Allianz Asset Management GmbH Sells 61,862 Shares of Workiva Inc. (NYSE:WK)

Key Points

• Allianz Asset Management GmbH reduced its stake in Workiva Inc. by 58.8% in the first quarter, owning approximately 43,380 shares worth $3,293,000 at the end of the quarter.
• Workiva's shares have a 12-month high of $116.83 and a 12-month low of $60.50, with the stock currently trading at $67.32.
• Analysts have set an average price target of $101.30 for Workiva, with most ratings leaning towards a Moderate Buy.

Allianz Asset Management GmbH lessened its holdings in Workiva Inc. (NYSE:WK - Free Report) by 58.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,380 shares of the software maker's stock after selling 61,862 shares during the quarter. Allianz Asset Management GmbH owned 0.08% of Workiva worth $3,293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Workiva in the fourth quarter valued at $59,676,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Workiva in the fourth quarter valued at $51,353,000. Point72 Asset Management L.P. purchased a new position in shares of Workiva in the fourth quarter valued at $32,863,000. T. Rowe Price Investment Management Inc. grew its position in shares of Workiva by 10.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,148,021 shares of the software maker's stock valued at $235,209,000 after purchasing an additional 200,220 shares in the last quarter. Finally, Engle Capital Management L.P. purchased a new position in shares of Workiva in the fourth quarter valued at $20,367,000. Institutional investors own 92.21% of the company's stock.

Workiva Stock Up 32.3%

NYSE:WK traded up $20.63 during trading hours on Friday, hitting $84.46. 3,792,338 shares of the company's stock traded hands, compared to its average volume of 517,763. The business's fifty day simple moving average is $67.81 and its two-hundred day simple moving average is $77.46. Workiva Inc. has a 52 week low of $60.50 and a 52 week high of $116.83. The firm has a market cap of $4.71 billion, a P/E ratio of -70.38 and a beta of 0.86.

Workiva (NYSE:WK - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The software maker reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.14. The firm had revenue of $215.19 million for the quarter, compared to analysts' expectations of $208.92 million. During the same quarter in the previous year, the business earned $0.16 EPS. The company's revenue for the quarter was up 21.2% on a year-over-year basis. On average, analysts expect that Workiva Inc. will post -0.92 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. BNP Paribas assumed coverage on Workiva in a research report on Tuesday, April 22nd. They issued an "outperform" rating and a $100.00 price target for the company. Citigroup reiterated a "buy" rating and issued a $105.00 price target (down from $108.00) on shares of Workiva in a research report on Wednesday, July 16th. Wall Street Zen upgraded Workiva from a "hold" rating to a "buy" rating in a research report on Saturday. The Goldman Sachs Group reduced their price target on Workiva from $118.00 to $105.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Finally, Raymond James Financial reduced their price target on Workiva from $105.00 to $95.00 and set an "outperform" rating for the company in a research report on Friday. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $98.80.

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.