the company's stock.

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.